The middle of May can be an exciting time for parents with kids in college or high school. For parents of high school seniors it is the exciting of graduation and possibly college. For the parents of college students it could mean another year in the books or college graduation. One thing that both High School and College parents might have in common is the cost of college. College costs continue to rise and that can put a burden on students after graduation. Loans are typically taken out to help cover the cost of tuition. Many times students are unable to be the sole signer on these loans and a parent cosigns on the loan. Being a cosigner on a loan is a great way to help your prospective student out, but it comes with a risk. If that student were to die you could be on the hook for the balance of the loans. One way to help protect you from this is with life insurance. A term life insurance policy could help you by giving you a payout in the event of the person you cosigned for passing. This could help keep a tragic situation from getting worse. In some cases a life insurance policy can give you a discount on your home and auto insurance. Contact us today at 412-344-2800 or click one of the buttons to connect with us on social media. Let us help you figure out your life insurance needs.
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As Insure Your Love Month continues we want to bring up a life insurance need that many people do not think about when discussing life insurance. That situation is being a co-signer on a loan for someone. That loan could be a car loan, a mortgage, or a college loan. Co-signing on someones loan could put you on the hook for paying that loan in the event of a death. Many parents are co-signers on student loans for their children. Federal loans offer a built-in protection, however private loans do not according to smartasset.com. Typically term life insurance could be a solution. Term life insurance is usually very cost effective for a younger person. A life insurance policy could help you offset most or all of the debt that a student loan could bring you in the event of your child’s death. Call us at 412-344-2800 to discuss if this could be a solution for you. You can also click the links in the upper corner to contact us.