As any college student, and their parents can tell you, the cost of a college education in 2019 is skyrocketing. So, it is definitely not a surprise that student loans now make up the largest portion of U.S. non-housing debt. This means that college students owe more in student debt than they do for their credit cards and/or auto loans.
In fact, Millennials face record levels of student debt, and the culprit seems to be the explosive increase in the cost of a college education, coupled with a lack of wage growth. Due to this, one of the life insurance policies that we have been offering a lot lately at Langlois Insurance Agency is designed to protect the cosigners of a student loan.
The reality is that most college students need to get private loans for their education. Due to this, chances are they had someone co-sign their student loan, which is usually a parent or guardian. But, what many students – and their parents/guardians – don’t know is that when a loan is co-signed and something happens to the student, the co-signer would still be liable for the debt.
Sadly, this happens all the time, every year, across the United States. A college aged student dies, and the parent/guardian is not only left without their child, but also stuck with the student loan debt, which needs to be paid off.
So, if you are a parent/guardian that has cosigned for student loans, let us help you protect yourself. We will calculate how much life insurance is needed to pay off these student loans in case something happens to your loved one. This type of policy would give you great peace of mind, and can be very affordable. For approximately $10 a month, we can provide life insurance protection for $100,000 in benefits.
As always, if you have any questions about life insurance, or your insurance in general, please don’t hesitate to give any of us at Langlois Insurance Agency a call. We always love to hear from our customers!