We all hope our kids will grow up and live much longer than we do, but if your kids are off to school like mine are, then you’re probably a co-signer on their student loan – which leaves you at risk for the balance if tragedy should strike.
We all hope our kids will grow up and live much longer than we do, but if your kids are off to school like mine are, then you’re probably a co-signer on their student loan – which leaves you at risk for the balance if tragedy should strike.
In most cases, student loan co-signers are legally and financially responsible for repaying the debt should the borrower pass. If something were to happen to your child, you could be on the hook for the full remaining balance of their student loans.
There’s actually an easy and very affordable way to ensure you’re protected – term life insurance… on your kids!
A life insurance policy can help lessen the financial burden of dealing with a child’s death and can also help repay any outstanding debt.
Term life insurance is super cheap when it’s covering young people. You’ll only spend a few bucks a month depending on how much coverage you purchase, and you really only need enough term life insurance to cover your child’s student loans.
So talk to your financial advisor or get an instant rate estimate online using Haven Life to see what it would cost you.
Just make sure you’re not stuck paying off student loans if something tragic should happen to your college student!