Life Insurance for College Funds
For many, it might be quite difficult or even near impossible to fund their children’s college education. We understand the importance of planning ahead to ensure that your children receive quality college education and have a bright future. At Palma Financial Services, Inc. we offer financial solutions in this regard which can guarantee that your children have access to all the learning facilities and resources that are to define their future. We work with you to secure your children’s future and improve their career prospects.
College Savings with Universal Life Insurance
Universal life insurance for college savings is one of the best ways to fund your children’s college education. This policy of life insurance for college savings offers complete financial security with respect to the future education of your children. It is an alternative solution in case you may not be interested in benefitting from 529 plans and Roth IRAs. It covers gaps that 529 plans and Roth IRAs have been unable to bridge and can be potentially high value to ensure that your children face no financial challenges and limitations in their quest for college education.
Universal life insurance for college savings is a complete financial solution for funding your children’s college education. It has proven to be a valuable solution for many families and it can potentially be of your benefit too!
Effective Uses of Life Insurance College Savings Plans
At Palma Financial Services, Inc. we believe that life insurance for college savings is a unique and effective way to ensure that all financial requirements concerning your children’s college education are met. Hence, we offer complete support to you and guide you through all the procedures associated with you registering for universal life for college savings insurance policy.
The benefits of universal life insurance for college savings exceeds beyond those offered by other college education funding alternatives. Relying on this policy of life insurance for college savings, you can benefit from:
- Unlimited monetary contributions
- Unlimited access to funds (at any time and for any purpose)
- Exemption from taxation while the universal life funds are being used to finance college education, in case the policyholder expires
- Low interest
- Liquid funds for allowing ease of access in case of emergencies
Universal life insurance for college savings is a complete and effective financial solution to remove your worries concerning your children’s college education. It guarantees financial support and assistance in all circumstances, even if the policyholder passes away. It is reliable and dependable making sure that your children are able to achieve their educational and career objectives without facing any financial hardships.
The Pros and Cons of Various College Savings Plans
|12 Key Questions You Need to Consider:||401(k)||Roth IRA||Mutual Funds and/or Stocks||Savings Account||Home Equity||529 Plan||Fixed/Indexed Annuity||Cash Value Whole|
|Total "Yes" Answers (out of 12 possible)||3||2||2||5||2||2||8||12|
|Is all of the money liquid for any purpose?||NO||NO||YES*||YES||NO||NO||NO||YES|
|Is it typically not "included" in financial aid formulas?||YES||YES||NO||NO||NO||NO||YES||YES|
|Is it protected against stock market losses?||NO||NO||NO||YES||YES||NO||YES||YES|
|Is it protected against real estate market losses?||NO||NO||NO||YES||NO||NO||YES||YES|
|Is it guaranteed to grow each and every year?||NO||NO||NO||YES||NO||NO||YES||YES|
|Is it guaranteed to be there when you need it to be?||NO||NO||NO||YES||NO||NO||YES||YES|
|Will it earn a competitive rate of return?||YES***||YES***||YES***||NO||NO||YES***||YES||YES|
|Is it liability proof (depending on your state)||YES||NO||NO||NO||YES||NO||YES||YES|
|Will college be paid-for if you die?||NO||NO||NO||NO||NO||No||NO||YES|
|Will it continue to be funded if you become disabled?||NO||NO||NO||NO||NO||NO||NO||YES**|
|Will the withdrawals NOT be subject to penalties and taxes if the funds are used for education?||NO||NO||NO||NO||NO||YES||NO||YES|
|Can withdrawals be used for a family emergency, purchase a car, emergencies, down payment on your child’s first home, or to fund a vacation without taxes or penalties?||NO||NO||NO||NO||NO||NO||NO||YES|
*depending on if market is up or down will determine just how liquid the money really is
**when waiver of premium rider is added
***depending on how stock market performs
At Palma Financial Services, Inc. we care about you and work to make certain that you and your children have a better future. We offer complete financial assistance to make sure that your children have brighter growth prospects and universal life insurance for college savings is an initiative on our part to help you with ensuring your children’s academic success.
To explore the best way to save for your child’s college education, contact us today. Our experts are available to assist you.