Saving for your child's education is an important part of a family's comprehensive financial plan. Education costs must be balanced with other important needs such as saving for retirement and shorter-term goals. Maintaining adequate life insurance coverage is the foundation to any sound financial plan, and cash value life insurance can be a source for funding your child's future education. The key is to start planning early – as soon as you plan to become parents. Check out our Education Planning tutorial.
Most people think of the IRA as a method to save for retirement - which it is - but it can also be a great tool to help you save for your children’s educational expenses. Some advantages of using an IRA to save for college include:
Permanent life insurance can play a vital role as part of a education savings plan.
*Loans taken from cash value will lower the death benefit if not repaid.
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