Tuesday, January 15, 2013

MassMutual vs College Debt

The ObamaTax placed the administration of student loans under the (benign?) authority of HHS Secretary Shecantbeserious. What student loans and "affordable health care" have to do with each other is anybody's guess, but there you are. Partly as a result of this, student loan debt is at record levels, threatening the future solvency of our best and brightest (among others). MassMutual, about which we lauded their innovative LifeBridge program last Fall, wants to help out:

"[S]tudent loans in the U.S. has topped $1 trillion, surpassing both credit card and auto loan debt. The 90-day serious delinquency rate is also higher than credit cards. One-in-five households are affected by student debt with the average graduate having about $20,000 in loans."

And that's the average - seems to me that a lot of our young people have already accumulated debt well into the 6-figures (how wise that may have been is another matter).

"In an effort to provide Millennials with the support they need, MassMutual [has] launched a new initiative – “Down with Debt” - aimed at addressing the student debt crisis by providing helpful financial tips and offering a $20,000 reward for the most creative strategy to pay down debt."

I like it: creative thinking with a potential reward. Just click here for details (and perhaps to sign up).

[Hat Tip: Caitlin Bricker]

RELATED: United Home Life Insurance asks "What do Twinkies, Flu Shots and Cabbage Patch Kids have in common?"

That would be Econ 101: supply and demand. At one time or another, each of those items has been in scarce supply (and Twinkies continue to be - alas!).

There's a follow-up question, too: "What's that got to do with life insurance?"

Fair question; after all, when was the last time you saw lines around the corner of people clamoring to buy life insurance?

But as UHL points out, our time here is uncertain and scarce - it can run out any moment. The longer we wait, the more expensive life insurance becomes. And consumers urgently need to protect their lives - and their loved ones - NOW, while there's still time.

A friend of mine likes to point out that we don't buy life insurance with our wallets, we buy it with our health. LifeHealthPro's Corey Dahl asks, "what’s more uncertain and scarce than our time here, the seconds and minutes of which are rapidly ticking away and could be set to run out … now … or now … or now. No one knows for certain when his number is going to get called, so doesn’t it make sense to get a life policy for loved ones — without delay?"

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