ARLINGTON, Va., Aug. 19, 2020 /PRNewswire/ -- Life Happens, a nonprofit dedicated to educating consumers about the importance of life insurance and other related products, launches a COVID-19 Relief Scholarship, an extension of its annual Life Lessons Scholarship Program, to provide financial aid to college or college-bound students in the U.S. who have experienced the death of a parent or guardian due to COVID-19 with little or no life insurance in place.
The loss of a parent or guardian is one of life's most difficult hardships – and has become a reality for many families through COVID-19. A college education is already a major financial challenge for most American families, but with over half (54%) of Americans who don't have life insurance*, it becomes infinitely more difficult for a student when a parent dies leaving little or no life insurance.
To alleviate the financial burden many are currently facing, the new scholarship program has set a goal to raise $100,000 through the support of individual and industry company members.
"COVID-19 has reminded us of the true value of Life insurance – a critical financial safety net that protects our loved ones when the expected happens," says President and CEO of Life Happens, Faisa Stafford. "This extended scholarship program recognizes the character and perseverance many young people show in the face of adversity and the emotional and financial strain these students experience. At Life Happens, we are proud to be able to provide short-term financial relief that could have a lifetime value for these students."
In 2005, Life Happens launched the Life Lessons Scholarship Program for students who had lost a parent who had little to no life insurance. Since its inception, the program has awarded over $2.2 million to over 600 students all across the country.
The Life Lessons Scholarship Program will continue its annual efforts to support students who need financial support due to loss – as well as launch the COVID-19 Relief Scholarship with a goal to provide $10,000 scholarships to 10 deserving students to support in their education. This year has already seen Mya Mercer – an inspiring 18-year-old with an aspiration of becoming a psychologist – receive a Life Lessons Scholarship.
The application for the new COVID-19 Relief Scholarship will become available in February 2021, alongside the annual Life Lessons Scholarship Program. Students will be asked to submit an essay or video about how the death of a parent from COVID-19 impacted their lives. Please visit https://lifehappens.org/covid19relief/ to donate or find out more about the application process and the program's official rules.
* 2020 Insurance Barometer Study (LIMRA, Life Happens)
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 through its Life Happens Pro platform, and convening the industry each September for Life Insurance Awareness Month. Life Happens is supported by more than 140 of the nation's leading insurance company and financial services organizations. To learn more, visit www.lifehappens.org.
KWT Global for Life Happens
SOURCE Life Happens