ARLINGTON, Va., Feb. 1, 2016 /PRNewswire/ -- Life Happens, a nonprofit organization dedicated to educating Americans about the importance of life insurance, is now accepting applications for its annual Life Lessons Scholarship Program. The scholarship, now in its 12th year, provides financial assistance to students who are persevering through the hardship of pursuing a higher education following the death of a parent or legal guardian who did not have life insurance.
Life Happens will award over $250,000 in scholarship money to 31 students, ranging from $5,000 – $15,000. To be considered for a scholarship, applicants must submit a 500-word written essay or 3-minute video that describes how their lives have been affected, both emotionally and financially, by the death of a parent or guardian.
Life Happens created this scholarship program in order to serve a vulnerable group of the young population during a time when the cost of education continues to skyrocket. According to The College Board, the cost of college tuition at public universities has more than quadrupled over the past 35 years.
"The death of a parent or guardian brings significant hardships to many aspects of a young person's life, but managing the financial burden that comes with achieving higher education is far too often one of the most immediate," said Marvin H. Feldman, CLU, ChFC, President and CEO of Life Happens. "We are very proud that our Life Lessons program has enabled us to financially assist so many aspiring college graduates who face the unspeakable adversity that comes with losing a parent or guardian. The inspiring stories of our scholarship recipients serve to remind us all of just how important life insurance is in protecting our families' financial well-being."
Life Happens will consider applications for its Life Lessons Scholarship Program from students between the ages of 17 and 24 who have been accepted to, or are currently enrolled in, a college, university, or trade school, and have suffered the loss of a parent or legal guardian. This year, the organization will award a total of 31 scholarships, with four of the recipients receiving grand scholarships of $15,000. Interested candidates must submit an application online at www.lifehappens.org/scholarship. Applications will be accepted between now and March 1, 2016 at 4 pm Eastern Time.
Last year, Tara Aboumahboub was awarded a $15,000 scholarship through the Life Lessons Scholarship Program after submitting a beautiful 3-minute video in which she described her late mother's impact. The year following her mother's death was not easy, as Tara and her family struggled to make ends meet, and pay the remaining medical and funeral bills.
"Had she invested in life insurance, my brother and I could have focused on our dreams of graduating from college," Tara noted. "Although taking the step of getting life insurance can seem like a frightening thought, it can be an important part of preparing for the unexpected. Life insurance can provide protection to loved ones when the unimaginable happens. It certainly would've helped my brother and me get through school, and we might have been able to save the home that we grew up in."
With the Life Lessons Scholarship, Tara is able to continue to pursue her bachelor's degree in biotechnology from the University of Florida.
This is the seventh consecutive year that Life Happens will award more than $100,000 in scholarships through the Life Lessons program. Since the Life Lessons Scholarship program was established in 2005, over 500 scholarships have been awarded, totaling over a million dollars. The program is made possible through the generous financial support of the MDRT Foundation and the NAILBA Charitable Foundation, as well as donations from Life Happens board of directors and several company organizations, including State Farm® and the Pacific Life Foundation. Life Happens also accepts contributions from individual donors. For more information about making a tax-deductible donation, visit: www.lifehappens.org/donate.
To learn more about the Life Lessons Scholarship Program, including information on submission guidelines, rules, and the stories of past winners, visit: www.lifehappens.org/lifelessons. All questions regarding the Life Lessons Scholarship Program should be emailed to email@example.com.
About Life Happens
Life Happens is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. The organization does not endorse any product, company or insurance advisor. Since its inception in 1994, Life Happens has provided the highest quality, independent and objective information for people seeking help with their insurance buying decisions. The organization supports the insurance industry by providing marketing tools and resources and convening the industry each September for Life Insurance Awareness Month. Life Happens is supported by more than 150 of the nation's leading insurance company and financial services organizations. To learn more, visit www.lifehappens.org.
SOURCE Life Happens