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5 Things You Should Know About the College Plan

Education savings plan – graduate in cap and gown

Attending college and building a prosperous career are goals you may have for your child. But helping them get there can be expensive, with tuition costs continually rising. That’s why it’s important to have some sort of child education plan in place to help. This is where the Gerber Life College Plan comes in.

 

“It’s not just a college plan for your child — it’s also adult life insurance for you.”

 

1. What Is the College Plan?

The College Plan lets you set money aside for the future. As long as premiums are paid and there are no outstanding loans against the policy, you could receive from $10,000 up to $150,000, when your plan reaches maturity. You can use the money paid at maturity for your child’s education or for anything else. You’re not restricted to use the money for education only. And the best part is that it’s not just a college plan for your child — it’s also adult life insurance for you.
 

“If something happens to you, the policy will be paid out to your beneficiary.”

 

2. The College Plan Is a Sure Thing 

You can get this College Plan when your child is just a baby, giving you plenty of time to put money away for their education. The coverage amount you choose is exactly what you can expect your child to receive later on, (assuming premiums are paid) without being impacted by the ups and downs of the economy. Plus, if something happens to you before the maturity date, the plan will be paid out in full to your child as beneficiary, and they will still have money they can use toward their education. Although there are many types of education plans, the College Plan offers standout benefits that are hard to find elsewhere.

 

“The College Plan allows you to use the money for anything.”

 

3. Pay for Tuition, Books and Much More

529 and education savings plans have their advantages, but they can only be used toward tuition or school-related expenses. The College Plan allows you to use the money for anything. If your child decides not to go to college, they can use the money to start a business, toward a wedding or toward a down payment on a house. You can use the money for anything without penalty.

 

“Your child can better realize his or her potential.”

 

4. Financial Security Can Increase Graduation Rate

With a solid financial plan, your child can better realize his or her potential. In fact, based on a study from the Center for Social Development at Washington University in St. Louis, a lower- or middle-income child with over $500 in savings will be five times more likely to graduate from college.1 With the College Plan, however, you could have savings of up to $150,000!

 

5. It’s Actually Affordable

The sooner you get the College Plan, the more time you’ll have to accumulate money for college and the lower your monthly premium will be. You could pay less than $2 a day to give your child a bright future. 

A versatile financial plan can give your child the confidence to aim high. Call for your free quote: 1-800-704-2180.

 

1Elliott, William, et al. Small-Dollar Children's Savings Accounts, Income, and College Outcomes. 2013, pp. 1–23, Small-Dollar Children's Savings Accounts, Income, and College Outcomes.

 
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