A New Season of Life Insurance
Does it seem like only yesterday that you were welcoming your first child into your family? How quickly the years go by…
How amazing it is to see your children growing and maturing as they hit milestone after milestone! Before you know it, that kindergarten diploma will be traded in for a high school one! In every new season of life, your family’s needs change and evolve as quickly as your kids do.
A really big need to consider while the kids are still young? Financing college tuition. College Board reported that the average 2017-2018 tuition plus room and board for an American in-state, 4-year public college was $20,770, whereas the same for the average private college cost $46,950. No one can guess what those costs might be in 5, 10, or 15 years. If you choose to help finance your child’s tuition, make sure you’re not doing it at the expense of saving for your own retirement. It can be a challenge to save for a college education and your own future. Here’s a thought. If it gets difficult, imagine the look on your child’s face if she gets into her dream college and doesn’t have to turn it down because of the cost. You can also imagine the feeling of serenity that you and your spouse could experience with a well-funded retirement. With a solid financial strategy, the potential you create for both of these scenarios is worth all the sacrifice you might need to make now.
How can you protect this sacrifice? Life insurance is more important now for your family than ever. As you and your loved ones take new steps – whether that’s winding down into retirement or revving up into adult life – life insurance can help make sure everyone stays on track with their goals in the event of a sudden death or other unexpected life event.
The proper life insurance policy can help cover expenses including your child’s college tuition and replace income for your spouse to continue down their road to retirement.
Source: CollegeBoard: “Tuition and Fees and Room and Board over Time.” 2018