Providing for College

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Providing for College

As the costs of higher education continue to increase, it's more important than ever to plan for how to protect education goals for your children if something unexpected occurs. GPM Health and Life can help.

Important considerations

As parents we try to do all we can to provide our children with opportunities to succeed in life. One of those opportunities we hope to provide to our children is higher education. What if a family’s main income earner dies unexpectedly? Would funds for higher education be available at this point? Many times when the breadwinner dies, the hope for a child’s education also dies.

The August 18, 2014 Bloomberg "Chart of the Day" says the college tuition costs in the U.S. have ballooned 1225% in the last 36 years. The same report shares 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 place a bit more urgency into protecting this opportunity for our children.

Having a life insurance policy in place can help ease this financial burden on loved ones, should there be a pre-mature death.  The need may be satisfied with a permanent life insurance policy such as a whole a life or universal life insurance policy, or a temporary life insurance policy such as a term life insurance policy.

Whatever is best for your personal situation, talking with your insurance representative about the different options available is the first step. Taking this important step early will take advantage of your younger age and provide protection as your young family grows.  Continuing to provide opportunities of success for your children with life insurance proceeds can make one of the biggest differences in their lives.

 

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