Ever wonder what’s the best college saving plan? or how to save money for college? Gerber plan? 529 college plan? but doesn’t seem enough? yeah I wonder too, then thought of a wonderful idea LOL or should I say a very mean idea :). That idea is to buy life insurance for your parents or grand parents as much as you can or as much as you plan to pay each month premium for your kids savings college plan, the idea is your parents or grand parents won’t live forever, everyone died, and how about letting them know they died happy and in good hand, they and left over a large lum sum amount of life insurance for their children and grand children. Put it this way, let say you put in $200 per month for 1 child when they start school, and by the time they turn 18 or in college, you won’t have enough for a good university, I would say that $200 probably end up to be somewhat like $20K to $30K or so that is nothing, so how about put that $200 buy life insurance for your grand parents or parents as early as possible so that it is cheaper, that $200 can be universal life or term life and some even will pay off for itself meaning you no longer need to pay monthly premium. So how much does $200 a month life insurance can buy? it depend for term life it’s a probaly $150K to $200k, for universal life or also known as cash value available at a later time, probably less but you can borrow or cash out some later time, but the death paid insurance a little bit less. Overall you see the big picture, although your parents or grandparents may not died in 18 years but eventually they will died and died with happiness that their death create lots of funds for their children.
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