Wills and life insurance: Five tips

1. Being child-centered means planning for unexpected contingencies so that your children have the most stability they can salvage amidst the catastrophes that might befall your family.
2.

Having a life insurance policy to insure your support obligation is wise whether you’re married or divorced.
3.

If you consider your life insurance policy part of your investment portfolio, don’t borrow against it until the risk you’re trying to protect against has passed.
4.

Even if you think you have enough life insurance because your policy has a death benefit of a few hundred thousand dollars, it may not be sufficient unless it is at least five to ten times your annual income.
5.

For practical purposes, a will has a maximum useful life of around three years while your children are minors.