Parents With Debts

Most often, after graduation, their parents have their own debt that they may have incurred to make college education possible.

Student loans alone cost an average of $30,000, and there are additional debts such as home equity lines of credit, credit card debt, 401 (k) loans, or mortgage debt that are not forgiven after the borrower’s death. If they die before the debt is repaid, this can cause parents to grieve their child’s loss.

Grieving parents may have their own debts and financial responsibilities, which can place an additional financial burden on them.

In such cases, insurance companies provide parents with a lump sum death benefit, which goes a long way in helping to pay off the outstanding financial debts of their deceased child. Therefore, it is always a good idea to purchase insurance only at your college.

By simply filling out a form on their websites, you can get multiple life insurance quotes online and choose a preferred policy for you and your family.

If you are in a dilemma, you can consult the help experts of various insurance companies who will clearly give the details of life insurance policies for each company and help you choose the most suitable insurance plan for you.