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Life Insurance for College Kids


Although a life insurance policy isn't normally on the list of things to pack as your kid heads off to college, it could be one of the best ways to provide a little extra protection. Studies show that less than half of college-age students currently have coverage, and that number may continue to increase.

Preparing for the Unexpected

No one likes to think of the worst-case scenario, but many families are simply unprepared financially to take on the financial toll that arises in the case of an unexpected death. This is particularly true for kids in college, as there are so many additional monetary obligations associated with being away at a college or university.

Although federal loans for tuition are dismissed or forgiven in the case of an untimely student death, it may be another story if going through a private lender. Deposits for apartments or dorms may be nonrefundable, and there may be all kinds of other costs associated with sending your child off to school. The higher the tuition, the more frightening a picture is painted if something happens. Parents may purchase a policy for their college-age dependents just to be on the safe side.

Preparing for the Future

There's no reason not to maintain the policy coverage even after the college years, allowing the recent graduate to take over their own premium payments. This is a great way to begin a lifetime of policy coverage for them, since it's much easier to get approved for more comprehensive potential benefits when you're still young and healthy. By the time they become responsible for their own families, they'll be well on their way to having prepared a reliable safety net for the loved ones who depend upon them.

Although college students aren't typically financially responsible for anyone, including themselves, they can still benefit from maintaining a policy, either provided by their parents or paid for on their own. Many think of life coverage as something that's designed for the family breadwinner, but the truth is that the benefits from that policy can aid in all kinds of unexpected situations. Circumstances can change very quickly at any age, and a good life insurance policy can help you be prepared.

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