According to the Bureau of Labor Statistics, occupations that require some kind of post-secondary education make up about 37 percent of employment, and those numbers are expected to grow through 2024.1 Never before has a college education been so important.
As a parent, you want the best for your child - everything from good health to a job that can provide him or her with all of life's essentials. A big part of ensuring a brighter future include
as a college education. It's for your child's future that you continue to work hard and save.
But what would happen if something were to happen to you? What would their future look like then?
A life insurance policy can spare your child from sacrificing his or her dreams for a college education by:
- Allowing them to concentrate on their education.
Many college students hold a full or part time job to earn money while in school. If you were to die, the money provided by your life insurance policy for a minor child could be set aside in a trust. So when the time comes, your child can concentrate full-time on getting that diploma sooner rather than later, and not having to choose between going to class or holding down a job.
- Providing relief from student loan debt
In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year.2 And student-loan default rates have surged to two-decade highs, as even employed college graduates struggle under the debt burden. Even if your child were to successfully complete college, leaving him or her to pay for college with student loans after you're gone can significantly affect their financial future.
- Keeping them health
A college degree isn't a guarantee for success. However, it can be a solid start to a brighter and more secure future. As a parent, one way you can help ensure that your child has a better-that average start by establishing a life insurance policy - today.