Triple Your Savings

Here is a great idea. Why not triple your savings when it comes to your child’s future education. The idea is simple. Use a life insurance plan, a Coverdell education savings account and the NSS scholarship program to maximize monies for the future. The amount of money paid can be flexible to fit any budget.

For example a $200 monthly payment would break down as $167 into the Coverdell ESA and the remaining $33 into a life insurance plan. So when this child turns age 20, there would be around $63,000 that could be used for higher education purposes. In addition, this youngster would be eligible for our scholarship program which could be worth up to $2,000 ($500 per year over four years.)

Here are the important features of this idea:

• If the monies in the Coverdell account are used for higher education purposes then there would be no taxes on the interest earned in this account.
• The life insurance plan also has cash or loan values that may be accessed. However, life insurance also has options for a paid-up poli- cy with no further payments.
• This youngster would also be eligible to participate in our scholarship program which currently awards up to $500 per year so over four years this can be worth up to $2,000.