Friday, 22 September 2006
Would Your Child Be Able To Afford College If You Weren't Around To Help Foot The Bill?
If you weren’t around to help your child pay for school, would they still be able to afford it? For many families who don’t have life insurance, the answer is “no.”
In a new study, 3 out of 4 of parents without life insurance said that if the “primary wage earner” in their family were to die, paying for their child’s education would be a challenge. 40% said it would “make college harder to afford.” 36% said it would make paying for college “completely unaffordable.”
It’s a different story for parents who do have life insurance. 84% of parents who have life insurance said that if their primary wage earner were to die, paying for college would be “just as affordable or easier to afford.” Only 1% of parents in this group say that college would completely unaffordable because of an untimely death.
“The ability to afford a college education is not something that moms and dads should be leaving to chance, and unfortunately that’s what so many parents are doing by not having adequate life insurance coverage,” said Mark D. Johnson, the chairman of the Life and Health Insurance Foundation for Education.
But on the bright side, it was also reported this week that life insurance premiums are expected to go down in 2007. Overall, life insurance premiums are 50% cheaper now than they were 10 years ago.
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