Insuring the Life of a College Student
Do you have a child in college or getting ready to go? Then you know very well how expensive it is. The average debt load of a 2015 graduate is $35,000. That’s average. On top of that, almost 71% of undergraduates will have a student loan when they graduate.
As a result, it is increasingly necessary for students to get cosigners to get these loans which usually means the parents.
In addition to other risks of acting as guarantor of a loan, if tragedy were to strike that student, parents would face both the emotional consequences of that loss plus the financial burdens as a cosigner. What can you do to protect yourself?
One excellent thing to do for yourself and for your student is to take out a life insurance policy on the student listing yourselves as parents, grandparents or other cosigner as beneficiary.
There are three reasons to do this this. First, you are protected against financial loss as cosigners. Second, it is quite inexpensive. Third, when your student has graduated and is established in career and family, you can change the beneficiary to your student’s spouse.
As a solution that both protects you when you need it and sets up your child for future success, we think this option can’t be beat.