How Can Life Insurance Affect Your Student Loan Debt?

Most people don’t connect life insurance and student debt together, especially when you consider that most people straight out of college are more concerned with getting a job than setting up a life insurance policy. But you may be surprised to hear who would be on the hook to pay your debt if something were to happen to you. If you live in NE Arkansas, consider the following information, courtesy of GTW Insurance.

It’s On the Spouse or Co-Signor

From funeral arrangements to utilities to student loan debt, it’s typically your spouse’s responsibility to cover all of the costs. And these costs can end up being higher than anyone could have ever imagined. If your spouse can’t pay for it, they’ll have little recourse to help. All of your possessions will be used to pay off collectors, no matter who you tried to give them to in your will. If you’re not married, the responsibility of your student loan will fall on the co-signor of the loan. To safeguard the people who trusted you to be there for them, life insurance can be used to ensure that everyone can stay on their feet.

Calling GTW Insurance

While the odds a young student will need life insurance are low, it never hurts to be prepared. And the good news is that the students of NE Arkansas may be surprised to hear just affordable life insurance can be! For more information, call GTW Insurance to find out how life insurance keeps the people that you love the most out of financial hot water during the worst of times. We’re here to make it easier for everyone to get what they need so no one ends up being held responsible for a debt they’re unable to pay.

Do I Need Boat Insurance When I’m Not Using It?

If you want to legally operate your boat in NE Arkansas, you will have to purchase a boat insurance policy. The minimum amount of liability insurance required is $50,000, which was set by the Department of Finance and Administration.

However, many boaters wonder if they need to keep this boat insurance in place when it isn’t in use. After all, canceling the policy can help you save a significant amount of money each month.

Learn more about the importance of boat insurance here, and why it is best to keep a policy, even if your boat won’t be on the water.

The Importance of Boat Insurance at All Times 

When you are on the water, there is no question that you will need to have adequate boat insurance. This helps protect your property, yourself and cover any damages or injuries that may occur while on the water.

However, issues can still arise when you aren’t on the water, and even when your boat is parked for the season.

For example, what happens if you are pulling your boat to storage, or just taking it to a new location and you are involved in an accident. If damage occurs to your boat, and you don’t have adequate insurance coverage, you may have to pay for repairs out of your own pocket. Don’t worry, GTW Insurance can help you get the coverage you need.

Storm Damage and Other Natural Issues 

The storms in NE Arkansas can be bad at times – so bad that trees fall, and property damage occurs. This is another situation where you need active insurance for any damage that may occur to your boat, due to a storm or other natural event.

There are some policies that will also cover issues such as vandalism, theft and more. Without coverage in place, you would either have to “swallow” the damages or pay for the needed repairs out of your own pocket.

To learn more about boat insurance and the reason it is best to keep a policy in place throughout the year – even when your boat isn’t being used, contact the professionals at GTW Insurance. They can ensure that you get the coverage and protection you need.