When most parents think of college planning they think of 529 or the Gerber plans. But, with those plans, you can only use the money for college otherwise there’s taxes associated. But, what if you could save money for your child in a way that not only protects your kid’s life and your kid’s future family, but he/she can have income for college or a downpayment on a house and when gets old for retirement? In other words, you can use that money for more than just college with tax advantages. You can grow your income at 4%-12% and when the stock market crashes, you don’t have to concern yourself with any losses. What does all this? Life insurance! Take a look at this video to see how life insurance can be used for many areas of life.
As soon as your child is 15 days old, you can look into applying for life insurance. Depending on the carrier, a child can only be insured for up to 50% of the least insured parent. The best gift you can give your child is the gift of life insurance.