Parental Loans for Learning
- Federal Loans and Grants for College
- Private Loans for College
- Home Equity Line of Credit
- Whole Life Insurance/Universal Life Insurance
- Borrowing from Your Qualified Retirement Plans
Whole Life Insurance/Universal Life Insurance
Unlike term life insurance, which pays your beneficiaries only when you die, the value of a whole life policy can be accessed during your lifetime by taking a loan secured by the cash surrender value of the policy. These loans usually have a relatively low interest rate.
This type of policy uses one portion of your annual premium for life insurance and invests the other portion in an account where the interest compounds on a tax-deferred basis. When your child is ready to start college, this could be a good source of funds.
IMPORTANT NOTE: If you don't pay the money back, or you die with the loan still due, the amount of the loan will reduce the death benefit.
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IT IS IMPORTANT that our customers understand that products and services made available through Osaic Institutions, Inc.
Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.
- ARE NOT A DEPOSIT
- ARE NOT FDIC-INSURED
- ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
- ARE NOT GUARANTEED BY THE BANK
- MAY GO DOWN IN VALUE
Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.