Louis Tully
New Member
- 5
Is Universal Life a reasonable option to provide insurability, savings, and possibly build cash value for college education?
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It can be if properly funded and designed.
It could be. Personally I believe WL is a better option.Is Universal Life a reasonable option to provide insurability, savings, and possibly build cash value for college education?
When I sold life insurance I can't tell you how many times I would walk into a home, review the insurance, and the people who had policies on their kids were often severely under insured on their own lives.
Buying insurance on your kids, when you don't have enough on the bread winner, is just ignorant. Agents selling insurance on kids, when there isn't enough on the parents, is worse than negligent.
Most insurance companies will require the parents have at least 2x what they are putting on the kids. Take care of the parents and the kids
Because we all know that each of the kids bring in 50% of the annual income of the bread winner(s) in the home.
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Young family breadwinners need a bout 15 times income (minimum) to be properly insured.
The parents absolutely refuse to buy additional coverage on themselves for whatever reason but want to start a program for thier kids....you gonna walk away? Or the grandparents want to start something but you know that the parents don't have enough or maybe grandma doesn't have her FE taken care of, you are going to say, "No, I won't sell the children coverage.". You are going to leave without a sale because they won't buy what you think is best for them?