Every year it's the same old thing; College tuition prices go higher and higher. As parents, we try to save. However, things get in the way. Interest and growth on our money with CDs, savings accounts etc., do not begin to keep up with the tuition increases. What can we do? Think "Out of the Box'! Think Life Insurance!
The premiums paid toward an Indexed Universal Life (IUL) insurance policy can serve two purposes. The same policy that protects loved ones, with a death benefit, may also build accumulation value that can be used for a variety of needs, including education funding.
Using an IUL to help fund College tuition has many features you may not even think about or know:
Provides Tax-Deferred Accumulation Value
Protects money from risk
Minimizes tax burden while building Accumulation Value
Provides downside protection in bad economic conditions
Allows control of the of the accumulation value and whether to take policy loans
Is not a “countable asset” when child applies for college financial aid
Allows access to tax-deferred accumulation value for education funding
Guarantees a generally tax free death benefit to ensure reaching education goal
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