Values - Integrity - Service - Excellence
COLLEGE PLANNING
COLLEGE PLANNING
WHOLE LIFE CAN BE AN OPTION:
Your college funding strategy can include a combination of savigs plans, including whole life.
Many peple think of it as just a death benefit, but it can be part of your overal approach.
•529 PLAN
(Education Savings Plan)
- Tax Benefits:
•Income tax breaks
•Tax-deferred growth
•Generally tax-free withdrawals
•Tax-deductible in many states - 10% penalty it funds are used for non-education purposes
- Subject to market performance
- Can pontentially lower the amount of financial aid your child receives
WHOLE LIFE INSURANCE
(Asset & Protection)
- Cash value grows on tax-deferred basis and withdrawals are generally tax-free
- Cash value can be used for anything at any time
- Whole life is unaffected by market fluctuations
- The Federal Aid Methodology doesn't include life insurance cash value when calculating expected family contribution
