Universal Life Insurance
savings
college
interest-based
not included in financial aid app
guarantee 4%
taxes deferred
no taxable event on withdrawal of cost basis
buying in at low interest rate; lucky break
9 guaranteed purchase option (GPO) events
Whole Life Insurance
dividend-based
based on Thrivent investment performance
6 - 8% historically
minimum cash value
minimum death benefit
not as flexible for college
All permanent insurance was “whole-life” at one time. Then EF Hutton introduced universal life insurance and that has become the preferred option for many (most?).
