Congratulations 🎊 👏 keep adding what you can, when you can.
Something you may have already done, or may want to consider, for your child.
It's called a 20-pay whole life insurance policy or 20 year copay, depending on the provider you choose, if you decide to get one.
If you obtain a policy for your child ASAP after they're born, you lock in the lowest rates possible forever. Typically for 50 to 60 dollars a month, that will grant an estimated payout of a million dollars or more after your child reaches age 80, give or take.
The benefits to your child, is they can never be deemed uninsurable by any provider. They'll never need to ever buy term life insurance, from a work group benefits package or privately, which can save them approximately 100k or more throughout their working years of life & beyond. Things such as habits, health issues, & lifestyle will impact that amount +/-.
It's also building cash value & the dividends go back into the policy to keep buying more coverage that increases the lifetime value & payout. I got a policy for all 4 of my children, my youngest is 8, his coverage is around 70k & already has a cash value of around 6k I believe.
After 20 years of paying, the policy pays for itself & you never need to contribute again.
Food for thought, best wishes for continued growth & success on your journey.
