Global Courant
Life is full of uncertainties and we can never know what life has in store for tomorrow. And students are no different in this. Even if you are a college student, it does not mean that you are immune to life’s unwanted events. Life insurance protects you and your loved ones from the uncertainty of life. In the event of an unfortunate event, the insurance company will help with a lump sum to help the family deal with financial debts and other responsibilities. Losing a child can be a heartbreaking experience for any parent and the accumulated cash can be very helpful in such situations. Parents or loved ones can use this amount to help them pay for funeral expenses, current personal or student loans, and other essential expenses. In this article, we are going to explain the importance of a life insurance policy for students and what advantages different insurers offer.
Life insurance options for students
Insurers come up with discount life insurance policies for different types of customers and students are no different. Usually, students enjoy their college days more than protection from unfortunate incidents. For once, it may seem irrelevant to the students, but if you get into the details, you will discover that life insurance is a smart buy. However, most of the people do not realize the need in the early stages of their lives and therefore cannot purchase one for it. Such policies provide a convenient way for the students to take care of their studies and other essential expenses.
There are multiple companies that offer online life insurance at affordable rates. You are just requested to complete a form online for the official website of insurance providers or on a multi-provider insurance portal. Insurance representatives from different carriers will reach you with the best insurance quotes as per your requirements. They will patiently listen to your questions, clearly explain all available plans and suggest the most suitable plan for you. By comparing the different plans for their coverage and benefits, you can choose a plan that offers the maximum coverage for the best price. It is also believed that college students have a longer life expectancy than some older buyers and are expected to live longer. Therefore, insurance policies offer a cheaper insurance plan to attract younger buyers. If you are single and a student and you don’t mind getting a life insurance policy, you can qualify for a big discount on your insurance and get a premium that is much cheaper than someone who is married or living with a company works. Plus, buying life insurance early in life can help your parents take a breather as they don’t have to think much about the uncertainty of the future.
Reasons to get student life insurance
There are several reasons why a college student may purchase a life insurance policy for themselves. Here are a few:
The Student Loan
This is one of the main reasons for college students to get cheap life insurance for them. Nearly every student in the United States is responsible for their own tuition and other essential expenses, such as the cost of lodging, food, and transportation. They had to take out a student loan to pay their tuition fees, which they have to pay back after the course is over. Two types of loans are provided to students: federal student loans and private student loans. Federal student loans provided by the federal government. forgiveness of the loans if the insured dies before the debt is repaid. But that is not the case with private student loans. Generally, private loans are made with a co-signer and if the insured dies without repaying the full amount, the co-signer will have to repay the balance. In cases where there is no co-signer, the debts are paid by the sale of part of the estate in the name of the insured. Having proper insurance can help you avoid such consequences and keep your co-signer safe as well.
Parents in debt
Usually, when the students graduate, their parents have debts of their own that they could have taken on to make the college education possible. The student loan alone costs an average of $30,000, and there are additional debts, such as home equity lines of credit, credit card debt, 401(k) loans, or mortgage debt that are not forgiven upon the borrower’s death. If they die before repaying the debt, it can spell trouble for the parents grieving the loss of their child. Grieving parents may have their own debts and financial responsibilities, and this can be an additional financial burden for them.
In such cases, insurance companies provide a lump sum death benefit to the parents which greatly helps to pay off the ongoing financial debts of their deceased child. That is why it is always a good idea to take out insurance only at your university. By simply filling out a form on their websites, you can get multiple life insurance quotes online and choose a preferred insurance policy for both you and your family. If you are faced with a dilemma, you can get the help of experts from various insurance companies who will clearly provide the life insurance policy details for each and help you determine the most suitable insurance plan for you.
Expenses of young marriage and new parents
You may not believe it at first, but a large number of students get married and have children while in college. According to the National Center for Education Statistics, about 20 percent of undergraduate students are married and more than 25 percent of undergraduate students care for their children while they attend college. Losing a spouse at this age can be disheartening and the ongoing student loan can be an additional burden for the surviving spouse. Having a life insurance policy will provide an accumulated cash amount that will assist the surviving spouse in handling current financial debts, funeral expenses and also raising the children.
Take care of elderly parents
For the students, who are the youngest in their family or were born in later years, will have an older parent by the time they graduate. They may or may not have a full-time job to take care of family expenses and may also be fully or partially dependent on their child. Losing their child at such an age can be heartbreaking for the parents and the added burden of paying the current financial debts can make things worse. If the students had life insurance, it would help their parents to pay back the financial debts and other essential expenses.
4 Reasons why you need life insurance in college itself
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