As the cost of higher education rises, families are turning to loans to send their children to college.

Shocking statistics from the Consumer Financial Protection Bureau indicate that outstanding student loan debt exceeded $1 trillion at the end of last year. Are you the parent of a child going to college?

Have you co-signed a loan to cover the cost of your child’s education and, if so, have you taken out life insurance on your child’s behalf to pay off that loan in the event of your death?

Think of it this way. Like any other parent, you want the best for your child, and that includes a college education.

She’s happy to sign up for a student loan because she knows her son will work to pay off the loan once he’s finished school. But then one day, every parent’s nightmare comes true and his son dies before he can pay off the loan, maybe even before he can finish school. Now what? Because she co-signed the loan, she is responsible for paying what is owed.

This is where the cover of life takes center stage. If you purchase a life insurance policy in your child’s name, you know that if he or she dies, your life insurance policy will pay the policy’s beneficiaries a lump sum. These funds can be used to pay off outstanding debts, including student loans, store cards, and credit cards. The money can also be used for funeral expenses, as well as the costs of settling your child’s estate.

No parent wants to think about the death of their child. For many, the idea of ​​his child dying before them is too horrible to even contemplate. But as responsible adults we need to plan for the worst and make sure we are financially protected against the death of our child. Think of it this way. If your child died and you took responsibility for his student debt, how would you deal with the payments? Would you be able to afford it? How, for example, would this unexpected financial burden affect your retirement plans?

Take charge and talk to your child today about purchasing life insurance in their name. While it can be a difficult conversation, it is one that has to happen. And remember, buying life insurance while she’s young and healthy means she’ll save on premiums as she gets older.