The 'Purchase Period' is the calendar year in which you buy the policy, during which you can make and claim transactions as Eligible Expenses. Following this, you get a 'Protection Period' of 3 and a half years, or 42 months, to cover taxes and penalties imposed by the IRS on these expenses.

For instance, if you purchase the policy in 2024, your Purchase Period is throughout 2024, and your Protection Period extends from January 1, 2025, to June 30, 2027. This structure ensures that you have ample time to benefit from the protection, covering both immediate and future financial responsibilities related to your educational expenses.