Do College Grads Need to Consider Life Insurance?

Is life insurance something you need to consider after finishing university?Do College Grads Need to Consider Life Insurance?

As a college graduate, securing life insurance is probably one of the last things on your mind.  However, if you have taken out student loans to fund your education, then the need to secure life insurance coverage is actually quite pressing.  Here’s why you should seriously consider securing life insurance as a recent college grad.

Protecting Your Loved Ones

The average student loan per borrow is around $33,000, and it often takes years and years to pay it off.  However, have you ever wondered what happens to your debt in the event of your unexpected death?  While you might assume that your student loans simply disappear, this isn’t the case.  In actuality, your debt will transfer over to your co-signer, usually your parents or spouse, leaving them financially responsible for paying back the exorbitant sum.

This is why securing life insurance is so important.  Upon your death, your loved ones can use your life insurance benefit to pay off your student loans and any other debts that you leave behind.  This is why securing an adequate amount of life insurance is a responsible way to protect your loved ones.

The Cost of Life Insurance

Life insurance is generally used to support your loved ones and protect their financial assets.  However, most recent grads do not have many assets to protect.  This means that you really only need to secure enough life insurance coverage to take care of your debts and perhaps your burial and funeral costs.  Because you are still young and only need a relatively small amount of coverage, your life insurance premiums should not be very high.  To determine exactly how much you will have to pay for coverage, speak to an experienced insurance expert today.

Want to secure the right life insurance coverage to take care of your loved ones?  Then contact the independent agents at ISU-Wissink Insurance in Culver City, California.  Our dedicated team is eager to assist you with all your personal coverage needs today.