To meet this need, you may be most interested in products that have features that could be used to pay a child’s education costs – regardless of whether you’re there or not.
Consider these life insurance policy features:
guaranteed cash value – so you know a certain amount of money is available
access to your money – so you can use it for tuition and other education expenses
market participation – so your policy’s value has the potential to increase based on the performance of any investments in your policy
The tax advantages of various life insurance products can be helpful in funding your child’s education − from tax-free death benefits to policy loans without tax penalties.1 And finally, the death benefit feature would give your loved ones the option of paying education costs in the event of your death.