How to Use Life Insurance to Help pay for College Tuition

Life after a parent’s death is never easy, but the nonprofit LIFE Foundation is doing their best to alleviate some of the pain. Now in its tenth year, LIFE Lessons Scholarship Program benefits college students and college-bound high school seniors who, following the death of a parent or legal guardian who did not have life insurance, are facing challenges in achieving a higher education.

In 2015, the LIFE Foundation awarded its highest level of scholarship money since the program’s inception: $230,000. Fifty deserving students were given scholarships ranging from $5,000 to $15,000 based on a 500-word written essay or 3-minute video describing how the lost of a parent or guardian affected his or her life financially and emotionally.

The cost of higher education in the United States is at an all-time high and has increased more than 500 percent over the past 20 years. The LIFE Foundation recognizes the severity of student debt and seeks to alleviate this stress for young people who may not receive financial support from their families.

“Paying for college is a significant challenge for most families today, and the inspiring stories young people share through our LIFE Lessons Scholarship Program illustrate just how much more difficult it becomes when a parent dies without a financial safety net in place,” said Marvin H. Feldman, CLU, ChFC, President and CEO of the LIFE Foundation. “Life insurance is vital to protecting the futures of the ones you love and we want to encourage more parents to ensure their families are protected.”

Tragedy strikes when no one is looking. Remember to increase your life insurance coverage when you have a child so that, no matter what happens, they will always be in good hands.

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