Posted on: 29 January 2015
As you move on to college, you start to think about your expenses. Having to cover tuition, room and board, and other living expenses, you may feel any insurance products are too much of an additional burden. However, here are four important reasons college students should pursue insurance coverage now.
1. There is No Need to Wait to Start Your Own Family
Many young people believe they should wait to start a family before they have insurance coverage. Even if they are married, they then think waiting to have children is the right thing to do to save money. However, life insurance is important to have at any age, even infancy. It reduces the burden on your family members covering the cost of your death should anything happen to you. There are many accidents that can occur while you are away from college such as fires, auto accidents, or an incident at a college party. So leave your family with the peace of mind that your burial and final expenses are covered.
2. Young Entrepreneurs Hit it Big While in College
Just about everyone has dreams they will be successful and famous while young. Many young college students turn that dream into a reality. You could be a young and successful entrepreneur in college and bring in tons of money.
At that point, your life, as harsh as it sounds, is worth more value. Coming from a low or moderate income to an extremely wealthy income, your life insurance policy value increases. You have to jump through many more hoops at this point for an insurance company to cover you at the policy value you declare. Get your relationship established now with a reputable insurance agency and add on the additional products and increase the value as needed.
3. Build Cash Value for the Unexpected
As a college student, you never know what to expect while in school. The premiums you pay towards your life insurance policy build value over time, almost like a savings account. If you earn any dividends on it, it grows tax free as well. You can withdraw this money at any point to use for additional book expenses, room and board, or cover your down payment for a vehicle.
4. It's Cheaper While You're Healthy and Young
Besides life insurance, having a good health insurance policy is also necessary to have while in college. As stated above, there are many accidents that can happen on campus. The younger you are, the cheaper your life and health insurance policies are. They look at your life expectancy and how healthy you are. Take advantage of the lower rates since you are young.
Life and health insurance are necessary insurance products for any person. However, young college students should seriously consider getting it now than putting it off for the future. Ask an insurance agent at an agency like Reed & Baur Insurance Agency to learn more about your coverage options.Share