Do you have clients or prospects who are planning to help pay for their children's college education? It probably comes as no surprise that the cost of a tuition has skyrocketed—but just how much are we talking?
Since 1982, tuition has went up a whopping 500%, which to put in perspective, is twice as much as costs for medical care and three times as much as the overall Consumer Price Index during that same period (Source).
And the cold truth-- the families who don’t plan ahead may not be able to send their kids to the college of their choice. As a financial professional, you can help put clients in a better position to cover a portion of these costs down the road through their decision to purchase a life insurance policy.
But here's what you need to know: if you're considering showing clients how to use the cash value in permanent life insurance to supplement costs when college planning-- make sure it’s done correctly. In this post, we’ll cover 5 top mistakes to avoid: