We are college football fans at Insurance For Texans, particularly when it has to do with teams in Texas battling it out on the gridiron. In fact, we'll witness a game in Waco today which we hope will feature the first established college institution in the great state of Texas beating a team from West Texas and the referees from the Big 12.
The nostalgia of returning to campus, visiting some of the favorite locations and taking in the atmosphere that we may have taken for granted years ago reminds us how college days are long gone but still seem like yesterday.
With our children losing teeth, growing and aging faster than we ever expected, we also see the day when college tuition comes calling for them. Since we love our children and want the best for them in education and wouldn't mind they still remain in driving distance, we are fans of the thought of them going to college in Texas.
However, we are not fans of the astronomical rise in Texas college tuition prices.
Higher Earning for Higher Learning
Yes, the price for a college education these days is ridiculous and sparks many a heated conversation about what those prices should or shouldn't be, alternatives to paying those prices, or even alternatives to college itself. It will continue to remain a hot topic, especially as prices continue to inflate.
You can plan to earn more to make to afford this higher education for your child. You will work your tail off, put financial vehicles in place in the form of college savings plans and encourage your children to also work their tails off to get the grades and participate in enough activities in the hope of obtaining that helpful college scholarship.
But what happens if you are not around to facilitate this movement toward higher education?
Don't Set It and Forget It
We know life insurance tends to be a set it and forget it decision early in your marriage and/or when you have children. You may have taken out a term or permanent life insurance policy which at the time made sense regarding the amount of the death benefit that you thought would cover the cost of providing for your family.
If your policy was contracted years ago, does it take into account the recent costs in tuition prices? For Texas schools, many annual tuition amounts already exceed the $50K mark. For some, that's a healthy annual salary and would be very difficult to pay in excess to regular bills and other cost of living expenses.
Plan for the Best While Also Planning for the Worst
Yes, the closer your child gets to graduating high school, the more the question about how much you'll pay for college tuition will seem like an unwelcome guest sitting on the couch of your finances.
Make sure to review your life insurance policy to account for the steady rise in tuition prices today and for tomorrow. If you don't have a policy in place, we encourage you to get one as soon as possible, especially if you have children.
We can help you review the benefits your family would receive in the event of your absence from their lives and help you gain the confidence of knowing their living and education needs get covered.
Give us a shout and we'll help figure it out. There's a handy button up top to get started.
Stay safe, stay smart, Texas.