The intent of a life insurance policy is to provide funds for the beneficiary to keep him/her in the lifestyle to which he/she has become accustomed by virtue of the financial support of the insured person... not to provide an inheritance. Therefore, if your son is dependent on your husband's income, keeping a life insurance policy with your son as the beneficiary is a sound choice.
If your son is independent, though, you'll be spending a lot of money to continue a policy that isn't really need based... not a wise choice.
If your son is independent, you'd be better off putting that $314 per month into some kind of mutual fund or other interest earning account with your son named as beneficiary. In that case, there'll be estate taxes due when your husband dies and ownership goes to your son, but, in the case of the life policy, although no tax would apply, what happens if your husband lives a lot longer? Either you'll wind up paying bigger bucks for a fixed amount of "inheritance" or you'll later not be able to afford to keep the coverage, let it lapse and get no benefit from it whatever.
Personally, I'm not a big believer in inheritances... I go with the "God bless the child who's got his own" philosophy. People who depend on a future inheritance generally turn out to be bad managers of the money they have currently... a trait that will not serve your son well.
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