Benefits of a Child Savings Plan?

Child Savings Plan

Every parent wants to be able to provide their child with a bright financial future, but did you know that you can save money for your child without risks and government restrictions? An index universal life insurance policy allows you to save for your child’s future with no market risk, deferred taxes, and no rules about what your child can or cannot do with the money.

There are many benefits to this type of coverage. The policy has a living benefit, which you or your child can access at any time, as well as a death benefit that can be used to pay for funeral or other final expenses if your child passes away. You can earn interest on your money based on a fixed rate or an interest rate based on an equity or bond index. There is no market risk, meaning that you will earn interest when the market is up, but will not lose money when the market decreases. This allows you to earn more interest than you would in a regular savings account.

The taxes on the interest are deferred until you begin to withdraw money from the policy. When you or your child access the cash value of the plan, you will not have to pay income tax on the money you withdraw from the policy. This coverage also has flexible benefits and premiums, so you can customize a plan to fit your family’s needs.

Many people believe that a 529 plan is the only way to save for your child’s education, but you are penalized if your child chooses not to attend college. With index universal life insurance, your child can use the money for anything he or she chooses – there are no restrictions!

If you are interested in an index universal life insurance policy for your child, fill out the form to the right or call today and you’ll receive a free quote from one of our certified insurance specialists.

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