Seven of 10 students graduated with debt in 2012. For those loans, charge the average debt was $ 29,400. Meanwhile, many other students had loans that reached high into the six figures.
These figures are worrying for recent graduates. They can also be annoying to those who co-signs on a student loan. If the unthinkable happens, the student or graduate who took out the loan dies before it is paid out of the co-signer is responsible for the debt
This is especially true for private loans. While many federal student loans allow co-signers of the borrower complete paperwork them and the estate of the release of debt, many private student loans do not. Moreover, in community property states like Wisconsin, surviving spouses are often held responsible for the outstanding loans of a deceased spouse.
Without adequate protection, the pain of losing a loved one could be intensified by the financial burden of paying for a dream that ended too soon.
to get an idea of what it could mean for you and your family, read stories from real life of some families faced with this unfortunate and costly situation.
life insurance for student loans
a financial hardship will only make the devastation of losing a loved one much more stressful and difficult. That's why life insurance for student loans is something signatories should consider. A life insurance policy can provide the funds needed to eliminate or reduce student loan debt if the student or graduate dies before the debt is satisfied.
life of a typical term life insurance that provides coverage for a number of years is a good choice. Term life is typically the most affordable option. (At Erie Insurance, rates can be as low as $ 11 / month. *) Once in place, the affordable rates will not increase during the plan you choose. Young adults can lock their life insurance rates for as long as 30 years.
There are other advantages to a long-term life policy. For starters, it guarantees the insurability of the young adult in the future. This means he or she can be guaranteed coverage by converting the long-term policy to a permanent policy later in life - even if a health condition that normally prevents the cover develops later. **
A policy of permanent life allows young cash savings accumulate adults throughout his life. In addition, the new premium can be guaranteed for life.
For more information on the protection and peace of life insurance of mind for student loans can offer, talk to a local Erie Insurance agent. He or she can explain some affordable long-term living options Erie Family Life. Some do not even need a physical exam. ***
* rate reflects the best class available for subscription and is subject to underwriting approval. Rounded to the nearest whole dollar.
** The long-term policy and the conversion privilege shall be in force at the time of conversion. Subject to the age and plan limitations.
*** May need to answer health-related questions.
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