Life Insurance Won't Have Enough Cash Value to Put Your Kid in College!

[Mark]

Is there any way to pay $20 a month on a life insurance policy and when it is time for my child to go to college, the cash value will pay for it?


20x12x 18 What do you mean I can’t give you under $5000 and you turn it into $50,000 in as little as 15 years and also add life insurance to it.


I need a policy that will fund my kid’s college. There has to be a way.


I know I'm not the only one that gets this phone call every week.

 

[Norwayguy]

Is there any way to pay $20 a month on a life insurance policy and when it is time for my child to go to college, the cash value will pay for it?


20x12x 18 What do you mean I can’t give you under $5000 and you turn it into $50,000 in as little as 15 years and also add life insurance to it.


I need a policy that will fund my kid’s college. There has to be a way.

I know I'm not the only one that gets this phone call every week.

It's also a fun conversation when the client realizes that the fund they have used to save for college increases their expected family contribution compared to their neighbor who saved nothing for their child (not an issue with annuities/life insurance)

 

[sshafran]

Is there any way to pay $20 a month on a life insurance policy and when it is time for my child to go to college, the cash value will pay for it?


20x12x 18 What do you mean I can’t give you under $5000 and you turn it into $50,000 in as little as 15 years and also add life insurance to it.


I need a policy that will fund my kid’s college. There has to be a way.


I know I'm not the only one that gets this phone call every week.

What's wrong with you, Mark? That person's $20 monthly contribution should send his kid to Harvard.

 

[Cory]

Funny... if Harvard is $20 per month I wonder what it would cost for my Clemson Tigers. Have definitely received that questions and borders some on financial advisors as other options (IRAs, prepaid college, etc.) come into play. I never felt comfortable based on illustrations writing a product for that purpose as that is not it's purpose. Have seen a few agents get in trouble with this and think the customer appreciate's the honesty of a referral to a financial advisor.

 

[xrac]

$20.00 won't buy you s good high speed internet connection let alone a college education.

 

[BenS]

It is amazing how many people I run into that boast about all the "interest" they're making on their small whole life plan. Many people really think it's going to fund their retirement/college goals. Makes me wish I could be a fly on the wall when they were originally sold these policies.

 

[Cory]

We could be a couple of flies...I've looked at some policies where agents have done some very shady things like quoting min premium with lapse in a few years just to undercut another agent and sell a policy. It's about helping others "first" whether you write a policy or not then you're a by-product with a hopeful commission and referral(s).

 

[storick99]

Hi,
The insurance broker or Agent is very important roll of the insurance company these things of the service is very difficult and situation handling.that means the clients understand the service .


Thanks...

 

[Justin Bilyj]

I just saw a wl gerber plan being positioned as an alternative to paying for college last night on the tv my gf asked me if that was a good plan...

 

[Norwayguy]

I just saw a wl gerber plan being positioned as an alternative to paying for college last night on the tv my gf asked me if that was a good plan...

I have seen those offers myself all anyone has to do is calculate the premiums and compare to the guarantee they will provide in x years to realize this isn't a great alternative. Having said that a life policy on the parent not the child can be a supplemental way to save some money that will not be calculated on the FASFA form but I would position it more of helping to ease the students burden for books and things during college than funding college.