The other day, a very interesting question crossed my mind – do college students need life insurance?. As with any other tough financial questions, the answer is: it depends on your situation.There are many different reasons to consider getting life insurance while you are a college student, but I want to highlight two big reasons below. It doesn’t mean that you don’t need life insurance if these reasons don’t apply to you, but you may still want to consider it based on your individual needs.
College Students Getting Married
Marriage is one of the biggest situations where you may want to consider getting life insurance. In fact, almost about 9% of the college students are married, while another 15% of the college students on top of that are engaged. And while insurance may not be the first thing on your mind when it comes to your significant other, insuring a new marriage or engagement can help protect a couple against financial calamities. Its may be a good start to consider life insurance ass college student when getting married.
The amount of life insurance you need as college students should be based on how much you need to protect your spouse and any expenses that you may have together while in college. These could include rent or mortgage payments, or other debts. In the event of your death, you don’t want to burden your spouse any more by leaving him or her with a pile of bills that they can’t pay. That is why it is important to make sure that you are both protected with life insurance as you take this big step forward in life.
Some of you, i can say.. you might be thinking “How can I afford life insurance if I’m only in college?” Many consumers are convinced that the life insurance is way too expensive to afford, which is totally not the case. In fact, for someone in college it should be much cheaper since they are most likely much younger and in good health. A 26 year old could get a $250,000 policy for around $12 per month. I know that when I was in college and even though I was broke I could come up with an extra $12 per month. So its way enough to invest in your insurance.
Student loans and debt, another big situation when a college student should consider getting life insurance has to do with student loans and debt. In some cases if a student needs a private loan education, you need to have someone for co-sign the student loan for you (usually a parent). The trouble with having a co-signer is that if anything happened to the student, the co-signer would still be liable for the debt but this is normal for those who secured the student loan.