Why is SYNCIS helping students affected by life insurance gaps?
Syncis Insurance Solutions, LLC (SYNCIS) recently awarded two $5,000 college scholarships through Life Happens during Life Insurance Awareness Month.
These scholarships were granted as part of SYNCIS’s ongoing commitment to supporting students who have experienced the loss of a parent without life insurance coverage.
The percentage of Americans with life insurance has been decreasing over the last couple of decades. Currently, less than 60% of Americans are covered by life insurance.
SYNCIS has made a multi-year commitment to continue funding such scholarships through the Life Lessons Scholarship Program.
Each year, SYNCIS Associates review and vote on scholarship applications, ensuring that deserving students receive financial support during challenging times.
Who is eligible for SYNCIS’ scholarships?
To be eligible for these scholarships, applicants had to share their personal stories and experiences through either a 500-word essay or a three-minute video.
They had to discuss how the death of a parent or guardian had financially affected their lives. SYNCIS then selected deserving recipients who had faced financial hardships resulting from the absence of life insurance.
The 2023 scholarship recipients are Christopher Johnson from Texas and Taylor Pitts from New Jersey. SYNCIS expressed its excitement about awarding these scholarships and helping these exceptional students pursue their educational dreams.
Additionally, the organization emphasized the unfortunate prevalence of stories like Christopher and Taylor’s, highlighting the importance of raising awareness about life insurance and its benefits.
How does life insurance protect my children?
The primary purpose of life insurance is offering financial support to your loved ones after you die. The payout from a life insurance policy can serve carious purposes, such as covering end-of-life expenses, settling debts, replacing lost income, funding college tuition, or leaving a financial legacy.
Additionally, there may be other options for utilizing the payout, depending on your preferences or your beneficiaries’ needs.
If you bear the financial responsibility for your child’s college education, it’s worth factoring in those expenses when considering a life insurance policy.
Tuition rates can vary widely based on the state and institution. Plus, college students also have annual and living expenses and costs for books and supplies and other related costs.
Incorporating the cost of college into your life insurance calculations could significantly increase the necessary death benefit.
Since life insurance beneficiaries have flexibility in how they use the payout, accounting for college costs can provide substantial posthumous support.