LIFE Highlights the Hardships of Underinsurance with Scholarship Program
College Financing to be Awarded to Students Whose Essays Recount the Loss of a Parent
March 3, 2006 – To illustrate the financial hardship a family faces when someone dies with little or no life insurance, the Life and Health Insurance Foundation for Education (LIFE) will be awarding 15 college scholarships in 2006 as part of the organization’s second annual LIFE Lessons College Scholarship Program. LIFE announced today that applicants have until March 31 to submit essays describing the emotional and financial impact of losing a parent at an early age.
“For far too many young people in this country, losing a parent at an early age means postponing or giving up on their dream of a college education because mom or dad didn’t have adequate life insurance protection,” says David F. Woods, CLU, ChFC, president of the LIFE Foundation. “LIFE is glad to be able to help ease the college-funding burden for a few students through our LIFE Lessons program, but we cannot help them all. Parents need to take responsibility for making sure their kids have the educational opportunities they deserve, and to do that they need to include life insurance in their college-funding plans.”
LIFE will award $15,000 in scholarship money, including a $5,000 Grand Prize to the applicant whose essay is judged to be the most compelling. Scholarship winners will be announced in late spring and the Grand Prize winner will be invited to speak at the realLIFEstories Client Service Awards Banquet in San Francisco on August 27, 2006.
Since LIFE receives far more entries than it has scholarships to offer, other industry organizations will be offered the chance to make their own scholarship awards to students who enter the LIFE Lessons essay contest. In 2005, LIFE received almost 500 LIFE Lessons entries and this year it expects even more. Though some of the essays LIFE received last year described how life insurance delivered financial relief, most were riveting accounts of the financial hardships that families faced after a parent died prematurely.
“A lot of financial suffering could be avoided if people had adequate life insurance,” said Mr. Woods. “By publicizing these scholarships, we hope that more moms and dads will be moved to get the coverage they need to protect their loved ones.”
The 2005 Grand Prize winner, Laura Diss from Tampa, Florida, received a $5,000 college scholarship from LIFE and is now attending classes at Wellesley College in Massachusetts. Her winning essay and a video that describes her story can be accessed from LIFE’s home page at www.life-line.org.
Industry groups interested in learning more about the LIFE Lessons College Scholarship Program and how they can become involved in their communities can contact Dulaney Wible at email@example.com or (202) 464-5000 ext. 106. Additional information about the program can be found at www.life-line.org/scholarship.
The Life and Health Insurance Foundation for Education (LIFE) was founded in 1994 in response to the public’s growing need for information and education on life, health, disability and long-term care insurance. LIFE also seeks to remind people of the important role insurance professionals perform in helping families, businesses and individuals find the insurance products that best fit their needs. To learn more about these topics, please visit www.life-line.org.
| Jason Adler
| Brooke Parker