Recommended: Life insurance for college bound children

Back to school season is upon us. Pencils, pens, paper, folders, life insurance…huh? I came across an article recently on which stopped me in my tracks. The title reads, ”N.J. couple left with $81,000 in student loans when son dies.” The article mentions the couple’s son, who recently graduated from Monmouth and was studying for his Series 7 exam to become a stockbroker when he hit the back of a truck. His parents said police haven’t figured out what happened that night; they said toxicology reports came back negative. Devastated by the loss of their son, the couple was stunned to find a notice in the mail explaining that they were on the hook for more than $81,000 in student loans from NJ Class, the state’s college loan program.

So this leads me to pose a question to parents of college bound children. Have you ever considered what would happen if this scenario occurred in your family? Could you afford to pick up the monthly bill to the tune of $550 a month? One simple solution, and the article mentions this as well, is to purchase a life insurance policy for your child. We understand money’s tight, especially trying to get your kids through college, but for just several dollars a month, you could purchase a ten-year term policy and put this worry to rest. Give us a call or send an email to find out how we can help.

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