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Life insurance can help when you need education loans

Permanent life insurance can be one way to help pay for an education.

There will probably come a time in your life when you need a loan for school—whether your child’s, grandchild’s or even continuing education for yourself. Although you can go through the usual channels to get one—banks/lenders, your 401(k), credit cards—there is another option. You buy a life insurance for valuable death benefit. Permanent life insurance products, such as whole life and universal life offer cash value accumulation in addition to their financial protection. Over the long term, the cash value accumulation may be significant enough to help you. And the interest rates on these policy loans may be lower than a bank loan. Be aware, however, that loans reduce a policy’s death benefit and cash value.

Helpful Hint...

  • FINAID's Web site lists details on loans for graduate, business, law, or medical schools.
  • The Student Guide is the most comprehensive resource on student financial aid from the U.S. Department of Education. Grants, loans, and work-study are the three major forms of student financial aid available through the Department's Student Financial Assistance office. Updated yearly.
  • The College Board's "bigfuture" Web site has lots of general loan information. Talk to one of our agents to learn more about how policy loans can help you.

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