I am 23 years old and there are some days where I think I have it all figured out. Just like when I was 15 and thought that clunky skater shoes and pink hair was the perfect way to express my teen angst. Or just like at 18, when I though that a private school with a tuition of $45,000 and an income of $0, was going to be the perfect fit for me. Now sitting on a pile of student loans and a new career, I realized that no, I definitely don't have it all figured out. But I do understand the importance of life insurance. And the reason may not be for what you think. Life insurance does so much more than support dependents you leave behind after an untimely death. Whole and Universal Life policies build cash value. This cash value grows and grows and the insured (you) is able to borrow against this money! This means you can pay for college, you can pay afford that down payment on the house of your dreams, or you can support your future children's dreams - whatever they may be. Life insurance gives you that flexibility.
Any recent graduate knows how expensive the non-tuition aspect of college can be. Marvin Feldmen, CEO of Life Happens, hilariously notes that we should "plan for pizza". His blog post notes that one pizza a week amounts to nearly $2,000 in a typical college career spent on pizza. And that's just pizza! It is so important to plan ahead, if not for college than for any other big venture. The unplanned expenses are just as hefty and important as the planned expenses. With the cost of college constantly on the rise, in 1979-1983 it was $10,945. but in the years 2009-2013 that cost has risen to $66,370. This number is shocking and staggering, but a permanent life insurance policy can offer you the protection and security your family will need.
Contact your local insurance agent, or comment below any questions you may have. Don't skimp on protecting your family!!!
Image: College by GotCredit is licensed by CC BY 2.0