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The Life Insurance Blog

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The True Cost of College Funding: What Every Parent Should Know

Feb 24, 2014 4:31:00 PM

The increasing cost of higher education is enough to keep a parent up at night. A college degree is essential in most career paths, yet the cost of attending a four-year school today can be exorbitant. Now, imagine what it will cost in a few years when your little one is ready to crack their first college textbook.

Prepare Kids for College Life Insurance IntelliQuoteAccording to recent figures from the LIFE Foundation, children born in 2013 – who will attend college from 2031 to 2035 – will spend roughly $483,238 on a four-year degree. These figures are based on the annual price increase for private, higher education over the past 30 years (+5.7% per year) and include an aggregate of tuition, fees, and room and board. This begs the question: if your child is going to pay a staggering $120,810 per year for his or her college education, how will they afford it?

Planning Ahead

If you plan to help your child pay for their college education, it’s important to plan ahead and plan early! Set aside money every month and make conservative investments to ensure you will be financially prepared as your son or daughter heads off to college. Also, it is beneficial to sit down with a trusted financial advisor while your family is still young. You may be surprised to learn that helping your child through college is, in fact, an attainable goal.

Life Insurance Protection

Once you have outlined your college funding plan, it’s time to consider life insurance. Ask yourself what would happen to your family if you were no longer able to provide. Although this is a tough scenario for most of us to consider, it is a real possibility. In addition to paying for college, your children depend on you for an immense amount of financial and emotional support. Having adequate life insurance in place ensures that your family will still have the life you intend to give them, even if you are unable to be there.

At IntelliQuote, we proudly offer instant life insurance quotes from the industry’s top carriers. In a matter of minutes, you can compare side-by-side life insurance quotes, weigh your options and begin the application process. We strive to make the process as quick and easy as possible, so you can get back to spending time with the very people you aim to protect. If you hope to one day provide your child with a higher education, we encourage you to compare life insurance quotes today. We assure you that it is a decision you will not regret!

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