How This Insurance Product Could Produce An Education
When you think about saving for college, your mind likely goes a few places. You consider investments, a 529 college savings plan, and other financial solutions that will ensure your children are able to get the education they deserve. You may not, however, think about life insurance.
Interestingly, life insurance could be the best solution for you when it comes to saving for college. You may be thinking you would need to pass away before your child heads to college in order for this to be an effective tool, but that is not the case.
When you take out a permanent life insurance policy, it build cash value on top of the traditional death benefit it offers. When you pay your premiums, you contribute to this cash value, and it grows steadily the longer you hold your policy. You can withdraw this cash value when you need it with fewer tax implications than a 529. It also will not be counted when colleges are determining your child’s eligibility for financial aid, meaning it will be easier for your family to secure scholarships if you use this savings method.
To learn more about how life insurance could help you save for college, contact Accurate Insurance Inc. in Spokane, Washington.