Can a No Medical Exam Life Insurance Help You Save Money for College?

It is normal to think about the education of your children. We all want to support our kids and help them succeed in life.  Financial safety is another primary concern and it is related to education, since high quality education costs a lot.  Saving money for college is a common practice nowadays and since the child is very young, the parents start saving money for a college fund.

college-costA no medical exam life insurance can help you save money for college and protect your family against financial problems.  No medical exam life insurance have the same basics as any other term life or whole life insurance policy.

As any other policy, its purpose is to save money that will later be used for various purposes.  The main purpose is usually to replace the income lost due to the death of the policyholder. Without this supplemental financial help, many families will succumb into bankruptcy. And, after all, it is a natural right to ask back the saved money plus some extra benefits.

Some policies have a cash build component and the saved money will grow with interest, while others pay generous amounts of money only if the policyholder dies while under coverage. No exam policies offer the same diversity of policies and we recommend you to read more before applying for no medical exam life insurance.

Providing college funds for your kid with the help of no exam life insurance is a possibility. All you have to do is to stipulate in the contract that you want to money to be spent for college tuition.  You can include many options.

You will decide if all benefits will be used for college funds or only a part of it and you decide if the death benefits will be paid immediately after your death or when the child reaches the proper age for college. All these options must be negotiated with the insurer.

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