is additional paidup life insurance included in endowment settlement?
UPDATED: Aug 20, 2018
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Asked August 20, 2018
Life insurance is a great resource to have. It protects your family in the instance that something happens to you. End of life can bring about a number of expenses. Making sure that your family will be well taken care of long after you are gone is the wise thing to do. Paid-up life insurance refers to the payment that will be paid out when the insured person passes on. They no longer need to pay the premium towards the insurance. Endowment life insurance programs focus on life insurance as well as a savings program. You get to pick how much is saved each month. You also get to pick when the policy is going to mature. This endowment fund can be used as a college savings plan. The money can be spent on tuition fees, text books, dorm expenses and more.
In the state of Florida you have the option to include your paid-up life insurance with your endowment settlement. If you die prior to the policy maturing, your college student will be able to receive the payments as part of your death benefit. They will also have the money that was set aside for their college education. This is a very risk-free opportunity to save money for your child’s future as long as you keep up with the premium payments. Your child is also eligible for financial aid despite the money they receive from your settlement.
When you combine your paid-up life insurance with an endowment settlement, you are bundling products together to some degree. This process can be done with a number of different savings products. Not all of your money is going towards your savings. If you want something that focuses more on banking money, there are many different financial products that you can shop around for. Do your research and speak with a financial advisor.
Answered August 21, 2018 by bluemarlin08