Life Insurance Question Indiana IN

Reader’s Question:

I believe education is vital to my children’s future. There is probably no greater gift I can provide them than a solid education. Life insurance would seem to assure them that opportunity. Am I right?

Chuck

Bloomington IN

Chuck, you have it!

Life insurance can be used to provide your loved ones the education they need to compete in today’s fast-paced environment. It is a global era and education is a must. Education costs are spiraling way ahead of inflation.

Whole life insurance is a popular way to provide tax-deferred cash when it might be needed. If the need arises, you can borrow to help with rising education costs. The average private, four year college now costs more than $15,000.00 per year. Those costs will surely increase over time. Financial planners are forecasting the total cost of a private four year college experience will soon be about $200,000.00. Whole life policies can be structured to help with that.

And, if something unexpected did occur, whole life insurance provides a guaranteed death benefit. There are tax advantages to whole life as well. Your life insurance agent will be able to help you select the best program available to fit with your goals and capabilities. Chuck, that is the best way to start protecting your children’s education.