Life insurance is a great multi-purpose product that can help the policy holder and loved ones in a variety of ways. Not only does it provide coverage for a covered death, but it may also be a way to obtain funds in the future. One of the ways that this policy can help with finances in the future is by providing some funds for college.
Money For College
There are generally two types of insurance available to people who wish to purchase a policy. The most simple and basic is term life insurance. It is in effect for a specified amount of time and is purchased up front. The other type is whole life insurance and it is paid in increments each month. Whole life can not only provide financial protection for beneficiaries in the event of the death of the policyholder, but it can also serve as a source of funds later on when the policy has been kept active for a specified number of years. Depending on the policy, money may be withdrawn to be used for expenses such as college, or it may be borrowed against to help with tuition or emergencies.
Selecting The Right Coverage
People who wish to purchase life insurance that can act as a financial cushion for future expenses such as college should work with a licensed life insurance agent who represents a reputable insurance agency. They can help clients find insurance products that can match present and future needs and explain how each works in detail. People who live in and around the Cincinnati, OH area should check out Advantage Insurance Network to discover high-quality life insurance products that provide options.
People who are considering purchasing life insurance with options for college, should call or stop by Advantage Insurance Network serving the residents in and around the Cincinnati, OH area.