Make an educated decision about how to pay for your children's college eduation.
Paying for college is one of the biggest financial commitments you are likely to make -- and the cost only keeps rising.
Earning a college degree can now cost from $52,000 to more than $130,000 -- and the cost is rising faster than the rate of inflation.
You can access your life insurance policy's cash value to supplement college funding.
The flexibility of fixed index universal life insurance can make it a valuable part of your financial strategy.
Here's a hypothetical example that illustrates how a father could use lief insurance to protect his son's financial future, while accumulating cash value for a college education.
Erik, 31, has a 3-year-old son named Lance. Erik wants to purchase life insurance, in case the unexpected should occur, but he also wants to accumulate cash value to help with Lance's college expenses down the road.
Erik also has an insurable interest on Lance, Erik will pay a higher premium for insurance than he would if he bought the policy on Lance, but life insurance on Erik will also allow more cash value to accumulate for the future and provide a death benefit to pay for Lance's education fi something happens to Erik.
Grandparents; Legacy in your time
Buying life insurance can help supplement the cost of your grandchildren's education.
If you think about it, life insurance could be the ultimate gift to your children and grandchildren.
The cash value can be accessed through loans or withdrawals, for any purposse. It could even help cover the cost of your grandchildren's education.
Using life insurance to help fund a grandchild's college education offers many advantages.
There are no complex eligibility requirements, no qualified education costs, and no income limits to consider. Plus, a policy loan or withdrawal generally won't affect your grandchild's eligibility for other financial aid.
