Tyler Richins speaks with emotion when addressing the subject of parents saving for their child’s college education. For him, the experience of being unprepared for the financial burden of four years of college is real.
“My father passed away when I was 18 and just about to go off to college,” said Richins, an agent for New York Life Insurance Company since early 2013. “The disputes over my father’s assets divided the family.”
The situation also forced Richins to fund his stay at The Citadel on his own. The result? Some $100,000 in college loans that he hopes to pay off with hard work and wise savings as he launches his career with New York Life.
Richens, who is licensed in South Carolina, Georgia and several other states, sells annuities and long-term care insurance. He said there is a need for the services he provides in the Mount Pleasant area, where families with young children abound.
“What I want to do is save parents and their children having to go through what I went through and the loan that I’m left with paying off,” he said. “I wrote three policies this week that will help parents pay for college if their child decides that is the route he or she wishes to take at the age of 18.”
The plan that Richins promotes to parents is a life insurance policy on the child. The parents make the monthly payment, and, once the child reaches college age, the funds can be accessed to help pay for college expenses. If the child does not go to college, the money can be used for other needs. The plan can be utilized at any time during the life of the policy with no fees or taxes.
“The benefit of the plan is that it is flexible and has several options. It’s a life insurance policy, a college fund that can be used for other purposes if the child doesn’t go to college and even a retirement fund for the child if he or she wishes to continue making payments.”
“There are other college education plans out there, such as the federal 529 savings plan, but the money at term must be used for college or there are penalties involved,” he said, emphasizing that this is not the case with New York Life’s policy.
Richins said he will bring to his position with New York Life lessons learned at The Citadel.
“I would say the most important ‘take-away’ from The Citadel would be my honor. The entire school runs itself on “a cadet will not lie, cheat or steal, nor tolerate those who do,” which becomes not so much a rule or guideline but a Citadel man’s very soul. Since I started my career, I made a promise to myself and those that I meet that I will handle every situation as if it were my own family and treat everyone with the respect and honor that was so engrained within me.”
To contact Richins, call (678) 570-0293, or email him at trichins@ft.newyorklife.com.
Story by John Torsiello
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