Imagine if your parents had purchased a permanent life insurance policy when you were born or when you were even a teenager? With the best of these policies the cost is tiny ($5-15 a month) and what the child gets in return is huge by comparison. They can double or even triple the limits when they go into adulthood without having to prove they are insurable. They can borrow money from the policy to buy a home or a car. And they never have to worry about buying a final expense policy when they get older. Its all been done for them.
What makes this a no brainer is the children’s whole life policy put out by GCU-USA. With this policy, the child becomes eligible to have part of their student loan debt repaid after hey graduate from college. Up to $2500 of student loan debt is repaid by GCU-USA if the child has at least a $5,000 whole life plan with them.
So you buy your 15 year old a $5,000 GCU whole life policy for $8.88 a month. Then at 22 years of age, he applies to GCU for student loan repayment of up to $2500. You do the math, GCU is paying you to get your child a policy! Why? They are a not for profit life insurance company. This student loan repayment plan is one of the primary ways they utilize their charitable profits.