Three reasons to consider life insurance for college students
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Posted By: Hija Chang on June 27, 2024 Want help navigating life insurance? Talk with one of our life insurance specialists today. Call 1-866-207-9160 or schedule a call. College students are usually focused on getting to class, maintaining good grades and graduating on time. Student life insurance policies are an issue that they're unlikely to contemplate. But there are some circumstances when a college student should weigh buying life insurance. It can provide an extra layer of financial protection for a surviving family. Consider the situations below. 1. Student loans Many college students pay at least part of their education with student loans. For federal student loans, the amount owed is canceled in the event the student dies before paying off the debt. That doesn't happen with private student loans, which are more like traditional loans and still must be paid off. These types of loans also typically require a co-signer, who becomes liable for paying off the loan if the student dies. In some cases, the loan’s repayment schedule is accelerated after a death or can even require immediate repayment in full. This may put the co-signer in a serious financial bind as they struggle to pay off the loan or damage their finances and credit rating in the process. A student life insurance policy will pay off the remainder of the loan in the event of a student’s death and protect the co-signer financially. Reasons 2-3: https://www.nationwide.com/lc/resources/in... If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Hija Chang
Management, See Moss Interactive Bellarmine University class of 2021 Member Since January 2011 |
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