According to Life Ant, college students need life insurance just like everyone else, because “you never know what is going to happen,” and a life insurance policy could pay for costs including funeral expenses and others your family might face related to your death.1
The College Investor lists two main reasons a college student should buy life insurance: if you’re getting married or if you have student loan debt.2 “Insuring a new marriage or engagement can help protect a couple against financial calamities,” 2 The College Investor notes, and if you have loans, you probably had a family member as a co-signer and “if anything happened to the student, the co-signer would still be liable for the debt.”2
Student loan debt in the U.S. has continuously grown. In fact, according to Forbes, “student loan debt in 2019 is the highest ever,” and “there are 45 million borrowers who collectively owe more than $1.5 trillion in student loan debt in the U.S.”3 Depending on what your family might owe in the unfortunate event of your passing, life insurance is a good way to help ensure they’d be able to pay that debt.
Since college students are often young and in good health, it’s likely they’ll be able to find an affordable policy, even when money is tight during college years. And since no one knows for sure what the future holds, it’s always best to be prepared.
If you have any questions about what type of life insurance or how much life insurance to buy, contact a financial advisor and a licensed insurance agent.
Life Ant, Life Insurance for College Students, 2019
The College Investor, Do College Students Need Life Insurance?, 2019
Categories: Life Insurance, Term Life Insurance, Whole Life Insurance Insurance