The idea of taking out life insurance for your children may seem a tad over-the-top and perhaps even a little disturbing. However, according to recent studies it is apparently something on the increase when it comes to life insurance.
You may already be asking why parents would even think about this but the answer’s actually fairly simple! Students with student loans are in debt and no matter who you are when you die your loans do not die with you. They are passed onto your family to deal with instead.
Now for anyone with a few thousand pounds in student loans already it’s easy to see why the thought of the debt is too much to bear for parents. After all, they have their own bills and possible other family commitments to look after so probably could do without some additional debts to contend with.
For the last few years we’ve heard more and more about the level of debt students are in when they leave university – which is a big enough burden for them, but it perhaps highlights just how important a small investment in life insurance can be.
You can’t actually insure your children directly if you’re a parent worried about student debt but what you can do is put things into action. Your child will need to run through the application via the telephone and sign any documents that require signing but from then on in it’s up to you as a parent if you want to pay the premiums directly. You are perfectly able to do so and perhaps with students not necessarily being associated with great money management it could be the best idea!
The one upside to life insurance for younger people is obviously cost. Assuming your children are healthy then you may be looking at just a few pounds a month to get cover for an average student debt (£20k), which could pay dividends should the unthinkable happen.
If you are worried about financial problems or indeed have thought about insuring your university aged child, why not call The Cheapest Life Insurance today for a quote?