In 2019, college students between the ages of 25-34 carried approximately $500 billion in federal student loans . Altogether, student loans in general total around $1.75 trillion between private and federal loans in the United States. Debt from student loans is something many Americans face, especially the younger generations, and for those with student loans it can be one of the most burdensome debts they’ll carry.
While the federal government is working on ways to help ease the financial burden for most borrowers, there is only so much that they can do. What’s more, the slow wheels of bureaucracy mean that federal help with student loans might be a ways away still.
As a life insurance agent, there are ways you can help your clients find financial freedom and achieve a debt-free life. While many will receive federal help in eliminating a portion of their loans, you can help them with an insurance product that can take care of the rest.
Here we will break down the federal government’s plans to help ease the burden of student loans and how our Debt Free Life product can take care of the rest. Help your clients kick debt to the curb with Debt Free Life.
In August 2022 the federal government proposed a student loan forgiveness plan . This plan was introduced after student loan payments (and their interest) were paused by the federal government after the start of the COVID-19 pandemic.
The proposed plan would make a payment of up to $10,000 on behalf of all eligible borrowers (and an additional $10,000 for anyone who received a Pell Grant). This would help a lot of Americans struggling with paying off their education – while some with higher amounts of debt might feel like it’s a drop in the bucket.
In conjunction with this proposal, the Department of Education also implemented a Start Fresh program , which would allow any borrowers to get their loans out of default if they had missed too many payments. Eligible borrowers can apply for this program up to one year after student loan payments have resumed.
A proprietary product from our parent company, Quility, Debt Free Life (DFL) is an insurance product that has reimagined what life insurance coverage is capable of. With Debt Free Life, you can help your clients eliminate debt and reach their financial goals in less time and without spending more on bills than they already are.
This proven method has already helped families get on track with their finances and achieve a debt-free life in three steps.
1. Set up a consultation with a certified Debt Free Life consultant (who is an existing Symmetry agent).
2. You, as the consultant, would then create a personalized Debt Elimination Report for the client.
3. Your client will leverage the support of the policy to systematically tackle each of their debts.
Debt Free Life allows your clients to act as their own bank, using the tax-exempt premiums of the policy, and take back control of their finances. Help your clients make their money work for them with Debt Free Life.
To add Debt Free Life to your life insurance wheelhouse, Symmetry agents are required to become Debt Free Life certified . By following the steps to become certified, Symmetry agents will learn how to best help their clients achieve financial wellness and kick debt to the curb. Much like the steps for your clients, there are only three steps to becoming a certified Debt Free Life consultant:
Symmetry offers a virtual bootcamp for agents looking to become Debt Free Life certified. This online training walks our agents through product concepts, advanced sales techniques and how to approach the first appointment.
After finishing the virtual bootcamp, our certified agents will receive access to our exclusive DFL software. This software gives agents support to guide clients through their debt elimination journey and can even show them the month and year when they can expect to be debt free.
The final piece to becoming Debt Free Life certified is helping your clients achieve financial wellness. By using the knowledge and tools of virtual bootcamp and our DFL software, Symmetry agents can alleviate the stress of debt and help their clients reach their financial goals.
When it comes to clients carrying the burden of student loans, Debt Free Life is an exceptional fit. By setting them up with a DFL policy, you can help them eliminate what’s left of their student debt after federal aid. That way they can focus on what’s important, like building a family and buying a home.
One example of that a DFL policy working is Austin who had over $250,000 in credit card and student loan debt . He worked with a Debt Free Life consultant to tackle debt that would have taken him 48 years to eliminate in under 9 years. What’s more, Austin saved $104,000 in interest by choosing Debt Free Life.
No one should have to live with the looming cloud of student loan debt over their heads. Your clients will appreciate the proven method that comes with a Debt Free Life policy. What’s more, they’ll be able to put more money toward retirement and less time and energy into paying off their education.
By becoming Debt Free Life certified, you can help more clients pay off their student loans in less time and earn a debt-free life.
As an agent with Symmetry, you can help your clients with student loan debt. With a Debt Free Life insurance policy, they can eliminate whatever is left of their debt. Federal aid won’t be enough for most, and by becoming Debt Free Life certified you can help more clients meet their financial goals.
Symmetry Financial Group agents have access to high-quality life insurance, disability income insurance, critical illness insurance and annuity products from more than 30 well-known insurance companies. This gives you the flexibility and reach you need to tailor plans to meet clients' individual coverage needs.
To learn more about how to begin a fulfilling career as a life insurance agent, contact us today .