Mom makes great case for getting life insurance on the other parent even if you're not married
Parents are praising her wisdom.
Mom makes case for getting life insurance on child's other parent
Nobody wants to think about what happens if their child's other parent dies unexpectedly. It's not a pleasant topic but unfortunately it is something that happens sometimes and parents have to do their best to pick up the pieces after such a tragic loss. One mom, had the unfortunate experience of living through this tragedy and she took to social media to explain the steps she took to prepare for this day.
Kelsey Pumel, a multi-hyphenate TikTok creator recently had to help her young daughter process the unexpected loss of her biological father. Pumel and Kobe's father were never married and had broken up years prior but she admits to carrying a life insurance policy on him. The topic was brought up when her viewers informed her that she should file for social security death benefits to assist with the financial responsibility of caring for Kobe.
That's when the mom of five revealed that she took out a life insurance policy on Kobe's father when she was pregnant for multiple reasons.
"I have gotten many rude comments about the life insurance and some wild accusations made but I'm going to say this and I need y'all to hear me. If you have a child with somebody, you should have life insurance one that person, period," Pumel says. "If something were to happen, you're going to get that kickback of money to help you either raise your kids or to make up for the income that is now missing."
In a follow up video she clarifies that you do need the other person's consent in order to take out the policy. Pumel also answers the question on what she's doing with the insurance money after the death of her child's father.
"When I first got the money, I did take a chunk of it and I paid off all of my student loans, now stick with me. Why did I do that? Well, I had about $95K worth of student loans, my interest was over $6K a year. I wasn't even cutting any of it down trying to pay it with that type of interest." She reveals after talking it over with her dad who was helping pay the loans.
"So we came up with a payment plan that pays the entire $95K plus interest back to Kobe, paying it monthly into a 529 Plan, which is a college fund for her. So all that money will go into that plan for her. If she doesn't go to college or doesn't use all of it, it will be kicked over in an investment account that she will be able to pull at retirement age."
@growingwithkelsey Replying to @bossyasf83 Correct me if im wrong about SS benefits but thats what I was told. But Kobe is going to be alright! I promise you I am getting her the brightest future possible set up! ♥️🫶🏼 #lifeinsurance
Not only is Pumel making sure Kobe has money to retire with, she's taking some of the money and putting it into a high yield account for her daughter. She also plans to buy a real estate property that will go to the little girl when she turns 18. Really, Pumel has thought of everything she could to make sure her daughter is set up to be financially secure her entire life.
While no one wishes for their children to experience the death of a parent before their time, this mom proves that having a life insurance policy on a coparent is simply a smart choice. Parents in the comments are applauding her for talking about this so openly.
@growingwithkelsey Replying to @ohitsamber84 There are so many ways to set up an financial future for your children without big chunks of money! I strongly recommend talking with a financial advisor if you have kids and seeing what options you may have to ensure them a strong future. ♥️🫶🏼
"And BOOM that is how generational wealth is made baby! Good for you mama," one person says.
"Girl your daughter may not understand now. But when she gets older she will thank you immensely," another writes.
"That's perfect! Exactly what she'll need! Car, college, house...set her up to have no debt," someone else proclaims.