From friendships to internships, challenging courses to lessons and experiences, college students pick up essential tools during their years on campus. One essential tool that all college students could pick up to put them on a path toward success is life insurance. Life insurance for college students? We know what you may be thinking, however – a Whole Life or Term Life policy for your college student could prove to be an important asset during their college days and far beyond.
- It covers your debts.
Has your student taken out loans to help cover tuition? If your student passed away unexpectedly, their federal student loans would be forgiven. But did you know any private student loans would still need to be paid – and may even be accelerated – despite the situation? In the event of your student’s death, your family could accrue the debt…or a life insurance policy could cover unpaid loans and other debts instead. Many parents co-sign loans or lend money to their kids for their tuition. In either case, a life insurance policy for the term of the loan will protect the parent from having to pay back the loan or repay the balance lent out to the student.
- It protects your loved ones.
Your young college student may not have thought very far ahead – but just like other forms of insurance, we purchase life insurance for the “what if.” We don’t plan on getting into a car accident but we still have Car Insurance because “what if” we got into an accident? We want to make sure that we are protected if something goes wrong. This same “what if” question should be pondered while looking at the big picture of life now and in the future:
“What if” your child was to get married during college or have children? Who would take care of their young family if they were to die? Life insurance is especially important as it can care for their dependents financially – releasing the potential burden on you.
No one is invincible, and you never know what’s going to happen in life. Whether you’re young, old and/or a college student, life insurance would help your family cover funeral and end-of-life expenses should something happen to them.
- It locks in a lower rate.
When you’re younger and healthier, you can get a policy at a better price. Here’s the great news – once you lock in the premium (the annual cost of the policy), that amount will never increase. By getting a policy as a college student, you will secure a less expensive life insurance payment than you would years later.
- It’s more affordable than you think.
Having peace of mind with insurance is invaluable. For the same price as stopping at that corner coffee shop, getting that upgraded gym membership or picking up another school sweatshirt… your student could secure a life insurance policy that lasts much longer. Many college students and their parents don’t know just how affordable a policy can be until they get a quote. College is full of new adventures, and expenses. Insurance for college students can help protect you and your loved ones now and in the years ahead. We can help you find a policy that fits your budget and needs. Talk to us about life insurance today.