Getting help with education loans.

What’s permanent life got to do with it?


Whether it’s for college, grad school, or a continuing education program, everyone knows that getting an education these days is very expensive. According to the Bureau of Labor Statistics from January 2006 to July 2016, college tuition and fees increased 63% compared with a 21% increase for all items.1

So at some point, you may need a loan to pay for school—whether it's for your child, for your grandchild, or even for 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  already know that permanent life insurance products, such as whole life and universal life, offer valuable financial protection via a death benefit. If your needs for life insurance or your priorities change, though, then your policy can also provide cash value accumulation, which over the long term may be significant. And the interest rates on policy loans may be lower than those on a bank loan. Be aware, however, that loans reduce a policy's death benefit and cash value.

Check out these helpful resources.

Talk to one of our experts to learn more about how policy loans can help you.

 

 

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Further Reading
  • 1 Bureau of Labor Statistics, "College Tuition and Fees Increase 63 Percent since January 2006," TED: The Economics Daily, August 30, 2016.