College Debt Protection
Your Child's Education Loans Often Comes With Strings Attached
Your student made the leap from graduating high school to a new and exciting college or university experience. For most students, paying for that college education comes at a high cost, and college loans are all but required to meet that cost. Too often parents co-sign the loans due to little to no credit history of their student. This creates a significant liability for many parents without ever understanding the risk associated with co-signing. The average student loan debt in 2020 was roughly $38,000 with highs ranging to $200,000 or more.
At Great Bay Insurance, we help parents of college-age students find affordable life insurance to prevent that debt from falling to the parents in the event the child passes away before those loans are paid off or refinanced to the child as the sole borrower. Since the student is often 18 to 22 years old, this coverage is incredibly affordable for most families. Life insurance is also something that can be transferred to the child after college so that they have life insurance in place for years to come at the lowest possible price.
Would you protect yourself from this liability for $10-20 a month? Call us today to find the right solution for your situation. We can be reached at (603) 260-9045 or complete the form below and we'll contact you to start the conversation.