Money Lessons 101: Insuring Your College-Bound Student
Posted by Donald J. Medeiros Insurance Agency on
There is no age limitation to purchasing life insurance. While our children are young, most parents don’t consider this because it is not something they think about long term. While it is true that our children ages is not as high of a risk as an older adult may be, it is still possible for them to pass away prematurely, leaving a large amount of debt for parents to contend with. There are funeral expenses, possible medical bills and college loans that would still have to be paid. At a time when grief and stress would be at an extreme level, life insurance is a way of taking care of the added burden of the financial impact on a family.
However difficult this subject is to consider, for no parent wants to think about funding their child’s possible demise, it is an unfortunate reality that does happen, and the chance that there will be debt as a result of it is quite good. This fact holds particularly true for college-bound students. Student loans, regardless of their low interest rates, run into the tens of thousands of dollars over time, sometimes much more if they pursue even higher educations. In this circumstance, it is certainly better that the life insurance funds this situation than having the parents try to afford to.
As for the choices of life insurance options available, in most cases, because of the young ages, the premiums are relatively reasonable. But, because there are so many options to be considered, it is best to speak directly with your agent about the best choice that would fit your budget.
Personally, this was an extremely difficult purchase for me to make when I decided take an insurance policy out on my son. However, the superstitious fool that I am, I figured that according to “Murphy’s Law” that if I purchased the policy, nothing will ever happen to him. So, that made it the best money I had ever spent!
Here at Donald J. Medeiros Insurance Agency our goal is to try to help our viewers by suggesting solutions for all insurance needs. By no means can we address each reader’s specific concerns in every incident. So, we strongly advise to check with an insurance representative to address your specific needs. However, you can also contact us for any questions or concerns and we will be happy to help you. We are able to offer a complete line of personal & commercial insurance products for all of Massachusetts, Rhode Island and New Hampshire.