Why Should You Consider the Gerber Life Insurance College Plan Now?
As our world becomes increasingly competitive and higher education more important than ever, planning for your child’s future should start now. The Gerber Life Insurance College Plan is an endowment life insurance policy that is a great way to help tackle the rising cost of higher education, whether or not your child decides to go to college.
College Tuition on the Rise
The average cost of attending a four-year university is steadily increasing. For 2024-2025, the figure is around $30,780 for a public, in-state school and up to an average of $62,990 for a private school. For associate degrees, the cost also is increasing – although more affordable – to an average of $4,050 per year at a public college.1
In addition to juggling college, work and a social life can make it hard for some students to maintain academic performance, so they might need longer than four years to complete the requirements to graduate.
The longer it takes to earn a college degree, the more debt your child could accrue. Earning that degree, however, could put them in a better position for finding a job after graduation.
Higher Education Brings Better Job Opportunities
It’s no secret that a Bachelor degree can help a child to land a higher-paying job. The Bureau of Labor Statistics found that in 2023, those who attended college were twice as likely to be employed compared to those with a high school diploma.2
Here’s a breakdown from a United States Census Bureau study2 in 2023:
- 22.5% employment rate for Americans age 16-24 with a high school diploma.
- 44.3% employment rate for Americans age 16-24 with a bachelor’s degree.
Will the Gerber Life Insurance College Plan Pay for Technical School?
Yes. Not every child will want to go to a four-year university. In fact, many technical professions and trades are struggling to find qualified candidates.
The Gerber Life Insurance College Plan is a way to help your child’s financial future, not necessarily just for college. It’s an individual endowment life insurance policy that allows you to use the benefit for any purpose, trade schools included.
It might seem like your child’s life after high school is far away, but don’t blink — the time to make plans for after high school will be here soon.
Gerber Life Insurance wants to help prepare you and your child for the future, so that your child can get the needed education without the burden of rising debt.
To learn more about our Gerber Life Insurance College Plan, we’re here to help. Just call us at 1-866-503-4487.
Sources:
1 Trends in College Pricing and Student Aid 2024, College Board, October 2024;
https://research.collegeboard.org/media/pdf/Trends-in-College-Pricing-and-Student-Aid-2024-ADA.pdf
2 Employment-population ratio 22.5 percent for high school students, 44.3 percent for college students, United States Bureau of Labor Statistics, August 19, 2024;
https://www.bls.gov/opub/ted/2024/employment-population-ratio-22-5-percent-for-high-school-students-44-3-percent-for-college-students.htm#:~:text=The%20employment%E2%80%93population%20ratio%20of,shown%20little%20change%20since%202010
