They, and their parents, are many times more than willing to encourage student debt. Yes, they may take responsibility of these loans with their kids, but bottom line… it’s a problem for everyone. It could be a terrible burden for the child when they do get out of college. Or, it is a terrible burden for the parents when they are focusing on retirement. So, what can be done?
It is often said that grandparents start to like the grandchildren even more than their kids. So, wouldn’t they want to be in a position to help pay off part of the college loans? Of course, but it seems so very expensive to do… if you are not using “discounted dollars.”
Discounted dollars are available in a life insurance policy. The grandparent will not pay full dollars for the benefit. They either pay via periodic premiums or a single premium. And, there can be a safety valve. Many policies offer accelerated benefits if the insured needs some type of long term care assistance.
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