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Jun-17th-2014

Life Insurance for College Students

collegestudentIf you are a college student, obtaining a life policy may be far from anything you are currently thinking about. However, the average age for college students is increasing. Gone are the assumptions that a student has to be someone who recently graduated from high school. Today, students seek higher education opportunities at virtually all ages. Therefore, many college students, both undergraduate and graduate, find benefit from obtaining life insurance during these formative years.

College Students- Married with/without Children

Many college students are currently married, become married during their college years, or who have a family. Obtaining whole or term life policy to cover a loved one’s financial need in the event of premature death is a prudent decision. College students should carefully evaluate their present situation, the financial need of those they love and their budget when selecting the appropriate level of life insurance and type (term, whole life, universal life or variable universal life).

Fiscally Responsible Students

Many students are becoming fiscally responsible at earlier ages. Financial learning opportunities have presented themselves over the past few years, as the global economy has offered challenges. Students that are concerned about their financial futures often consider obtaining a life policy, despite their being a less obvious, or lack of need on the surface. Life insurance premiums rise with age. Therefore, securing a premium during college will make whatever type of policy is selected less than if the student were to wait until after graduation to apply for coverage.

In the event that a cash value policy is selected (whole life, universal life or variable universal life), the college student will be able to begin saving for their future today.

Guaranteeing Insurability

For students that engage either in risky activities, or who may be concerned about future insurability, should also consider applying for life insurance as a student. Activities such rock climbing, sky diving, scuba diving, flying, and mountain biking can cause a student’s risk rating for life insurance to increase. The higher a risk rating, the greater the premium cost. Plus, anyone who regularly engages in these types of activities has a greater risk of injury and accidental death. Securing life insurance protection will offer financial peace of mind for those the student loves.

For students that may be concerned about issues with future insurability, would also be advised to secure protection during their education years. In the event that a serious illness or injury occurs to a student during their lifetime, they may be deemed as uninsurable by an insurance company. Therefore, obtaining some level of life insurance coverage, despite no obvious financial need, secures some financial protection for the student’s future.

Life insurance is a needed asset for virtually everyone, at some point during their lifetime. Even as a college student, there are a number of reasons that make financial sense, to secure a policy.

Damiso Lockhart writes for My Insurance Expert, which will help you find term life insurance that fits all of your individual needs. The world of life insurance doesn’t have to be difficult. Damiso is helping to clarify these difficult topics in laymen terms.

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