Financial Advice on College Funding with Custom Whole Life Insurance


Financial Advice on College Funding with Custom Whole Life Insurance

college_fundingThere’s nothing more precious than a young child’s vivid imagination
and unstoppable drive. Today’s childhood fantasies will fuel the next
generation of gifted scientists, brilliant storytellers, forward-thinking
entrepreneurs and visionary young presidents.

One of the greatest gifts a parent or grandparent can give a child is
an opportunity to help turn those childhood dreams into reality with
a college education.

Custom Whole Life as a Tool for
College Saving

New York Life’s Custom Whole Life insurance product can be an integral part of your family’s life insurance protection program, collegefunding strategy and overall financial plan. It’s an asset that’s guaranteed to grow over time, regardless of interest rates and stock market returns.

In fact, Custom Whole Life policies are designed to maximize cash value accumulation. And you can access the cash, tax-free, to help pay for college, a new business venture, a new home—or any of life’s big events.1

Custom Whole Life Insurance

Custom Whole Life has all the benefits of traditional whole life insurance, with
greater control and flexibility. Your New York Life agent can design your Custom
Whole Life policy to meet your family’s unique financial needs.

Custom Whole Life has important guarantees that aren’t affected by market conditions. This means you can rest easy knowing precisely what your premium payments will be, the year your policy will be paid up and the amount of guaranteed cash value you can expect your policy to accumulate.

Guaranteed Cash Value

Your policy is guaranteed to accumulate a certain amount of cash value each year. It also pays dividends, although they are not guaranteed. The cash value and dividends continue to grow taxdeferred long after your policy is paid up.

Guaranteed Level Premium

You decide how much and how long you’d like to make premium payments, and your New York Life agent will design a Custom Whole Life policy to meet your family’s unique financial needs. Your premium payments are locked in, so they
are guaranteed to remain the same during the payment period outlined in your contract, regardless of economic conditions or changes in the insured’s health.

Guaranteed Life Insurance Benefit

The death benefit specified in the contract will never be reduced, provided there are no outstanding loans.

Flexible Premium Schedule

Choose the year you’d like your child’s Custom Whole Life policy to be paid up, and rest assured knowing you won’t have to make premium payments forever. The policy will be fully funded by whatever year you decide.2

Unrestricted Use of Available Cash Value1

Your Custom Whole Life policy is guaranteed to accumulate a certain amount of
cash value each year. This reserve grows tax-deferred, and as the policyholder you
can access the cash value, tax-free. Choose how you will spend the cash you borrow. Unlike most college-funding options, a Custom Whole Life policy allows you to use the cash value for college if you need it, or for one of life’s other special occasions if you don’t. The choice is yours.

Option to Purchase Paid-Up Additions (OPP)

Choose to make additional payments, within certain limits. These extra funds will help increase the policy’s death benefit and grow your cash value faster.

Since the cash value is guaranteed to grow taxdeferred each year, a Custom Whole Life policy is a great vehicle in which to invest money received as birthday or holiday gifts, year-end bonuses or required minimum distributions.

1 Cash value is accessed through policy loans and dividend withdrawals. Loans accrue interest at the current variable loan interest rate. Loans and dividend withdrawals reduce the total policy cash value and total life insurance benefit by the amount of the unpaid loan plus accrued loan interest or the amount of the dividend withdrawal. Please see the contract for complete terms and conditions.

2 In no case can the premium–paying period be less than five years or extend beyond age 75.

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As a Financial Adviser with Eagle Strategies LLC, a Registered Investment Adviser, I can provide you with a plan to help you achieve your financial goals.

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