Back to School: Are Your Clients Ready for What Lies Ahead?
As kids head back to school, we’re focused on helping your clients navigate the multitude of college funding options by offering our FREE College Planning Kit for Parents. This kit includes tips and in-depth information on how you can meet multiple financial goals including paying for college and how life insurance fits in.
Did you know?...
- The average annual cost of college for this school year is projected to be $27,132 at a public institution vs. $54,375 for a private school, including tuition and other related expenses such as room and board.
- Students missed out on $2.7 Billion in Free FAFSA College Aid according to a recent study by NerdWallet.com.
- To be considered for federal student aid for the 2017-2018 year, you must submit the FAFSA form between October 1, 2017 and June 30, 2018.
- Life insurance cash values are generally NOT reportable on the FAFSA form when tabulating parents' assets for financial aid qualification. Cash value life insurance may be a valuable way to accumulate assets, especially if you're starting very early for children.
- Minor children can qualify for cash value life insurance with no medical exam, usually until the age of 16 or 17 (depending on the carrier). After age 18, they are considered an adult and may be asked for an exam (depending on face amounts). It could also be harder for them to qualify financially.
The College Planning Kit for Parents includes:
1. Estimating College Costs - This report breaks down private vs. public school costs, projected out year by year.
2. Paying for College – a comprehensive report from Prudential covering:
- Student loans
- Applying for student aid
- The FAFSA form
- 529 plans
- Scholarships
- Tax-Credits
3. Supporting College Funding Through Life Insurance - A cash accumulation sales idea from John Hancock.
4. Saving for College Checklist - Planners can use this handy checklist when gathering information to start the planning and saving process.
Click below to download the FREE College Planning Kit for Parents
MORE ADVISORS BLOG
GBS News: Product and Underwriting Updates - Week of October 20 - November 2
Allianz's announced their first ever Risk-Class Upgrade Underwriting Program, offering automatic risk-class upgrades, up front, for qualifying clients.
Read More >>
GBS News: Product and Underwriting Updates - Week of October 9 - October 19
Effective October 9, 2023, iPipeline iGO and LifePipe users can easily access ALL underwriting submission paths in the same session with the new SimpliNow Choice platform.
Read More >>