February 21st, 2015 → 3:30 pm @ MacDev Financial Group| Stephen Devlin // No Comments
Unless you started saving for your kid’s secondary education before they were even a twinkle in your eye, you’re likely facing what feels like a behemoth of a financial burden: four years of university tuition (averaging about $6k each year). Plus books. And housing. And bills. And food – trust us, students get hungry. The standard operating procedure has been to take out loans to pay the price of an education, which means students are graduating with both a diploma and an average of $25k in debt before interest.
Students may not see this debt as an issue, but parents know better. Debt is dead weight that burdens a graduate and makes future choices challenging. Suddenly owning a home, a car, traveling, or returning to school becomes unattainable. Yet there are contingents of families who are getting students in and out of college, debt free.
We’re helping grow that small army of families because we’re dedicated to revolutionizing the way parents pay for university with dividend paying whole life insurance. By financing post-secondary education this way, your graduate walks away with just that diploma – no loans.
With My Bank My Way – MacDev Financial Group’s dividend paying whole life insurance – you are able to take out a whole life-insurance policy and then bank on yourself: you borrow money from yourself, while maintaining the same level of interest you were acquiring before. In other words, while you’re paying for college, you’re still making money, and getting dividends based on your total cash value.
Better still, a dividend paying whole life insurance policy comes with no restrictions. You don’t have to apply, jump through hoops, cross your fingers and hope a bank decides your loan is worthwhile. If you have the money, you can borrow the money, no questions asked. All those incidental costs – housing, food, a college sweatshirt and even the “Proud Parent of a College Student” sticker can all be financed through whole life insurance.
If you want to learn more about giving your kid the gift of a debt-free life after college, we’ll be happy to talk about My Bank My Way with you.
Tags: CPA, Financial Advice, retirement advice, retirement information, Tax Advice, Tax Information, Tax Tips
