November is National Scholarship Month
Did you know that November is National Scholarship Month? Scholarships are a form of student financial aid is rewarded and does not need to be repaid. Your high-school senior has been busy applying to colleges and visiting the Guidance department at school to check out the various scholarships available. While your child is checking out scholarships, you should consider applying for life insurance as well. You may ask…why?
Here are a couple of reasons why:
Private loans: These may be applied for by you as a parent or by the student with you as a co-signor. While scholarships help pay for college costs, they most likely won’t pay the full cost. Not all parents have sufficient college funds put aside to pay for those costs either. There are also grants available, but still, a portion of college costs may be paid by loans, whether private or federal funded. Term life insurance might fit this short term need – how would the loans be paid off should (shudder!!) the worst happen to your child? As a parent, you don’t want to think about that as a possibility, but unfortunately as we see in the news, accidents happen and you need to be financially protected.
College Funds: If you’re a parent of young children and their college funds are just beginning to grow – think about how will that continue upon your or your spouse’s death? For example, if you have a 10 year old child and want him or her to go to a four-year college at $25,000 per year, that’s $100,000 right? Well, in eight years it’ll be more likely a total of $159,200 (Source: www.savingforcollege.com). Currently, you’d need to save over $900 per month to meet this goal. Cash value life insurance, whether it’s whole life, universal or variable life insurance, might help you with this goal.
We want our children to have the same opportunities after we pass that they would during our lifetime.
About the author: Melanie Tretheway has been in the life insurance business for over 30 years. She is a mother of two who loves baking, reading, gardening, and taking care of her family. Melanie takes great pride in making sure you are informed, especially when it comes to choosing the right life insurance policy for your family. You can contact Melanie at 1-800-651-1953 or MTretheway@Pivot.com.