Life covers are often seen as a way of helping a persons family when they are no longer alive. Often the money is left for their children's education and taking care of the kids generally. Most of the time though the money, is seen as being abused by greedy family members and kids are left just like that. My question is, do we really need to have them. The only people that tend to always have your kids best interest at heart are the grandparents only, as old as they are, should they be the ones put in as beneficiaries instead of aunts?
You know most people expect to outlive their parents so I guess that's why most of the time they're not named as beneficiaries. Instead of getting a life insurance cover I'd invest that money in some project and have a law-firm take charge of my will which will indicate that when the kids get to reach a certain age. . . This could work better IMO.
Abuse of the funds in an account is a problem, in case the parents are deceased in an accident and their parents are still alive the children can be cared for by grand parents. If the grandparents are deceased the owner of the policy can elect a responsible person which does not have to be a family member to handle the affairts of the children. Attorneys are not always going to work in the childs best interest and it would cost alot of money to have an attorney handle the funds for the child.
