The guarantee IS the insurance policy. If they quit making payments, they lose the loan. Policy is on parents, beneficiary is kid. Not sure about loan rate, but believe it's right at Stafford and payments are graced until 6 months after kid leaves college. Parents are guaranteed the loan, regardless of credit, as long as they make payments on policy.
Parent dies, kid gets money to pay off loans.
Kid dies, parents get rider to pay off whatever. Default on loan reverts cash value to pay off loan. Thanks for the prompt reply. Thanks in advance for any help. Whether it's good, or not, I'm merely supplying them with my College Decision Navigator books.