Life Insurance Indianapolis, Indiana IN
Reader’s Question:
For so many years now, my wife and I have kept a whole life insurance policy. It provides a significant death benefit for both of us, plus a substantial cash value. As our children are doing pretty well, we are thinking about trying to make sure our grandchild can afford to go to college in Indianapolis, Indiana IN. Can our whole life policy help our dear one with college?
Harry
Indianapolis, IN
Hello, Harry.
That’s a pretty generous offer and one your grandchild will never forget. I personally think you have taken good care of your tax-free cash value in your whole life policy in Indianapolis, Indiana IN. You probably know you can borrow against that cash value so that if time may come and you want to consider that to help any future grandchildren.
Most whole life policies pay dividends, so you need to check if yours does too. If you do not need the it, you could use them to begin a college savings program for your grandchildren. It is always wise if you start this early, right?
Another possibility is that you could add your grandchild as a beneficiary of your life insurance policy. Your policy probably allows you to set a pre-determined death benefit for your granchildren, leaving the remainder to other beneficiaries. It is a good idea to discuss this aspect of your whole life policy with your carrier in Indianapolis, Indiana IN.
Whole life insurance policy is for the benefit of your loved ones. It sounds to me like you know that and are considering using it for a very worthwhile cause.
Tags: life insurance benefits, life insurance plan, life insurance policy, whole life insurance
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