Planning for College Using Life Insurance
Are you prepared for the challenges associated with planning for your child’s education?
When planning for a college education, a strategy that we can explore is the use of a particularly designed whole life insurance policy. We can design a policy with a single premium or a level premium paid-up additions rider to help your money grow more efficiently inside the policy. These policies in most cases are owned by the parent or legal guardian of the child. When properly designed, this type of policy can not only help pay for a college education but also provide a death benefit to secure your family’s future as well. In certain situations, where one or both parents are in poor health, you may also use the child as the insured and still have the parents own the policy. In addition, the cash value of the policy may be used for any purpose that the owner desires prior to paying for their child’s college education.
We can help you fund this type of policy by possibly shifting your current assets. Another way is to design a household budget which can allow more money to be saved into a policy so that you can make your child’s college education a reality. Contact us to begin securing your child’s college education today!