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Is It Worth Getting A Life Insurance While In College?
College students often focus on their studies and their journey towards their careers. Most of them are just preoccupied with getting good grades and graduating and are not bothered by other things in life, such as getting an insurance.
Now life is full of uncertainties. You never know when you will be sick or get into an accident, or worse, die. But just because you are healthy now does not mean you are exempted from these risks.
There are various situations why you have to consider getting a life insurance even if you are still in college. Here are some of the reasons why you need to get one.
Saves Your Student Loan Co-Signer From Debt
Going into college today is very expensive. That is why many students resort to getting a student loan to fund their studies. If you got financial aid from the federal government, the amount owed gets canceled if the borrower dies before the debt is fully settled. But the scenario is different if you got your loan from a private institution.
Usually, when you loan from them, you must have a co-signer who will become liable for paying the loan if you die. Sometimes the loan schedule gets restructured and accelerated after death or can even be required to be repaid in full amount.
It will put the co-signer in a difficult position wherein they would have to take the burden of paying off the loans. It can have severe implications on their finances. If you have an insurance policy, you don’t have to worry about these things, as your policy would cover the remainder of your loan.
Takes Care Of Your Dependents
There are cases wherein some college students work part-time to provide for their families. They could be the family’s breadwinner and are just studying in college to have a better chance of getting a higher paying job to support their family.
Having life insurance would give that student peace of mind that their dependents would not be financially affected whatever happens to them. It can take care of all funeral expenses and even provide financial support if there is big enough coverage.
Prepares For Your Future
Many college students are still not thinking of getting life insurance since they think that it is just for people who have dependents. But what they don’t realize is that eventually, they would start a family of their own with a partner and kids relying on them. Starting insurance at an early age has its advantage since the premium would be lower than when you get the same coverage later.
Helps Accumulate Wealth
Life insurance is not just about getting money when you die. There are life insurance products with an investment proponent that allow you to generate funds while you are paying off your policy. These funds grow over time and can be used for different purposes.
You can use it to start your business, build a house, or you can even set it up as your retirement plan and use the fund when you retire.
The earlier you can start saving, the longer time your money has a chance to grow. So imagine if you start it while you are still in college, then you are already secured come your retirement age.
Gives Security Against Different Life Uncertainties
Death is not the only life uncertainty you need to prepare for. What if you got into an accident, or you become critically ill? These things do not choose the people they will target as it could happen to everyone.
There are life insurance products that protect you against all of these uncertainties. If you get hit by any of these, you know that the money allocated for your studies would remain intact as you have an insurance to cover all the unexpected expenses.
Having a life insurance has many benefits and is not just for older people or a family person. As a college student, you are in the best position to start creating a plan to secure your future. It would allow you to focus better on things that would help you become successful in life.
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