How Can Life Insurance Affect Your Student Loan Debt?

Most of us understand the fact that financing an education can be an uphill task if one doesn’t have a stable source of income. Therefore, it isn’t surprising that approximately 75% of the 2016 graduates in Laurel, MD and all over the US borrowed money in the form of student loans to finance their education. Having a student loan debt and not managing it actively can be detrimental to your long-term financial life.

As a student operating on a limited budget, the last thing that is on your mind is taking a life insurance policy from Mid Atlantic Insurance Financial. However, the truth is that a life insurance policy can affect your student loan positively and help you or your cosigners stay out of debt if the worst happens. Read on to find out how a life insurance policy affects your student loan.

Debt After Death

Have you ever asked yourself what might happen if you die before you pay off your student loan? This is probably the last thing that you want to think about, but the truth is that misfortunes do happen. Things might not be so hard on those you leave behind if you have a federal student loan since most of them are discharged when the borrower dies. However, things might be worse if you have a private student loan.

Only a few private lenders do offer a death discharge, but most of them don’t. Private student loans are just like the traditional personal loans. If you die and you had a cosigner, your cosigner becomes legally responsible for your debt, and this is the primary reason why you should consider a life insurance policy if you have a student loan.

Student Debt and Life Insurance Policy

You can use your life insurance policy to help pay your student loans even when you die through the Indexed Universal Life Insurance Policy commonly referred to as IUL.  A UIL is similar to a cash growth vehicle since it offers you larger returns that don’t attract tax.  Since most IULs allow you to take early withdrawals or loans, you can use these withdrawals to pay down your student debt.

Are you a student with a student loan in Laurel, MD? Contact Mid Atlantic Insurance Financial today for a life insurance policy that will help you to pay down your student loan.

How Does Fleet Insurance Fit Into Your Overall Commercial Insurance Portfolio?

Business owners know the importance of having comprehensive commercial insurance to protect their assets and all of their hard work. However, fleet insurance is one aspect of coverage that can often be overlooked. If you are a business owner in the greater Laurel, MD area, Mid Atlantic Insurance Financial is here to help you complete your commercial insurance portfolio. If your sales force or delivery personnel are utilizing firm vehicles for their work, you may want to look into fleet insurance as a way to put adequate coverage in force. Fleet insurance is often overlooked when a company is constructing their commercial portfolio, even though it is an effective way to protect your interests.

Does Your Company Require Fleet Insurance?

Insuring every company car individually is one way to protect your firm’s assets, but is it the most effective? If you have multiple vehicles that are owned by your company for business use, it makes sense to find out more about fleet insurance. These policies can help to protect business owners from theft, damage, and liability. Fleet insurance is also a great way to streamline your policies and keep your portfolio comprehensive and also easy to manage. We recommend that commercial business owners meet with a full-service agent at least once a year to review their coverage. 

Want to Learn More about How Fleet Insurance Fits Into Your Overall Commercial Insurance Portfolio?

The dedicated team of professional agents of Mid Atlantic Insurance Financial is here to answer all of your questions and address any concerns that you may have relating protection for your commercial fleet. If you are a business owner in the greater Laurel, MD area, call or stop by today to learn more about completing your commercial insurance portfolio.