One of the great benefits of life insurance is that the money can be used for a variety of things, including sending a child to college. So if you don’t have child life insurance, find out more.
Part of the American Dream is sending our children to college and preparing them for a bright future. But with the current cost of college practically unfathomable and growing at a record rate, millions of American families are instead living a nightmare when it comes to financially planning for their children’s higher education.
According to The College Board, the average annual total cost including tuition, housing and fees in 2013-2014 for an in-state public college is approximately $23,000; it’s a whopping $36,000 for an out-of-state public college; and a mind blowing $45,000 for a private university.
Here’s the bottom line…if you die, will your children be able to attend and finish college?
Does reading that sentence make you pause and think?
Are you prepared? Could your children go to college if something were to happen to you? How would it be paid for? If your children are young, have you figured future tuition costs into the amount of life insurance coverage you may need?
Kal Chany, author of Paying for College Without Going Broke (easier said than done!), projected in 2012 in a CNBC.com article that college tuition and fees could rise to over $48,000/year for an in-state public school and to over $110,000/year at a private college by the Fall of 2029. Again, those figures are PER YEAR!
Below is an estimate by Campus Consultants of tuition costs:
Projected Tuition Costs for Fall 2029-Spring 2030*
|School type||5 % increases||6 % increases||7 % increases|
|4-year public (out of state)||$71,373||$84,651||$100,239|
|4-year private (non-profit)||$92,869||$110,146||$130,428|
|4-year public (in-state)||$41,228||$48,898||$57,609|
*Includes room and board
Now, listen to some of our agents tell stories of how life insurance could have saved a family, but it was put off until…it was too late.
Unfortunately, no one knows when their time will be up. But the time to prepare to NOW.
Call us at 800-589-0465 and be sure that your kids’s college plans are protected.
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