3 Ways to Set Your Child Up for Financial Success September 7, 2023 As a parent, you want nothing but the best for your child. One of the most important gifts you can give your children is a secure and promising future. It’s never too early to start investing in their future, so here are three ways to set your child up for financial success: Life Insurance Life insurance might not be the first thing that comes to mind when thinking about setting your child up for success, but it can provide an essential safety net. Securing life insurance for your child while they are young and healthy can lock in lower premium rates. This coverage can continue into adulthood, ensuring they have access to affordable protection as they embark on their journey toward success. Life is unpredictable, and during unfortunate events, life insurance can help cover funeral expenses, medical bills, and more. Additionally, some life insurance policies have an investment component that can grow over time, providing a financial cushion for your child’s future. College Funds Investing in your child’s education is one of the most impactful ways to ensure their future success. The cost of education is a growing expense. Setting up a college fund can help you create a savings strategy to help your child during their college years. We offer a few options for college funds. For example, the 529 Plan is a tax-advantaged education savings plan in which you select options to invest in. These assets can then be used to pay for qualified education expenses at any eligible educational institution. Talk to your local OKFB agent about our financial services to get started. Estate Planning Estate planning is a comprehensive approach to ensure that your child’s future is secure, no matter what life throws their way. This option involves preparing for various scenarios, including unforeseen incapacitation or unfortunate events, like a parent’s passing. During the process, your advisor may suggest you work with an attorney to draft important documents that will make decision-making easier for your loved ones. For example, determining financial and medical powers of attorney, guardianship documents to designate caretakers for your minor children and a will to outline what you’d like to have happen to your assets after your death. Life is complicated and unpredictable, but taking steps now to set up your child for financial success can bring some peace of mind. Plan now for your child’s next phase in life by setting them up for success. We’re Here to Help Whether you’re a longtime policyholder or just starting to look for insurance options, we’re here to help. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs. Don’t forget to follow us on social! This kind of information and more is just a click away. You can find us on Facebook, Instagram and LinkedIn.