As parents we do all we can to provide our children with opportunities to succeed. If the unexpected occurs, the death benefit proceeds from a Life Insurance policy can be used to fund College or other higher educational schooling.
A 2012 Bloomberg report finds that the cost of college tuition has soared 12 fold in 30 years. The same report shares some grim news that this rate has outpaced the price of inflation on consumer goods, medical expense and food. Most of us know that College Tuition is expensive, but with these staggering findings it may put a bit more urgency in protecting this opportunity for our children.
When there is a policy in place to cover your child’s college tuition should there be a pre-mature death, the surviving spouse and child(ren) will not endure this financial burden. Many variations are available for obtaining college tuition insurance coverage. You may feel it is best to have this coverage from the time your child(ren) are born or you may decide it is better to have a term policy only during the time your child(ren) are in college.
What ever is best for your personal situation, talking with your insurance representative about the different options available is the first step. Continuing to provide opportunities of success for your children with life insurance proceeds can make one of the biggest differences in their lives.
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
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