From friendships to internships, challenging courses to life lessons and experiences, students pick up important tools during their years on campus. But there is one extra thing that students can pick up to put them on a path to success. It's life insurance.
Life insurance for students? We know what you might be thinking. Still, our life insurance experts believe that there is no "too young" when it comes to insurance. In fact, it can be an important asset during your college days and far beyond having a holistic or lifetime policy as a college student.
This is why:
1. It protects against your passing.
Unfortunately, no one is invincible and you never know what will happen in life. Whether you are young, old and / or a college student, life insurance can help your family cover funeral and accrued expenses should something happen to you. If you are getting married or have children in college, life insurance is especially important because it can take care of your relatives financially.
2. It covers your debts.
Have you taken out a loan to cover tuition? If you die unexpectedly, your federal student loans would be forgiven. But did you know that private student loans would still have to be repaid – and maybe even expedited – despite the situation? If you are not there to pay off this balance, your family can borrow the debt. Or a life insurance policy can instead cover unpaid loans and other debts.
3. It locks in a lower interest rate.
When you are younger and healthier, you can get a policy at a better price. Here is the good news – once you have locked in the premium (the amount you pay to keep the policy active), the amount will never increase. By having a policy as a university student, you can secure a cheaper life insurance payment than you would do years later.
4. It's more affordable than you think.
Having security with insurance and knowing some extra tips to be safe on campus is invaluable. For the same price as eating out a few times a month, getting your upgraded gym membership or picking up another school jersey … you can secure a life insurance policy that lasts much longer. Many college students do not know how affordable a policy can be until they receive a quote.
College is full of new adventures and expenses. Insurance for students can protect you and your loved ones now and for years to come. We can help you find a policy that fits your budget and your needs. Talk to an agent about life insurance today.
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