Securing the right life insurance as a recent college grad.
If you’ve just graduated from college, then securing life insurance is probably the last thing on your mind. However, if you have taken out student loans to pay for your tuition, then securing the right life insurance is actually more important than you might think. Here’s why college grads shouldn’t put off life insurance.
It Protects 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.
This is why college graduates need to secure life insurance. Are you looking to find the right life insurance to fit your needs and your budget? If so, then do not hesitate to contact us at Steve Wilk Insurance. Check out our new office at 310 S Main Street, Suite C, Lombard, IL 60148.