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4 Surprising Ways Life Insurance is More Important Now Than Ever

lifepreserverTimes are changing, and so are the ways life insurance can be there to protect your loved ones. With the cost of education continuing to skyrocket and parents living longer, having life insurance is critical to your family’s well-being in ways you may not previously have thought:

1) Helping to Pay for Higher Education
The cost of higher education has increased a whopping 12 fold in the last 30 years and most children today will attend a college or university after graduating high school. Proceeds from life insurance can help cover the cost of that education in the event you are not there to generate income, releasing your children from the burden of oppressive loan payments.

2) Covering the Cost of Co-Signed Loans
Additionally, if you co-sign a student loan, or any loan for that matter, be aware that for some loans, the death of the co-signer can trigger an automatic default. This causes the remaining unpaid balance to become due all at once. Life insurance can protect your loved ones against this kind of loan.

3) Providing for Aging Parents
People are living longer today than ever before. As a result, the resources of older parents can dwindle, leaving them to depend on their children for financial help and/or medical support. If you are not there to offer that support for aging parents, life insurance can cover costs for special care older parents may require.

4) Passing On Wealth
Finally, life insurance today offers more than simply paying off debts or covering funeral costs.  Parents today hope to pass on their wealth – and life insurance can help make sure that your family not only survives, but thrives.