Leveraging Life Insurance to Create an Entrepreneurial Legacy for Your Children

Times have changed, and so has the mindset of the upcoming generation.

Instead of taking the traditional 4-year college route, we’re seeing that many of today’s teens want to create an entrepreneurial legacy for themselves instead.

Where is your kid’s head when it comes to their future and legacy?

College is a great way for continuing education and getting into the practicalities of life. However, it’s becoming the norm that not every child chooses that path. While many remain on the traditional route, more and more teens are now wanting to explore an entrepreneurial journey instead, with a focus on starting their own businesses.

Rick talks about how specially-designed permanent life insurance policies can be used if your child or grandchild chooses an entrepreneurial path.

Life insurance for children is most commonly purchased for its death benefits. Hence, many parents cannot sit with the idea of buying a policy for their kids. However, it’s important to remember the other side which is often missed, that it can support transforming the mindset of the child at the young age and help them think in terms of decades.

Keep an eye out for Rick and Teresa’s next book, The 100 Year Education, that dives further into this concept.

Key Moments:

00:00 Introduction
02:35 Leveraging whole life policy for kids’ entrepreneurial ventures
04:25 Creating an entrepreneurial legacy at the young age of 20
07:33 Do not advocate your responsibility when the child turns 18, but participate in their life mindfully
08:49 What is a permanent life insurance policy from a mutually owned insurance company?
11:03 Starting a specially-designed life insurance policy for your child or grandchild
16:22 Putting every dollar to risk is not recommended when it comes to your child’s future
19:00 Why is whole life worth it? The cash value!
19:45 Wrap-up