Young, college-age students are typically the last to think about life insurance. As a parent, chances are you’ve considered it and there are some very good reasons to check into a policy when your kids are college-bound.
Most parents think in terms of their college-age child taking risks with their newfound freedom of campus life as a primary reason for purchasing a life insurance policy. While they may take additional chances, there are more practical financial reasons for considering life insurance.
Debt and Student Loans
College isn’t cheap. You and your student will typically be taking on considerable debt to afford higher education. If you co-sign a private loan for college expenses and anything happens to your child, you’ll be responsible for paying it back. Depending on the field your child is pursuing, debt could reach $100,000 or more.
No parent should have to suffer the loss of their child and be hit with the costs of paying back the loan. A life insurance policy provides protection for surviving parents and gives them the cash they need to repay student loans, other educational debt, and funeral costs.
Many couples meet and marry as a result of connections made at college or enter institutions of higher learning already wed. Life insurance for married students rises to the level of essential. It’s the easiest and most convenient way to ensure that should anything happen to either of them, the surviving spouse is allowed to grieve without the additional burden of student debt, living expenses, auto loans, or funeral expenses hanging over their head.
You may wonder how you or your child can afford a life insurance policy. The truth is that the younger the individual, the cheaper the rates. Young, healthy people pay far less for a life insurance policy than you would. It’s best to speak with an insurance agent to ascertain the cost for varying amounts of coverage, the amount needed, and the type of policy that best fits everyone’s needs.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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