Stop Lending to Your Kids From ONE Policy (Do This Instead) (Ep. 370)

Lending money to your kids from ONE policy is a recipe for a family fight. In this episode, Mary Jo Irmen shares 2 creative strategies she used this week to solve real client problems around kids, money, and fairness. If you have 3 kids and help one start a business and another go to college — how do you make it fair to the third kid when you die? And what do you do when your 16-year-old has $30K from 4-H/cattle sales but can't own a policy or do extra premium in year one? Mary Jo breaks down exactly what to do. IN THIS EPISODE: Why 3 kids = 3 separate policies on MOM (same amount, same insured) is the fairest way to lend How Susie's loan gets repaid from HER death benefit — no tracking payments, no sibling fights Why you CAN'T just "put policies on the kids" — human life value & 30x income rule explained The minor money hack: Use your 15/16 year old's cash to buy a policy on YOU, make them beneficiary, then transfer ownership at 18 Why kids under 18 can have MORE insurance than at age 25 Why your agent needs to ask about family dynamics BEFORE selling you a policy Chapters: 00:00 Why Strategy Matters 00:47 Podcast Intro and Focus 01:17 Three Kids Unequal Help 02:44 Separate Policies Per Child 04:06 Limits Insuring Adult Kids 05:34 Minor Money Workaround 09:15 Ownership and Cash Value 10:32 Insurance Value Rules 12:03 Experience Drives Creativity 13:51 Wrap Up and Next Steps Buy the book: https://www.farmingwithoutthebank.com/book Email Mary Jo: MaryJo@WithouttheBank.com Audio Production by Podsworth Media - https://podsworth.com