New $100,000 Whole Life Insurance Plans By Ethos To Use For College Tuition For Parents In Maryland
Hey, do you need help paying for your children’s college tuition?
Whole life insurance is a type of life insurance that offers an opportunity to pay for your children’s future college tuition.
Benefits of using whole life insurance to help pay for college
- A whole life insurance policy may be one strategy for minimizing out-of-pocket costs
- Colleges and universities will not use the accumulated cash value with your family’s assets when calculating how much financial aid your child may or may not qualify to receive (The money amassed in a whole life insurance policy is not counted as an asset for financial aid qualification purposes)
- Whole life insurance policies have a cash value that increases over time, and that cash value accumulates and can be used anyway you like
- Allows you to accumulate large sums of money and permits you to withdraw large sums of money from the policy to pay for college with zero tax consequences.
Be sure to insure the parent not the child. This one trips a lot of people up, but if you are seeking whole life insurance to pay for college we strongly recommend against insuring your children for this purpose. You probably thought that because you are doing this for the benefit of paying for your children’s education that it probably makes a lot of sense for the whole life policy to insure the children.
But this approach has a lot of pitfalls and drawbacks. Most importantly, if the children are the insured and the parents dies, then the children have a whole life insurance policy with a premium due. If on the other hand, the whole life policy insures the parents and the parents dies, the death benefit solves the college funding problem.
Whole life insurance can be a good fit if you need lifelong coverage and want a guaranteed return on the policy’s cash value.
Please note that whole life insurance is not suitable for everyone, and it’s important to evaluate your individual needs and circumstances before making a decision.
Too many families go without life insurance. More than 7% of kids in the U.S. lose a parent or sibling by age 18. If that parent was a breadwinner, 44% of those families experience financial hardship within 6 months. Life insurance is an important way many families can stay financially viable after the loss of a breadwinner.
Many want life insurance, but don’t know how to get it. 80 million U.S. households are uninsured, facing an average coverage gap of $200,000. We can help reduce this gap with the partnerships we established with insurance carriers. About 95% of our applicants up to age 85 are approved when they apply with for life insurance through Edmonds Insurance Group.
If this is of interest to you, don’t delay buy coverage today through Ethos starting at $65 per month.
We Offer Direct Purchase Insurance Option
- Buy directly online with no pushy sales agent involved
- Complete the entire process in 15 minutes
- Get covered once you make your first payment online