As Parents you would like to secure your child’s future and his prospects. The best insurance you can provide to your children is education but with the alarming rate with which tuition expenses have gone through the roof, it raises doubts and questions for parents. Can they really secure their child’s future prospects? Can they afford to have their child a college education? If you have been thinking on the lines of securing your child’s future and saving for his college tuition, state sponsored 529 college savings plan could be one of the best way of going about it. There are few college savings plans like 529 program and whole life insurance based college savings plan are popular and most powerful way to save money for college tuition.
It goes without saying that you need to have a structured college savings plan in place that ensures a college education for your child. A 529 college plan is a very simple way to save money for your kids college education. A 529 College Savings Plan is a state sponsored, tax advantaged savings plan that can help families and individuals save for higher education expenses. All the 50 states offer the 529 college savings plan with their own variations. The state allows you to open a 529 account with an asset management company of its choice with its predetermined attributes with you as the owner of the account and your child as its beneficiary. 529 Plans, to put it simply, are the best savings vehicles for college funding. 529 plans are more attractive than other forms of college savings, including UGMA/UTMAs, Coverdell ESAs, Series EE and I Bonds, and mutual funds.
There are no restrictions for opening a 529 account. Anyone can open a 529 account for any student. You can open a 529 account irrespective of your income and allows you to decide on the contribution you want to make to the account. Your child is only the beneficiary and does not have control or say over the account. So if junior decides not to go college, he cannot withdraw the funds to do something else. You can rollover the account to any other family member or decide to withdraw the funds. If the funds withdrawn are spent for any other purpose besides education, it would be treated as income and 10 penalty taxes would be levied. As with any educational savings option, 529 Plans offer their own unique set of benefits and features, and you’ll need to consider what’s most important to you and your family.
Investing in your child’s future is one of the best investments you can make and with whole life insurance based college savings plan you have the best avenue of securing a college education for your child. Whole life insurance based college savings program has all the advantages of 529 plans but it eliminates all the limitations of Sec 529 plan. Give your savings their worth and make them the vehicle to secure your child’s college education and future.
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If you have been looking for a 529 college savings plan for your junior, you should consider the whole life insurance based college savings plan which provides the best avenue of securing a college education for your child.
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