Life Insurance to Support Your Child’s Education

Many parents hope to finance (at least partially) their children's college education in order to set them up for a bright career and prosperous future. However, education prices are already extremely high and increasing at a record rate, making this dream harder to achieve for many families. Just how much does one year of college cost (including tuition and housing)?

In-state public college: $23,000
Out-of-state public college: $36,000
Private university: $45,000

Multiply those numbers by four or five years and you're talking about huge sums of money just to earn a degree. But these numbers will be even higher when your toddler goes to college. How high? Here are the projected numbers you can expect to see by 2029 if increasing trends continue on the same path:

In-state public college: $48,000
Out-of-state public college: $84,000
Private university: $110,000

Even if you start saving now, is that something you could afford when your child turns 18? While student loans are available, it's very difficult for young adults to enter the workforce under mountains of debt (which many of today's Millennials are already facing). And what happens if you&'re no longer here to help foot the bill for college?

Life insurance provides your dependents with a cash benefit in the event of your death, which can be used to fund your kids' educations. But even better, a permanent life insurance policy accrues cash value as you pay your premiums, which you can borrow against while you're still here to fund big life events, such as helping your children through school. That means that the right life insurance policy is potentially able to help your family achieve greater heights under any circumstances. Call your agent to learn more.

Plan for your family's future today. Call First Insurance Group at (800) 511-2892 for more information on Somerset life insurance.

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