The fall semester for college is right around the corner and many parents have the expensive cost of tuition on their minds. Rising college bills, plus the cost of dorms, travel and books really adds up. If you have a who will be attending college in the future, a permanent life insurance policy can help pay the tuition.
We have great options for long-term cash value accumulation potential, creating a strong income stream, with the opportunity to reduce the effects of volatility and taxes.
Key Points:
- The policyowner has control of the policy’s potential cash value. Should plans change, the cash value may be used for purposes other than college funding without tax consequences.
- When the insured passes away, the death benefit passes income tax-free to beneficiaries. Any cash value grows on a tax-deferred basis.
- Parents may access cash value to pay for college expenses on a tax-free basis through loans or withdrawals if the policy is not a MEC (Modified Endowment Contract).