A college education empowers young people to pursue better careers with more reliable employment and higher potential lifetime earnings. The vast majority of parents encourage their children to attend college and obtain some type of advanced degree. However, a college education can take many years to achieve and is expensive.
Because most students and their families cannot afford to pay for a college education out of pocket, they commonly turn to readily available student loan programs with low interest rates and deferred payments. Today the average student loan debt upon graduation is approaching $70,000 with more extreme debts soaring to above $100,000.
Parents often co-sign for their child’s student loans, expecting the child to pay the loan back themselves after graduating and entering the work force. This plan is highly likely to succeed, but does not always. Sometimes tragedy strikes and a student dies or is unable to find a job, leaving their parents faced not only with the difficult circumstances of their child’s situation, but also with the large student loan debt and payments needing to be made.
Today’s student loans must be repaid regardless of extenuating circumstances. Term life insurance offers low cost financial protection against these circumstances, covering outstanding student loan debt. For only tens of dollars per month, parents can set up a 30-year term life insurance policy of $100,000 for their child while they are still in high school or entering college. The insurance policy is in place to pay off the student loans should something unforeseen happen and, if nothing does, the policy will provide additional benefits to the student for many years to come.
Term life insurance policies are very affordable for young adults and offer a wealth of other benefits beyond just protection for student loan repayment. After graduating from college and beginning a career, the term life insurance policy provides protection for any adult getting married and starting a family, ensuring that their family’s expenses are covered in case of death or other hardship.
For more information about using a term life insurance policy as protection to pay back student loans, please visit http://collegefundinginfo.com/.
About Term Time Insurance
Term Time Insurance allows students to take out insurance where they can be protected against loan repayments
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Company Name: collegefundinginfo
Contact Person: Media Manager
Country: United States