Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

What's the Right Way to Set Up a Life Insurance Policy for Your Kids?

19 Oct 2026 · 1 min

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In this segment of his YouTube video, Richard Canfield warns that parents often transfer life‑insurance policies to their children without first teaching them how to manage and understand the financial instrument. He uses a vivid chainsaw analogy to illustrate the danger of handing over a powerful tool without safety instruction. Canfield emphasizes that the lack of education, not malicious intent, is the core problem. He shares his personal approach, noting his daughter is nine and his son will be eleven, and describes how he is gradually introducing them to basic concepts such as policy loans, the significance of the policy, and the fundamentals of insurance, aiming to build responsible stewardship from a young age.

Chapters

Well, that's because the parent hands it over and it's like handing over the keys to a chainsaw that they fired up and didn't tell you how to— what the safety measures of the chainsaw are, right? Yep. And that happens repeatedly. And so nobody did anything bad and nobody did anything nefarious. The problem is you set up something for an intention and you put all the time and the effort in, but you didn't put any time and effort into the education or the discussion, educating them on the stewardship of what it is. And that's why my personal belief is, you know, my daughter just turned 9, my son will be 11 soon. My kids kind of— they have a rough idea. They don't really know what insurance is. They're kind of learning about policy loans. They do know that this book matters and they know that this guy was pretty important. They know fundamentals.