Strategies for College Savings: Exploring Cash Value Life Insurance

Key Takeaway

At its core, life insurance is designed to protect your family in the event of a premature death. However, some permanent life insurance policies are flexible in how they can be used – and can provide value while people are alive. For instance, some people use permanent cash value life insurance to help pay for college expenses even though it’s not a common method for funding higher education. However, it’s easy to see the tax advantages and savings options that are automatically included with most permanent cash value life insurance policies can make a big difference.

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Image of thermometer with sign saying 'college savings goal.'
Image of thermometer with sign saying 'college savings goal.'
9/8/2023
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Policies are issued by Everly Life Insurance Company (“Everly Life”), Topeka, KS. Everly Life is not licensed in the state of New York and does not solicit or transact business in New York.

A.M. Best's 15 ratings are a measure of claims-paying ability and range from A++ (Superior) to F (in Liquidation). Ratings are current as of January 25, 2024 and subject to change at any time. While ratings can be objective indicators of an insurance company's financial strength and can provide a relative measure to help select among insurance companies, they are not guarantees of the future financial strength and/or claims-paying ability of a company and do not apply to any underlying variable portfolios. The insurance agency from which a policy is purchased, and any affiliates of those entities, make no representations regarding the quality of the analysis conducted by the rating agencies. The rating agencies are not affiliated with the above-mentioned entities, nor are these entities involved in any rating agency's analysis of the insurance companies.

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