Classes are officially in session, which means at this exact moment, students from coast to coast have their heads buried in books, essays and exams whilst on the pursuit toward intellectual enlightenment.
And as assignments and responsibilities begin to pile up, there’s little time for students to think about anything other than their studies. Unfortunately, the swift current of life stops for no one, and the risk of catastrophe is a very real possibility. Are you protected?
Here are three reasons why life insurance for college students is a necessary investment…
1. Reconcile Student Loans
Student loans are one of the few forms of debt that’s particularly difficult to get rid of, even if the loanee files for bankruptcy. Fortunately, if a student passes away before he/she can satisfy his/her debt, the U.S. Department of Education will render the remaining balance null and void; the same cannot be said for personal or private loans taken out from a financial institution. For students who had to pursue additional financial avenues to pay off college, a life insurance policy may help to ensure all remaining debts can be paid off if the student passes away.
2. Support a Family
College isn’t just for those who are fresh out of high school; there are many college students who are married and/or have children. In addition to leaving these individuals their debt upon passing, a family that is suddenly missing one of their patriarchal members will be forced to make ends meet without the financial, emotional and parental support the deceased once provided. A life insurance policy can help to fund some of the struggles that this void will inevitably create.
3. Support Other Dependents
Although we often think of parents as being the rock of stability for a young college student, this isn’t always true. In many cases, a parent’s health may be fragile enough that he/she must depend on his/her child for living assistance. Without a life insurance policy in place to fund the parent’s lifestyle if the child passes away, the parent may find it difficult to pay for care, in addition to having to bury his/her child.
Start Your Life Insurance Journey Today
Do you have questions about how to invest in the right life insurance policy for yourself or a member of your family? Our team of experts is ready to help!
The Mutual Fund Store Life Insurance – Financial Engines specializes in pairing our clients with the most appropriate policy for their price range and geographical region. In this way, you can rest assured knowing that you always receive the best life insurance plan for you. Get started with a free consultation today!
Term Life Insurance products offered through TMFS Insurance Agency LLC, a separate company, affiliated with Financial Engines Advisors L.L.C. (FEA), in states where licensed. TMFS Insurance Agency LLC is under common ownership with FEA. Each entity is its own separate entity that provides services for its client independent from the other.