American Insure-All® has your life insurance in Mercer Island. Life insurance is one of those things that is often poorly understood. The common conception is that it is most appropriate for those who have dependents who might be deprived of income if the main family bread-winner is deceased. Certainly, that is one important application of life insurance, but it is not the only one.
Whole life insurance, particularly if purchased the year a child is born, can provide funds to defray the high cost of a college education. It is not, by any means, the only possible avenue for saving for a college education, but it could easily be part of your overall financial investment. If you are only focused on college savings, a 529 plan or a Roth college savings account might be better options. However, a life insurance policy – whether on yourself or taken out for your child – offers some advantages over a savings plan. First off, if your family falls upon hard times, the policy value is not calculated into financial assets against financial aid. A savings account will certainly come under consideration. Second, if the policy is on yourself, you are creating a monetary cushion for your dependents. While it is an eventuality that no parent wishes to consider, children do not always live to maturity. Perhaps one of the greatest tragedies is the death of a recent or near high school graduate who is killed in an automobile accident – and it seems to happen every year.
American Insure-All® has your life insurance policy in Mercer Island, just give us a call at 888-411-AUTO. Our knowledgeable agents will be glad to discuss your life insurance goals and help you to select a policy that fits your budget and your family planning needs.