Life Insurance Savings Benefits
Saving for college is an aspiration nearly every parent has for their children. However, with college and university expenses continuing to gather momentum year after year, this goal has become much more challenging to achieve. Life insurance may be the solution you are looking for. There are so many benefits that you can experience when saving for college with life insurance, which is why we have gathered some essential information to guide your purchase:
- It is important that you start thinking about education funding sooner rather than later. This is extremely important in today’s day and age where college tuition costs are only rising. A life insurance policy will not only act as additional savings for college, but it will also provide you with a guarantee that your child will be able to finance their college education in the event of your premature passing.
- When shopping for a life insurance policy that will provide you with a source of college savings, it is important that you opt for a policy with a cash-value savings component. This ensures that a portion of your premiums paid will be invested in your child’s college education. This is a favorable route because you have the option to take out a loan up to the amount you have already accumulated that will have a lower interest rate than any financial institution will offer.
- It is important that you opt for a permanent life insurance policy when utilizing this coverage to save for your child’s college career, as opposed to a term life insurance policy. This will ensure that you are able to take advantage of all the cash saving benefits.
Serving Hudson, Chatham, and all of New York, contact Lofgren Agency for all of your life insurance needs. If you are ready to see your child’s college dreams come true, allow us to assist you in saving with a life insurance policy.