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Why Would A College Student Need Life Insurance?

As any college student, and their parents can tell you, the cost of a college education in 2019 is skyrocketing. So, it is definitely not a surprise that student loans now make up the largest portion of U.S. non-housing debt. This means that college students owe more in student debt than they do for their credit cards and/or auto loans.

In fact, Millennials face record levels of student debt, and the culprit seems to be the explosive increase in the cost of a college education, coupled with a lack of wage growth. Due to this, one of the life insurance policies that we have been offering a lot lately at Langlois Insurance Agency is designed to protect the cosigners of a student loan.

Why Would A College Student Need Life Insurance?

The reality is that most college students need to get private loans for their education. Due to this, chances are they had someone co-sign their student loan, which is usually a parent or guardian. But, what many students – and their parents/guardians – don’t know is that when a loan is co-signed and something happens to the student, the co-signer would still be liable for the debt.

Sadly, this happens all the time, every year, across the United States. A college aged student dies, and the parent/guardian is not only left without their child, but also stuck with the student loan debt, which needs to be paid off.

So, if you are a parent/guardian that has cosigned for student loans, let us help you protect yourself. We will calculate how much life insurance is needed to pay off these student loans in case something happens to your loved one. This type of policy would give you great peace of mind, and can be very affordable. For approximately $10 a month, we can provide life insurance protection for $100,000 in benefits.

As always, if you have any questions about life insurance, or your insurance in general, please don’t hesitate to give any of us at Langlois Insurance Agency a call. We always love to hear from our customers!

Warmest Regards,

Matt Langlois

 

Will Insurance Cover My College Student?

During this time of year, Langlois Insurance Agency receives many phone calls from anxious parents who are sending their kids off to college. They have so many worries – the cost of room & board, how crazy expensive the textbooks are, the overall safety of the college campus, just to name a few. They are also worried about how this life change can affect their insurance. Here are some common questions that I often hear from parents as they send their kids off to college:

Will my child still be covered under my auto insurance policy?

College students are normally covered under their parents’ auto insurance policy, as long as they reside with their parents when they aren’t at school (ex. summer break). As always, please review your specific policy to confirm.

Will I see my auto insurance rates increase?

The short answer to this is “it depends”.

Rates may increase – or decrease – depending on the driving habits of the student. For example, if the student is driving the car in an urban-located school, you may see your rates increase. This is because drivers in urban locations generally pay more for insurance than those in rural areas.

On the flip side, if the student leaves the car at home versus bringing it to school, you may see a decrease in your insurance rates. I have seen rate decreases for college students called a “distant student discount”, which is for a student who is at a college at least 100 miles away and chooses to leave their car at home. As always, please review your specific policy to confirm.

(Check out this bad boy above – the car that I took to college back in the day.  It’s a classic beauty.)

Are there any “good student” discounts available?

You now have another excellent reason to push your student to study hard since students with good grades may qualify for a “good student” discount. As always, if you have a child either in college, or about to head off to college, please contact Langlois Insurance Agency to review your individual policy.

Will my homeowner’s insurance policy cover my student’s belongings if they live off campus?

If your child is living off campus, you may want to purchase a renter’s insurance policy for them. Renters’ insurance protects your student’s personal property and provides most of the benefits of home insurance, including liability insurance. However, it does not protect the dwelling or structure of the dwelling itself, which is the landlord’s responsibility to insure.

Our carriers can protect your college student and their property against the following:
Fire
Theft
Vandalism
Liability if someone is hurt or accrues damage to personal property in their rental home
Additional living expenses (ex. If your child has to live somewhere else while the home is being repaired)

As always, please don’t hesitate to give me a call if you have any questions regarding your child’s insurance coverage.  I always love to hear from my customers!

Warmest Regards,

Matt Langlois