Life Insurance And Student Loans

Life Insurance And Student Loans

If you’re co-signing big student loans for your child, you may want to buy a life insurance policy while you’re at it. While no one wants to imagine the death of their child, taking out insurance on your son or daughter — or asking them to purchase their own plan — will protect you from being hit with mountains of debt should tragedy strike. And the policies are pretty cheap. A basic plan with up to $250,000 in coverage can cost as little as $15 a month for a young, healthy college student or recent graduate. That’s a whole lot less than the loan payments you could be stuck with — which average more than $200 a month.

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