Bachelor’s degrees are the new high-school diplomas. This is a reality that’s becoming more and more apparent with each passing year. College graduates, on average, experience significantly lower rates of unemployment than those armed with only high school diplomas.
And as a parent, you want to give your kids a fighting chance for success, don’t you?
But what happens if you’re no longer in the picture? How can you increase the odds in your child’s favor?
Enter life insurance to the rescue!
At IntelliQuote, we understand a college degree is not a guarantee for a better life, but it provides an advantage over the competition. Let’s take a look at four reasons why life insurance can help ensure your child’s post-secondary education is not sidelined.
1) Don’t make your kid grow up any faster than they have to: Sabrina Green may be chronologically young, but she’s endured more hardships than those twice her age. Growing up in a single-parent home as one of three kids is tough, especially when you’re mom dies when you’re eight-years-old, and your grandmother dies just five years later—without life insurance. As a result, Sabrina had to work 40-45 hours a week while attending college part-time.
A life insurance policy may have helped Sabrina, by allowing her mom to set aside money in a trust, so Sabrina wouldn’t have to choose between getting a diploma and eating or paying the light bill.
2) Save your kid from your crippling debt: We’ve talked about the type of educational debt that a child can rack up, but what about your bills? If you were to pass away tomorrow, are all of your debts covered? Most people only consider final expenses such as funeral costs, but your child will be responsible for all of your outstanding debts, including mortgages, credit card balances, etc. Even if they successfully complete college, leaving your child to pay for college with student loans after you’re gone will significantly affect their financial future.
3) A recession-proof gift: Imagine your child with a degree tucked under his or her arm and ready to set the world on fire. There’s only one problem: There’s an economic-paralyzing recession. Student loan companies demand loan repayment regardless of your child’s employment status. If you’ve named your child as a beneficiary, you can make sure that aggressive debt collectors are not a part of your child’s future.
4) Keep your child healthier: You know that stress is a silent killer, but other threats to your child’s health and well-being also lurk close by. Sabrina understood this concept all too well, not only did poverty constantly weigh on her, but it started to affect her health and personal safety. Going without healthy food for upwards of a week to keep the lights on was a regular choice she was forced to make. Fearing for her safety and walking for five miles at two in the morning in order to get home were common occurrences. All of her expenses could have been accounted for, and this turmoil could have been avoided if her mother had created a trust for her.
Life insurance doesn’t just protect you in case of a medical condition; it can also spare your child from having to sacrifice his or her dreams. Just take it from Sabrina.
Do you want to protect your child from enduring undue struggle and strife? Visit us at IntelliQuote and receive a personal life insurance quote comparison from up to six providers right now!