Blogs for the 'Help from the Experts' Category

Factors to Consider When Spending 529 Plan Funds

February 5th, 2018


For many parents (and grandparents) of future college-bound students, a 529 plan has been a key part of their overall college savings strategy. But, even though these financial vehicles can provide some tax-advantaged methods of saving for future education costs, they can also come with a long list of stipulations to abide by. And in many cases, this plethora of rules can make it much more difficult to know what is, and what isn’t, allowable in order for the plan to keep its tax favored status.

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Have Clients Who Think They No Longer Need Their Life Insurance?

January 29th, 2018


Have Them Think Again.

Within your book of business, it could be that you have clients who, for any number of reasons, possess life insurance coverage that they feel is no longer needed. Yet, even if the initial reason for purchasing their current coverage is not valid anymore, there can still be a number of very good reasons for them to either keep their coverage and use it for different financial goals, or even to exchange their present policy in order to better fit their current needs…one of which could be to help a child or a grandchild with funding their future college education costs.

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Does Life Insurance Fail as a College Savings Vehicle?

January 22nd, 2018


In the overall realm of financial services, you would be hard pressed to find anyone who truly revels at the thought of talking about life insurance. One reason for this is because most people don’t want to dwell on what it would be like when they are gone.

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Life Insurance Versus the 529 College Savings Plan

January 15th, 2018


Which Will Provide the Best Outcome?

For many people, having a college degree can help to provide them with better job opportunities, which can also mean more choices. Unfortunately, getting that degree can come with a hefty price tag.

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How to Set Yourself Apart in Your Clients’ Minds

January 8th, 2018


Regardless of how long you have been involved in the insurance business, you are likely well aware that there are many, many other insurance and financial professionals who are offering the exact same products and services that you do.

So how is it, then, that some of these advisor’s struggle from one month to the next, while others seem to effortlessly earn top dollar?

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Is the Life Insurance Premium for College Savings a Tax Deductible Expense?

December 29th, 2017


For many people who are helping a child, a grandchild, or other loved one to save for their college expenses, using a 529 college savings plan may not be enough. For instance, there are a number of potential drawbacks to using this type of educational funding plan, such as:

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No Funding Limits on Tax-Advantaged College Savings?

December 26th, 2017


Yes, It Is Possible

As we move towards the end of another year, many investors are thinking about how they can make the most of their tax-advantaged savings accounts – and for anyone who is assisting children or grandchildren with funding their higher education in the future, this may include college funding plans. One of the most popular of these is the 529 college savings plan.

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Can Life Insurance Really Pay for a College Education?

December 4th, 2017


Many parents – regardless of whether their children are newborns, toddlers, grade schoolers, or even in their early high school years – worry about the consistently rising cost of college education. And this is a very viable fear.

According to Inside Higher Ed, one year at a public two-year college, for the 2017-2018 school year, averaged $3,570, while private non-profit four-year institutions averaged nearly $35,000 per year.1 So, over a four-year time period, many parents could be facing a price tag that rivals that of a home mortgage…or worse.

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Five Reasons High Income Families Should Still Apply for Financial Aid

November 20th, 2017


One of the roadblocks in working with Category 3 families is their unwillingness to fill out a FAFSA. In their words, they are fairly wealthy and though they don’t have a detailed plan to pay for their children’s education, they are certain that they won’t qualify for needs-based aid.

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Using Life Insurance to Save for College?

November 10th, 2017


The Policy Used Can Make a Difference

With the cost of a college education raising rapidly, parents and other loved ones who want to help out with a child’s future college expenses are seeking options. One of those possibilities is using life insurance.

But, while this financial vehicle can provide numerous college savings-related advantages, not all life insurance plans are created equal. So, it is important to ensure that clients who opt to use life insurance for college education costs are going with the proper option for their needs.

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