Supplemental College Funding
Financing educational goals and dreams can be a challenge. Permanent Life Insurance provides a benefit if you become ill or injured, and a cash value component that can be used to help pay for educational expenses. The cash value in a life insurance policy is not defined as an asset for federal financial aid calculations and accumulates tax-deferred.
If you have whole life insurance, universal life insurance, or another type of permanent life insurance policy, it could help with college costs.
Your life insurance policy benefits aren't always limited to being used after you pass on. If you have a permanent life insurance policy, you may be able to tap into your benefits now for numerous reasons, including college tuition.
For many families, college is a common and significant cost. The College Board reports1 in the 2018-2019 school year, the average college cost for in-state bachelor's degree students at a public four-year college is $10,320. For out-of-state students or students who choose to attend private universities, the costs rise from there.