Achieve financial protection and help pay for the increasing costs of college tuition.
Why life insurance? With the increased cost of college tuition, parents are finding it more and more difficult to meet tuition payments. Among other saving tools, many are using life insurance to afford higher education expenses.
Anyone with children is already aware of the prohibitive cost of college tuition and may have even started saving up for the thousands you’ll spend. A life insurance policy can be used as an additional college savings resource, as well as a guarantee that, in the event of a premature death of you or your spouse, your child will have access to sufficient funds to finance a college education.
Another key benefit of permanent life insurance, is that it has the potential to accumulate cash value on a tax-deferred basis. Those funds can then be accessed while the insured is living to help pay for college costs.
Some of the advantages of working with a knowledgeable consultant here at JB Life include:
Parental stewardship. The policy owner has control of the policy’s potential accumulated cash value. Should plans change, the accumulated cash value can be used for other purposes without tax consequences.
Tax-deferred growth. Cash values within a life insurance policy generally grow tax-deferred.
Policy loan options. Different loan options are available to help you access the potential cash values within your policy.
How can you benefit?
There are a few items to consider before using life insurance for death benefit protection and a way to help pay for tuition costs:
Are you in need of life insurance protection to help ensure your family is financially protected?
Do you have a child or children up to 13 years old?
Are you concerned about college tuition costs?
Are you possibly looking to help supplement income in your retirement years?
How does it work?
After a thorough needs-based discussion with your JB Life consultant, you select a life insurance policy that matches your needs. The basic steps typically include:
Purchase of a permanent life insurance policy. The policy provides death benefit protection and a way to help accumulate cash value on a tax deferred basis.
If the unexpected happens and you die prematurely, the life insurance death benefit would be paid generally income tax-free2 to beneficiaries.
Alternatively, when it comes time for you to pay tuition costs, you may access the policy’s potential cash values through generally tax-free loans or withdrawals.
After helping to pay tuition costs, you may reposition the policy for other possible needs, like helping to supplement your retirement income.
Get Started Today!
Contact your JB Life consultant and financially protect what’s important now, while helping to fund a college education.