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It’s that time of year again…. kids are heading off to college.  Some across the street…and some across the country.  The thought of diving into the next chapter of life can be exciting.  The thought of paying the tuition bill can be frightening!

Perhaps your child was able to secure some scholarship money.  Good for them!  Perhaps you were able to save for college with a 529 or other education account.  Good for you!  Perhaps you and your child will have to pay all the costs out of pocket.  Even with a scholarship and 529 savings, most families still need to pay some costs out of pocket.  Tuition, books, technology, transportation, food, and lodging add up fast.

There are many options out there to fund your child’s college costs.  Often, the parent takes out a private loan, co-signs for a loan with the child, or opts for a parent plus loan from the government.  We do what we must to secure their future, right?

What we often don’t consider is what if, God forbid, something happens to our child before the loans are paid off?  Let’s face it, no parent ever wants to let a thought such as this enter their mind.  As awful as it wouldbe to experience such a loss, imagine the second blow… the moment you realize you are still responsible for the balance of the loans!

 So, how can we protect our investment?  I have found that purchasing a life policy on the child is a very affordable way.  For about $120 a year we can write a $100,000 20-year term policy (guaranteed to be renewable) on a young adult.  If we write your home and auto, the life multi policy discount often pays for the policy itself!  I have even sent refund checks back to clients because the life discount more than pays for the life policy!  Why would you pass up the opportunity to protect the enormous investment you are making in your child’s future?

 Unlike credit life purchased from a lender at the time of a loan, a life policy pays the face amount, not just the loan balance, at claim time.  By purchasing a policy now you are protecting your investment and guaranteeing your child will have a policy for their future loved ones.  Things can change on a dime, and if your child develops health problems they may not qualify or may not be able to afford a life policy later in life.

 Please do not pass up this opportunity.  A life policy is a gift to both yourself and your child.  Aren’t you both worth $10 a month?  Please give our office at call at 734-284-4141 from anywhere in Michigan.  One of us can get you a no obligation quote in just minutes!!

Click here to get started with a life quote. 

Kathy A. Mosher is a Michigan licensed insurance agent at the E W Smith Insurance Agency located at 1717 Fort Street, Wyandotte, MI 48192. She is both an Accredited Advisor in Insurance and a Certified Insurance Counselor. For email please visit their website ewsmith.com.

*Photo courtesy of nenetus at freedigitalphotos.net 
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