Before you decide on a 529 Plan consider this option.
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Life Insurance vs. 529 Plan for College Savings
529 Plan
Funded with After-federal income-tax dollars
- The Maximum contribution $14,000, per beneficiary, per person.
- A married couple can contribute $28,000, per beneficiary without incurring gift tax penalties.
- Can only be used for School (penalty)
- Early Withdraw Fee
- Variable (No Market Lost Protection)
- There is more information
Life Insurance
Index Universal Life policy
Funded with After-federal income-tax dollars
- Permanent life insurance plans, the money grows tax-derred and withdrawals taken our as policy loans are tax-free as long as the policy remains in force.
- Note: There is a contribution limit, particularly the first several years of the policy.
- No Withdraw Fees
- Indexed (Market Lost Protection)
- There is more information
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