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Help Protect Your College Savings with Term Life Insurance   What would happen to your child's college savings fund if you died prematurely? To protect your college savings goals you may want to consider adding coverage to your current insurance plan. Term life insurance is the simplest and least expensive type of insurance and may provide a tax-free payout to your family should you die while the policy is in force. This type of insurance is purchased to cover a specific period of time and coverage begins as soon as the policy is purchased. What To Do Next •   Estimate your future college costs with Fidelity's College Planner Calculator •   Use Fidelity's1 Insurance Needs Calculator to estimate the insurance coverage needs for your college plan and your entire personal profile •   Obtain a quote for your insurance plan and request an application. Customer Profile2 Bob and Sue, both 38, have one-year-old twin girls that they would like to send to a private four-year college in 17 years. Using Fidelity's College Planner Calculator, they estimate that in 17 years, with a college inflation rate of eight percent, the projected cost of attending a private secondary institution will be approximately $446,357.3 Next, Bob and Sue use Fidelity's Insurance Needs Calculator to estimate the coverage they might need to help insure their future college savings. Because they now have an estimate of future expenses, the calculator helps them estimate that a $500,000 policy may cover their needs. They both purchase insurance because the family's budget depends on both incomes. Bob and Sue get a term life insurance quote online before requesting an application and discover that their preferred level of coverage will cost them less than $40 a month each. Call 800-642-6974 for more information.4 1 Fidelity refers to Fidelity Investments Life Insurance company, and for NY residents, Empire Fidelity Investments Life Insurance Company, NY, NY. 2 This customer profile is a hypothetical example. Your estimated need and estimated policy amount will vary from this example. 3 According to the College Board, the average annual 2001-2002 cost of a private college is $24,343. The college of your choice may be more or less expensive than the average cost noted here. 4 Your own coverage costs could be higher or lower. Term policies vary by state. Coverage starts at $250,000. Maximum coverage age is 70 in most states. Term insurance (Policy Form Nos. FTL-96200, et al., and FTL-99200 et al.) is issued by Fidelity Investments Life Insurance Company. In NY, term insurance is issued by Empire Fidelity Investments Life Insurance Company. Fidelity Insurance Agency, Inc. is the distributor.   Copyright 1998–2009 FMR LLC All rights reserved. Terms of Use  Privacy  Security  Site Map