Mauricio Rodriguez
Aug 9, 2017 · 2 min read

WHAT’S PERMANENT LIFE GOT TO DO WITH IT?

By: Mauricio Rodriguez, financial advisor.

Whether it’s for college, grad school, or a continuing education program, everyone knows that getting an education these days is very expensive. According to the Bureau of Labor Statistics from January 2007 to July 2017, college tuition and fees increased 63% compared with a 21% increase for all items.

So at some point, you may need a loan to pay for school — whether it’s for your child, for your grandchild, or even for continuing education for yourself. Although you can go through the usual channels to get one — banks/lenders, your 401(k), credit cards — there is another option.

You already know that permanent life insurance products, such as whole life and universal life, offer valuable financial protection via a death benefit. If your needs for life insurance or your priorities change, though, then your policy can also provide cash value accumulation, which over the long term may be significant. And the interest rates on policy loans may be lower than those on a bank loan. Be aware, however, that loans reduce a policy’s death benefit and cash value.

Check out these helpful resources.

As a financial advisor, I advise with my clients to focus on their financial goals. . Consult with your financial advisor and ask them if this approach is appropriate for you. If you don’t have an advisor, I would be glad to help.

Email: mnrodriguez@nyl.com

-M. Rodriguez

Helping people grow and protect their assets. Financial Advisor, email: mnrodriguez@nyl.com

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