Compare College Savings Plans
It's important to understand the difference between a Life-Benefits account, Florida Prepaid and 529 plans. One of the biggest differences is that Life-Benefits can be used for any purpose. This gives children the freedom to pursue the right path after high school without penalty. Additionally, the Life-Benefits account will not lose value when the market fluctuates. We've put together this side-by-side comparison to help explain it in more detail.
|Life-Benefits||Florida 529 Education Savings Plan||Florida Prepaid Tuition College Plan|
|Guaranteed not to lose value with the stock market||Yes!||Fluctuates with the Market||Yes.|
|Money may be used for any purpose||Yes!||May only be used for college expenses.||May only be used for college expenses.|
|Provides life insurance protection||Yes!||No.||No.|
|Possibility of a tax-free retirement account||Yes!||No.||No.|
|How much do you pay?||Plans are created to fit within your monthly budget.||Initial minimum investment required; contributions are generally limited to amount needed to pay five years of tuition. Payments may flex depending on what you can afford.||Not flexible, consistent monthly payments throughout the life of the plan.|
|Points to consider||
Life-Benefits is the only child savings plan that covers college expenses, adult life insurance and a tax-free retirement account.
Plus, our advisors provide one-on-one personalized attention to help setup the right plan for your child.
|The 529 plan does not guarantee to actually cover the current college costs. It is simply a savings account for college.||If your plan is canceled, you only get your original investment back, without any growth or interest.|
Guarantees are backed by the claims paying ability of the life insurer best selected at time of plan commencement.