Hello blogworld, I've decided to post my next entry regarding kids college saving plan and what is the best plan out there. Usually the most popular type is the 529 plan and I'm against it simply because of the fact that if you don't utilize in the future for your kids tuition you can face a huge penalty. Also there is liquidity issue with this plan and it doesn't accrue any interest. You simply lock your money up and in the future you have access to it.
Solutions....
Now if that is the case I'd recommend a ROP (return of premium) life insurance. If your a mother or father and have a kid who is dependent on you, your going to need life insurance anyways because in the case of the absence of the breadwinner, the people who are dependent on you can continue on with their lives financially. ROP also guarantees that you are insured for 10,20,30 years (however you delegate it) and by that 10,20,30 years, if you are still alive and well the Life Insurance Company will give you back all the money you've contributed. Plus you have access to portion of your money starting the 4th, 5th, 6th year and each year you'll have more access to your money. If you decide to not touch your money until that 10,20, or 30th year, then you have access to all your money and you can use it for whatever you want.
Another solution will be a ING global plus life insurance. This product you have liquidity so you can use it without any penalty or getting taxed for your long term goals. I'll get into more details about this product when my video uploads...VIDEO COMING SOON!
Showing posts with label kids college savings plan. Show all posts
Showing posts with label kids college savings plan. Show all posts
Monday, August 15, 2011
Tuesday, August 9, 2011
10 reasons why life insurance is good for you
Let's all take a deep breath after Congress attempted to settle their $14 Trillion dollar deficit, USA dropped their credit rating and the stock market had gone berserk. Here are some simple reason why life insurance is good for you
1) tax free income
2) guarantees during down market
3) liquidity, access to your money
4) if the breadwinner is absent, the family can still continue on with their lives financially
5) Accelerated Benefit Rider, if insured has terminal illness, that person has access to portion of their death benefit
6) use for kids college tuition
7) use to buy a car without ever financing!! or paying interest!!
8) can potentially give retirement income for life! Like a pension
9) flexibility in your contribution (ex: $66.22 a month to $250 a month)
10) At the end of the day you feel your in the right path towards your long term savings goals and protection for your family in the case of your absence.
1) tax free income
2) guarantees during down market
3) liquidity, access to your money
4) if the breadwinner is absent, the family can still continue on with their lives financially
5) Accelerated Benefit Rider, if insured has terminal illness, that person has access to portion of their death benefit
6) use for kids college tuition
7) use to buy a car without ever financing!! or paying interest!!
8) can potentially give retirement income for life! Like a pension
9) flexibility in your contribution (ex: $66.22 a month to $250 a month)
10) At the end of the day you feel your in the right path towards your long term savings goals and protection for your family in the case of your absence.
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