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Creating a Lasting Financial Legacy for Your Child: Exploring the 702s Plan by W.H. STEINER

Writer's picture: W.H. Steiner W.H. Steiner

Updated: Oct 25, 2024


Grandparents 702s plan
Grandparents 702s plan

Building a financial legacy for your child is a rewarding, forward-looking goal. By laying a solid foundation early, you give your child the gift of financial security and literacy that will pay dividends throughout their life. One standout strategy for achieving this is the 702s Plan by W.H. Steiner—a comprehensive approach for parents wanting to establish a secure future for their children through early investment and prudent planning. In this post, we’ll explore the 702s Plan in depth, highlight its benefits, and guide you in effectively leveraging it for your child’s financial advantage.


The Foundation: What is the 702s Plan?

The 702s Plan is an innovative, long-term approach that combines permanent life insurance with strategic investment opportunities. It is not simply an insurance policy but a financial instrument designed to encourage wealth growth with a keen focus on starting early and maintaining a long-term perspective.


A significant advantage of the 702s Plan is its ability to help parents build a financial legacy while teaching essential money management principles. This comprehensive strategy offers financial protection and helps accumulate cash value that can be invaluable during critical life events, such as college, purchasing a home, or even starting a business. With its emphasis on early investments and wealth growth, the 702s Plan provides a structured pathway to financial security and independence.


Breaking Down the 702s Plan: Key Components

At its core, the 702s Plan has three main components:


  1. Permanent Life Insurance: A cornerstone of the 702s Plan is a custom-designed permanent life insurance policy. Unlike traditional term insurance, which expires after a set period, permanent life insurance provides lifelong coverage and accumulates cash value over time. This cash value becomes a financial resource that can be accessed or borrowed against for significant expenses. Additionally, it serves as a safety net, ensuring that your child will have access to funds when they need it most.

  2. Investment Opportunities: Within the 702s Plan, the cash value grows and distributes tax-free, meaning parents can invest directly into the policy, allowing for compound growth without any tax implications. This strategy creates a dynamic wealth-building system that compounds over time, potentially generating substantial financial gains for your child. The longer the plan remains active, the more powerful this growth becomes, especially when started early.

  3. Tax Advantages: One of the most appealing aspects of the 702s Plan is its favorable tax treatment. The cash value accumulates tax-deferred, and under certain conditions, loans can be made tax-free. This gives your child access to financial resources with no tax burdens, helping preserve and grow their wealth in a tax-efficient manner.


Understanding these components allows parents to harness the full potential of the 702s Plan and ensure a robust financial legacy for their children.


Benefits of the 702s Plan

Implementing the 702s Plan offers many significant advantages for parents and children alike:


1. A Secure Financial Foundation

One of the most powerful aspects of the 702s Plan is the long-term financial security it can create. Starting early allows you to maximize your child’s financial future with tax-free growth. For example, contributing just $300 per month from the time your child is one year old could provide them with nearly $100,000 by age 18—enough to cover significant milestones like college tuition or a home down payment.


This growing fund becomes more than a safety net; it’s a launchpad for life’s major steps, giving them financial flexibility and empowerment early on. Furthermore, with continued growth, this plan could eventually fund an annual retirement income of $400,000 until age 90, with an impressive tax-free legacy of $3.5 million left to your great-grandchildren.


2. Flexibility in Financial Planning

The 702s Plan is highly adaptable, accommodating changes in your financial situation. Contributions can be adjusted based on family needs, allowing you to decrease payments during tougher times without losing the benefits accumulated thus far. This flexibility can make a crucial difference in achieving family financial goals, as it allows parents to maintain consistency even when circumstances change.


3. A Learning Opportunity

Financial literacy is a vital skill, and the 702s Plan offers an excellent opportunity to introduce your child to basic financial concepts. Involving them in discussions about their plan as they mature can cultivate an understanding of concepts like saving, investing, and responsible money management. Start by bringing them to meetings with your financial advisor and discussing your approach in age-appropriate terms. This will give them a head start in financial education, demystifying personal finance and instilling a sense of responsibility.


4. Legacy Building

Beyond financial benefits, the 702s Plan fosters legacy building—an invaluable gift that transcends generations. By establishing this plan, you’re not only creating a financial safety net but also a legacy of responsible financial habits that can be passed down. It sets an example, showing the importance of financial planning and responsible investment, which can influence their approach to money management and decision-making as adults.


