Death isn’t a pleasant subject, but it’s important to know what will happen financially when soemone passes away. If you have a child in college and there are student loans, for example, you could be on the hook for those if your child dies. Federal Stafford loans are forgiven, but other types of private loans are not. You also have to be aware of other ways you might have paid for college. If you took out a loan against your house to put your son or daughter through college, you’ll need to recoup that money.
In short, if your college-age child’s death will cause a financial hardship for you, you should get life insurance. A young person’s life insurance doesn’t cost very much, and you don’t need a huge policy. Get enough to cover any loans or other types of borrowing that has been done, just to be safe. The more you know about paying for college and what happens to that repayment if the child dies, the better off you’ll be when it comes to making smart financial decisions.
For information on life insurance for college kids in the Dallas/Ft. Worth area, contact Pierce Insurance Group today.