Today I happened to read the obituary of a 34-year-old gentleman who passed away; a very sad situation indeed. From the obituary it was apparent he was well educated and had a nice job. He was survived by his wife and 2 children; a 3-year-old and 6 month old. The last paragraph of the obituary said, “in lieu of flowers contributions can be made to his children’s college education fund” and went on to name an investment firm.While friends and family will likely contribute to this college education fund, how much can be raised to cover the cost of education 15-18 years from now? Education costs could likely be $250,000 to $500,000 per child at that time! Wow!
As an aside to this obituary, a few months ago there was a father who passed with a couple of older children. After he passed, his family hosted a “benefit”, sold tickets, did raffles, resulting in a very large attendance. As one family member told me, “$10,000 was raised for his kids”.
Could there have been a better way to provide for the needs of the children of these two fathers?
Life insurance can provide the funds for education expenses. Consider a policy where one pays as little as $50-$100 monthly, yet at a time like this would immediately pay out $500,000 – $750,000 (depending on the age and health of the father when the policy begins).
The $500,000 – $750,000 life insurance proceeds would grow over the next 15-18 years, providing enough to handle education costs.
Planning and taking action to insure yourself if the “unthinkable” happened can ease the worry of those left behind.
Both of the wives now face the reality of raising their children without a father; add to that emotional and financial stress.
While none of us know what the future holds, we can know that we have taken steps to provide financial security for our family by securing life insurance protection.
You have the choice – act today before it’s too late!