Steps to Implement the 702s Plan

Implementing the 702s Plan requires careful planning and execution. Here are some steps to ensure you get the most out of this powerful financial tool:


Step 1: Research and Understand

Take the time to thoroughly understand the structure and benefits of the 702s Plan. By familiarizing yourself with its nuances, you’ll be better prepared to communicate its significance to your child and family. Knowing the details of your investment will make it easier to explain why the plan is a priority and how it can benefit the entire family in the long run.


Step 2: Consult a W.H. STEINER professional

Work with a W.H STEINER professional who is well-versed in the 702s Plan and can guide you in selecting the most appropriate life insurance policy and investment strategy for your family’s needs. An experienced professional can help you customize the plan, to navigate tax considerations, and ensure that the policy aligns with your long-term goals.


Step 3: Start Early

The earlier you initiate the plan, the more time the cash value has to grow, which translates to greater benefits for your child. Encourage family members to contribute as well, creating a supportive environment for financial growth. The sooner you start, the more powerful the compounding effect becomes, making it a potentially substantial financial resource by the time your child reaches adulthood.


Step 4: Involve Your Child

As your child matures, involve them in financial conversations about their 702s Plan. Explain why you made this decision and the potential benefits it will have on their life. As they grow older, they can participate more actively, learning about investing, saving, and financial responsibility. This approach helps build their financial literacy and prepares them to make informed decisions about their future.


Step 5: Monitor and Adjust

Life changes, and so may your financial needs. Periodically review the 702s Plan to ensure it continues to align with your family’s evolving goals. Adjustments may be necessary if you experience a career change, a growing family, or other life events. Regularly monitoring the plan will ensure it remains a relevant and effective financial tool.


Real-Life Examples of Success

Real-life stories illustrate the potential of the 702s Plan. Consider a family that initiated the 702s Plan for their child at birth, investing regularly. By the time their child reached college age, they had saved over $100,000 through consistent contributions and the plan’s tax-deferred growth. This allowed them to cover tuition without relying on student loans or additional debt, giving their child a financial advantage and peace of mind.


In another example, a couple started the 702s Plan and actively involved their children in financial planning discussions. By regularly discussing their long-term goals and the importance of saving, they taught their children valuable lessons about responsible money management. As a result, their children entered adulthood with a solid understanding of finances, ready to make informed financial decisions.


Moving Forward with Your Child’s Financial Future

Creating a lasting financial legacy for your child is one of the most important investments you can make, and the 702s Plan by W.H. Steiner provides a robust framework for achieving this goal. By focusing on this comprehensive strategy early on, you can build a strong financial foundation while imparting essential lessons in financial responsibility.


The combination of permanent life insurance, strategic investments, and tax benefits in the 702s Plan offers a straightforward yet powerful path to securing your child’s financial future. By understanding and implementing the plan, you have the opportunity to profoundly influence your child’s financial outlook and instill confidence and security that will last a lifetime.


Invest wisely in your child’s future, and you’ll not only set them up for financial success but also foster a legacy of financial literacy and independence that spans generations. Take the first steps today to create a thriving future for your child—a future built on security, understanding, and opportunity.


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8 Comments


Unknown member
Jun 22, 2022

As a grandparent, I cannot think of anything that would be more valuable or appreciated, not only to my grandchild but also to my children who are the parents. It provides security, emergency relief, and key access to money for critical times in their life. What could be a more loving gift from me as a grandparent, while I am living or when I am gone. I will have made a difference!

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Unknown member
Jun 22, 2022
Replying to

Hi Tom,

Thanks for your sharing your story!


W.H. Steiner

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Unknown member
Jun 22, 2022

I am truly grateful someone showed me the ins and outs of this incredible product!! I got one for my 12 year old daughter and she will never need to worry financially as she gets older. So blessed to know something like this exists for every child , parent , and grandparent.

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Unknown member
Jun 22, 2022
Replying to

Hi Laura,


Glad you found this great tool to help your daughter. I am sure she is very deserving.


W.H. Steiner

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Unknown member
Jun 22, 2022

This is truly an amazing product. The article was well written and informative. Thank You. Now I know what to tell my mother to get for my kids. The old lady been looking around for something like this.

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Unknown member
Jun 22, 2022
Replying to

Sir Barrington,


Noted your kind words thank you !


W.H. Steiner

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Unknown member
Jun 22, 2022

wow, what an enlightening article! AS a parent, it's easy to focus on everything except the child's financial future, but this makes me realize we can take steps now to ensure they are set for life! thank you

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Unknown member
Jun 22, 2022
Replying to

Mark,


Indeed your singing to the choir. Thanks for commenting on this blog!


W.H. Steiner

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