I only know one person who doesn’t have any student loans. I’ve overheard conversations among countless friends, wishing that their monthly payments were less aggressive. Another big point is that they wish they had more knowledge before they took our the loans. No one likes to think about their student loans. The only thing less appealing than thinking about your student loans is considering your own mortality. Unfortunately, sometimes the two can intersect. Often, young people think very little about life insurance. If you’re carrying student loan debt from a private lender this can be a mistake. For co-signers or surviving spouses, student loan debt can complicate an already tragic situation following the death of a loved one. In some cases, private lenders demand automatic repayment from co-signers in the event of the signers death. If there is no co-signer, a surviving spouse can automatically assume the debt simply for being married to the deceased.
Part of being an adult is being prepared, and being prepared means making sure the people that you leave behind are not forced to make financial sacrifices. Fortunately there is a solution: term life insurance. By contacting your agent about a policy that covers your loan and any interest, over a period of 10-20 years you can insure that your family is protected in the event of your untimely death. If you died yesterday would your co-signer or spouse be left scrambling for resources? Consider a term life policy, which can be as inexpensive as $10 to $20 a month for a healthy young adult. Another option is including Accidental Death Coverage in your auto insurance; this can provide up to $25,000 in the event of a mortal injury. When it comes to the future of your loved ones, make sure you’re taking a pro-active approach. For just a few cents a day you can be confident in the knowledge that your parents or spouse will not be financially paralyzed after suffering a tragic loss.
Whitford Insurance Network is an Independent insurance agency located in Exton Pennsylvania. Providing Pennsylvania, Delaware, and Maryland with Auto, Business, Homeowners, Wedding, Health, and Life insurance. We are your all-in-one solution for the most affordable, reliable insurance available today.
P.O. Box 820, 503 Gordon Drive Exton, PA 19341
(610) 524-7860 or 1-800-221-9542