Page 59 - Book2E

CHAPTER 6
Creating Savings through Insurance
Now that you’ve learned a little more about the importance of building your savings, planning for retirement, and saving for your children’s education, it’s important to note that insurance policies—at least certain types of policies—can assist you in your quest to create savings, live comfortably in your later years, and
help to provide educational opportunities for your children.
It’s no secret that the working world
has changed. For many of us, company
pension plans are a rarity, and Social
Security will simply not be enough
to cover all of the expenses of retire-
ment. An important aspect of plan-
ning for your retirement includes protecting your loved ones in the event of your death. Consider your kids’ college education for example. The cost of college tuition continues to rise rapidly. Life insurance coverage helps ensure tuition expenses can be met in the untimely death of a parent or key wage earner. Certain types of life insurance policies, such as universal life and whole life, can accumulate cash value, which can then be accessed through loans to meet unexpected education expenses.
As explained by Genworth Financial (www.genworth.com), the follow- ing brief descriptions of the various types of life insurance policies may
Most of us can read the writing on the wall; we just assume it’s addressed to some- one else.
—Ivern Ball
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