Putting Your Tax Refund To Good Use
February 4, 2021
If you are one of the 100 million or so Americans that is anticipating a tax refund this year, you may already have it earmarked for something such as a family vacation, to pay down debt or some home improvement projects. However, if your plans don't quite pan out, or you were simply planning to save your refund, there may be some ways that you can get the most out of your refund other than putting it into your savings account.
Here are a few ideas from the GBU Sales Team on possible uses for the average $2,500 US federal tax refund to fund life insurance or annuity products so that this year's refund can help to secure funds for future expenses or secure a legacy for you or your family.
Three Ways To Grow Your Tax Refund
- Whole Life Protection For A Child
With your $2,500 refund you can purchase a whole life insurance policy with a face value up to $30,000* for that special five-year-old in your life. The-policy will grow in cash value throughout that child's life and will be available to borrow against for emergency expenses or education. Adding a Guaranteed Purchase Option rider means that child will have opportunities to get additional life insurance at various points throughout life without a medical exam. - Saving For College
You can start a Coverdell Education Savings Account for one or several children in your life. This savings program allows education funds to grow tax free until they are needed. This account can be used for higher education as well as qualifying K–12education expenses. You can continue to contribute to this account each year, though certain maximum contributions apply. - Funding A Legacy
If you hope to leave a legacy donation to a favorite charity, a tax refund is a good way to secure your gift. You can purchase a single premium whole life policy with your $2,500 refund that could allow up to $5,000*upon your passing to be left to a charitable organization designated as a beneficiary on your policy.Plus there may be additional tax savings for your future charitable gift.**
*Premiums may differ based on age, gender and health.
**Be sure to consult a tax expert based on your specific situation
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