College Prep for Students & Parents-Co-Signing Loans Creates Need for Life & Disability Insurance

In my house and business the college experience and preparation are regular topics of discussion.  Our office staff have children that are current students and recent graduates.  At home, I have two sons in college, Colorado School of Mines and Fordham University.  Also, I have two juniors in high school very much in the process of identifying school options and trying to meet the many requirements to be ready for applications to be submitted later this year.
I’m taking a deep breath now because that short paragraph above includes so much information and encompasses the full range of emotions and, of course, expense.   First, I am going to focus on the two juniors and the college search and preparation process.  Juniors in high school are going through a critical juncture in their lives because this year is going to be a big focus of college admission offices.  Add in the pressure of the SAT’s, ACT’s, college search etc..and  motivated students are at their limit before any parental questions are asked of them.  Below is a typical exchange between parent and student:

P: How is your college search going?

S: Good

P: What schools are on your list?

S: I don’t know

P: Do you want my help?

S: No

P: Are you studying for SAT’s?

S: Awwwwww, so many questions, please stop bugging me and asking about college………stomp, stomp, stomp (sound of walking away)
Although the actual words will be different with every family, the point is students are overwhelmed and parents right and need to know is falling short of their expectations and adding to the tension at home.   Do you agree?   If you answered Yes, I suggest you consider hiring a college counselor because your questions go far beyond school choice and test preparation and includes “Can I afford College?”  We hired Eric Dobler from Dobler College Consulting and both our sons and my wife and I are so happy we did.

• Eric has a direct relationship and contact with the boys.  This was one of our initial requirements and it fit well with Eric’s formula for success.
• We, the parent’s, get a bi-weekly email summarizing where they are in the process that is so much more informative than the exchange above.
• The boys have a mentor they respect, look up to & don’t want to disappoint.
• Eric sets up appointments directly with the boys and they communicate well at the odd hours teenagers keep too.
• Priceless!

To learn more, Eric is hosting some information events over the next few weeks.  Follow this link for details on the events: Dobler Spring ’14 Workshop Flyer  (Note the Monday March 3rd event has been moved see website for details) or go to: http://www.doblercollegeconsulting.com/.
The second part of this email is about parent’s co-signing loans for children for education or any reason.  Earlier this year two sets of parent’s asked me to work with their college student children and help them place life insurance on them to prevent financial ruin if the unthinkable happens.   Both sets of children were able to obtain protection for Private School Education fully borrowed against for under $200. per year.

Terrible to think about, YES, great planning YES

Also, upon graduation, I recommend parent’s have their working children, we hope, obtain disability insurance to allow them to continue to meet their financial obligations if, again, the unthinkable happens.  Options available could be employer sponsored or individually purchased.  Because of their age many times the cost is very minimal for recent college graduates.

If you would like to get a quote on Life Insurance please follow this link: /coverage/life-insurance/

If you would like to get a quote on Disability Insurance please foll0w this link: /coverage/disability-insurance/

In our home, Eric Dobler, has made a real impact on our son’s and we feel that this is one of the best decisions we have made for ourselves and children’s future.   Life Insurance and Disability Insurance are terrific products to help protect the financial future of all family members.  For more information and to discuss your individual situation, please call Dave Drescher at Ion Insurance Agency, 203.439.2815.