As Insure Your Love Month continues we want to bring up a life insurance need that many people do not think about when discussing life insurance. That situation is being a co-signer on a loan for someone. That loan could be a car loan, a mortgage, or a college loan. Co-signing on someones loan could put you on the hook for paying that loan in the event of a death. Many parents are co-signers on student loans for their children. Federal loans offer a built-in protection, however private loans do not according to smartasset.com. Typically term life insurance could be a solution. Term life insurance is usually very cost effective for a younger person. A life insurance policy could help you offset most or all of the debt that a student loan could bring you in the event of your child’s death. Call us at 412-344-2800 to discuss if this could be a solution for you. You can also click the links in the upper corner to contact us.
