Term Life Insurance for Students

Most people view life insurance as an uncomfortable topic to discuss, especially with kids. However, in terms of discussing life insurance… the earlier, the better! Term products can work well for those with a temporary need for life insurance.  

For your young adult, it’s not so much about providing a death benefit as it is about protecting their future insurability.  Age and health are two factors that can greatly affect the cost of your policy. All our term policies will require a personal history and medical questionnaire.  This means it may be easier and more affordable to qualify for an insurance policy when you’re young and healthy.  

It may also become more difficult for young adults to purchase life insurance the longer they wait due to health changes, beginning a career in a “high-risk” field, or picking up more “high-risk” hobbies such as rock climbing, skydiving, or motorcycle riding.  

The amount of coverage that a student may need can fluctuate depending on each specific individual.  According to CNN, the median student loan debt for a bachelor’s degree is $23,796, for a master’s degree $42,903.*  

When considering a term life policy for your child, it is important to consider each of the following:

Liabilities: How much money would I need to cover my child’s debts? You also want to consider future debts if your child is currently debt free.  

Final expenses: How much would I need for funeral costs, final medical expenses, or other immediate costs?  

Education goals: Depending on your child’s goals they could be in school longer than the typical 4 years. If your child’s career aspirations involve graduate school or a vocational school, you would want to take this into consideration.

If you have a child attending college or a vocational school, reach out to our agency today to discuss the proper coverage that they should attain.  

*CNN