Call Us 800-223-6756 ☰ ˟
Logo
Call Us 800-223-6756
  • Home
  • Business
    • Property & CasualtyImage of right arrow
      • Management LiabilityImage of right arrow
        • Management Liability Quote
      • Builders Risk Quote
      • Commercial AutoImage of right arrow
        • Commercial Auto Quote
      • General LiabilityImage of right arrow
        • General Liability Quote
      • Workers CompensationImage of right arrow
        • Workers Compensation Quote
      • Marine (Ocean & Inland)Image of right arrow
        • Marine Quote (Ocean & Inland)
      • Bonds & SuretyImage of right arrow
        • Bond Request
    • Industry ExpertiseImage of right arrow
      • Family Entertainment CenterImage of right arrow
        • Family Entertainment Quote
      • Indoor Trampoline ParkImage of right arrow
        • Indoor Trampoline Quote
      • HospitalityImage of right arrow
        • Hospitality Quote
      • Real EstateImage of right arrow
        • Real Estate Quote
      • ConstructionImage of right arrow
        • Construction Quote
    • Risk ManagementImage of right arrow
      • Management LiabilityImage of right arrow
        • Management Liability Quote
      • Builders Risk Quote
      • Commercial AutoImage of right arrow
        • Commercial Auto Quote
      • General LiabilityImage of right arrow
        • General Liability Quote
      • Workers CompensationImage of right arrow
        • Workers Compensation Quote
      • Marine (Ocean & Inland)Image of right arrow
        • Marine Quote (Ocean & Inland)
      • Bonds & SuretyImage of right arrow
        • Bond Request
      • Family Fun CenterImage of right arrow
        • Family Fun Center Quote
      • Indoor Trampoline ParkImage of right arrow
        • Indoor Trampoline Park Quote
      • HospitalityImage of right arrow
        • Hospitality Quote
      • Real EstateImage of right arrow
        • Real Estate Quote
      • ConstructionImage of right arrow
        • Construction Quote
  • Personal
    • High Net WorthImage of right arrow
      • High Net Worth Quote
    • AutomobileImage of right arrow
      • Auto Quote
    • HomeownersImage of right arrow
      • Homeowners Quote
    • CondominiumImage of right arrow
      • Condo Quote
    • RentersImage of right arrow
      • Renters Quote
    • WatercraftImage of right arrow
      • Watercraft Quote
    • LifeImage of right arrow
      • Life Quote
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
    • Insurance Glossary
    • Blog
  • About
    • About Us
    • Our Locations
    • Testimonials
    • Privacy Policy
  • Contact
Home > Blog > Big student loans? Consider life insurance
FRIDAY, MAY 20, 2016

Big student loans? Consider life insurance

If you're co-signing big student loans for your child, you may want to buy a life insurance policy while you're at it.

While no one wants to imagine the death of their child, taking out insurance on your son or daughter -- or asking them to purchase their own plan -- will protect you from being hit with mountains of debt should tragedy strike.

And the policies are pretty cheap. A basic plan with up to $250,000 in coverage can cost as little as $15 a month for a young, healthy college student or recent graduate. That's a whole lot less than the loan payments you could be stuck with -- which average more than $200 a month.

Such a move would have been life altering to Steve and Darnelle Mason, who lost their daughter Lisa five years ago.

Trying to pay back the $100,000 in private student loans they co-signed for their daughter has been a financial nightmare.

"I absolutely wish we had [a life insurance] policy," said Steve Mason. "We would not have struggled financially for the past four years with these private student loans, and our credit would not have been ruined."

Federal student loans are forgiven by the lender when a borrower dies, but private lenders aren't required to provide any such relief.

That's one reason it's important to get as much federal aid as possible before turning to private lenders. And for parents, it means not co-signing on a loan unless you have the means to repay it.

Another reason for caution: student loans can rarely be discharged in bankruptcy.

But for many parents, getting their child a good college education is non-negotiable -- and that's when life insurance can provide a little peace of mind, says Eleanor Blayney, a certified financial planner and consumer advocate for CFP Board.

Read More: Source

Posted 2:57 PM

Tags: school, children, family, life, insurance, student loans, debt
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2022
  • 2021
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011

  • insurance(98)
  • tips(37)
  • home(28)
  • life(24)
  • homeowner(19)
  • auto(17)
  • safety(13)
  • car(10)
  • claims(10)
  • homeowners(9)
  • business(8)
  • holiday(7)
  • wateridge insurance services(7)
  • policy(6)
  • liability(6)
  • house(6)
  • commercial(5)
  • family(5)
  • health(5)
  • cyber security(4)
  • earthquake insurance(4)
  • homeowners insurance(4)
  • rates(4)
  • flood insurance(4)
  • summer(3)
  • trampoline park insurance(3)
  • water damage(3)
  • claim(3)
  • long-term(3)
  • valentine(3)
  • halloween(3)
  • san diego(3)
  • theft(3)
  • money(3)
  • commercial insurance(3)
  • flood(3)
  • independent agent(3)
  • mistakes(3)
  • risk management(3)
  • disability(2)
  • real estate(2)
  • cyber risk(2)
  • millennials(2)
  • business owners policy(2)
  • auto insurance(2)
  • thanksgiving(2)
  • coverage(2)
  • pets(2)
  • wateridge(2)
  • save(2)

View Mobile Version
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Home| Get A Quote| Blog| About Us| Contact
10717 Sorrento Valley Rd. | San Diego, CA 92121
Toll Free: 800-223-6756 | Local: 858-452-2200
Social Social Social Social Social
Logo

Powered by Insurance Website Builder