It’s a Friday night and you feel like calling your college freshman that is away at school to see how his week has gone. He picks up on the last ring and you can hear boys yelling and cans crunching, as he tries to pretend he hasn’t drank any alcohol. After realizing your son is busy you tell him to call you back tomorrow. Shortly after you put the phone down you start to remember all the fun and dangerous time you may have had as a student. Your lucky to be alive is the thought that comes to you!
If you have cosigned for your son or daughters college loans then you may be liable to pay those loans back if something were to happen to them. We obviously don’t like to think about something horrible happening to our child but if something does happen it is best to be prepared. It’s very affordable to insure that these loans are paid for if your son or daughter were to pass away. In fact you can get $100K of life insurance for approximately $99 a year.
My advice for parents would be to look into a life insurance policy for there child or for the student to think about buying this insurance policy as a gift for their parents.