National Catholic Forester
22
LIFE INSURANCE
With kids in college, parents have many concerns
regarding their child's well-being while away at
school. Nothing else ma ers more than that.
One of these worries may be the large student
debt that may be awai ng repayment once their
child is done with their educa on. O en mes
parents may have co-signed a private student
loan to help out with college expenses. Beyond
student loan debt, there may be other liabili es
when suppor ng a child's educa on. It may be in
the form of credit card debt, home equity lines of
credit, 401(k) loans, etc.
Parents don't want to think about the possibility
of surviving their children. though we wish it was
unlikely, life's plan is permanently altered when
tragedy strikes.
Life insurance is an eff ec ve way to cover college
debt in the instance of a student's death. It can
provide an inexpensive way to pay off those loans
and keep parents' fi nances above water.
a term life insurance policy coupled with a whole
life insurance plan may give enough protec on.
Term insurance on college-aged children should
be in a high enough face amount to pay for fi nal
expenses and any school related debt incurred.
Couple term insurance with a whole life policy
which builds cash value that can provide the
insured with money for future needs.
LIFE INSURANCE AND STUDENT LOANS
