Saving money on just say life insurance does not need to be complicated. Here is a clear, no nonsense rundown of what works and how to make the most of it.
Key Takeaways
- They say what’s old becomes new again.
- Lately, we here at Clark.com have been hearing an oldie resurface: Parents are getting pitches about whole life insurance for their infants.
- Worth noting: in years past, whole life insurance was pushed on parents as a excellent method to save for their child’s future college education.
- But Clark says the concept stinks and there’s a much better method to get the job done.
Where the Real Savings Hide
If you have kids and you’re saving for their college, there’s a salesperson trying to separate you from your money. : Best 529 plans to assist pay for college Life insurance as a method to save for college? One of the most sought after pitches of all , the Gerber Life Grow-Up Plan , is now hitting mail boxes as an insert in the RedPlum coupon circular.
The concept is you purchase a policy on your child and then they’ve got life insurance down the road in the event of their premature death. When they make it to college age, there’s this wonderful tax loophole that allows you to borrow from the policy’s cash value to pay for college.
A Closer Look at Just Say Life Insurance
More importantly, it’s called a 529 plan (aka college-savings plans) and it has definite upsides over a life insurance policy to pay for college. From a tax angle, each penny you save in a 529 plan is tax free when spent on eligible college expenses such as tuition, books and fees.
A life insurance policy, by contrast, is only tax advantaged. ‘In my book, tax free beats tax advantaged seven days a week!’ the consumer champ says. Which is more cost effective?
What to Know About Just Say Life Insurance
Remember that again, the 529 plan wins. The embedded costs in life insurance policies can be massive since they’re padded with commissions for the salesperson.
Worse still, consider this: If you can’t pay the premiums on a life insurance policy, the policy lapses and you’re wiped out. There’s no money there to tap for college.
Frequently Asked Questions
How can I save money on just say life insurance?
Compare prices across a few retailers, look for active coupon codes, and time bigger buys around sales events. One of the most sought after pitches of all , the Gerber Life Grow-Up Plan , is now hitting mail boxes as an insert in the RedPlum coupon circular.
Is it worth shopping around for just say life insurance?
Usually yes. The concept is you purchase a policy on your child and then they’ve got life insurance down the road in the event of their premature death.
Smart Ways to Save More on Just Say Life Insurance
- Check for student, military, or first order offers you may qualify for.
- Time non urgent purchases around major sale events for the deepest cuts.
- Leave items in your cart for a day; some stores send a follow up discount.
- Pair cashback with a coupon so you save twice on the same order.
- Stack a coupon code with an existing sale whenever the store allows it.
Final Thoughts
Put these ideas to work and just say life insurance gets a lot less expensive. Bookmark this page, check back for fresh deals, and let the savings do the talking.
Originally published at clark.com.
