Co-signing student loans for your child? You may want to consider a life insurance policy as well.
As the cost of a college education continues to climb, many parents today are co-signing student loan agreements. But some families have discovered that after the death of a child, student debts can remain. In tragic cases, grieving parents have been saddled with debt and have even faced collection efforts by lenders.
That’s why buying a life insurance policy for a college student or recent graduate can spare a family a great deal of financial trouble. It can help ensure that you aren’t saddled with student loans in the event you face the loss of your child. Generally, federal student loans can be forgiven by the lender when a borrower dies. Student loans made by private lenders? Not likely. Something else you need to know: Student loans are extremely difficult to discharge in bankruptcy.
The cost of life insurance for a healthy, young adult can be much less expensive than you might think. No one wants to think about the death of their child. But a life insurance policy could protect you from a double tragedy should the unimaginable happen and a young life is cut short.
Contact us for a Free Life Insurance quote for your college student. We would be happy to answer your questions! or call us today at (770) 339-0447.