How Does Term Life Insurance Help Pay For My Children's College?

I will soon be purchasing a term life insurance policy so we will finally have life insurance coverage on my husband. He is the sole provider for our family and as we both get older is seems more important to plan for our financial future and that of our two sons. So I was wondering if term insurance has a role to play in paying for our sons' college educations.

A term insurance policy offers protection during a limited number of years with the common term choices being 5 years, 10 years, 15 years, 20 years, 25 years and 30 years. Term insurance is life insurance that expires without value if the insured survives the stated period so in that way it really covers the needs for temporary protection. Since the boys are both pre-schoolers we have a pretty meager college savings fund started for them but we have a plan for filling it during the years until they are of college age. Gee, listen to me. Hard to believe I was completely care free in my twenties. Now I sound like my mother, actually caring. That is one of the many effects children can have on a mother.

Anyway, the college fund strategy will take years to complete because we can't make it happen sooner unless my husband's income increases considerable. Besides it won't be needed for a while so their is not much urgency. Frankly, furniture is higher on my priority list then filling the college fund 15 years ahead of time. So the only urgency is if the worst should happen to my husband and their college depends on my ability to make it happen on my own. That is where the term life insurance is important for their college. Only in a worst case scenario.

So as we are getting our term life insurance quotes in order to decide how much coverage we need compared to what we can afford, part of the calculation is not just living expenses for me and the boys but also the future cost of their college.

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