Congratulations, your son or daughter just got into college and now you need to figure out how to pay. Give me a call at 412-489-6443 and we can help devise a plan.
The policies are pretty cheap. A $250,000 10 year term policy can cost as little as $16 a month for a young, healthy college student or recent graduate. While 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. Also, 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.