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College Student Life Insurance Policies: The Basics

Life insurance plans for college students are not very common.The majority of college students see life insurance as unnecessary and impractical. They believe that they are healthy, young and less likely to die at their age.

student life insurance

College students who purchase life insurance can get low premiums. They can be secure in the fact that they are protected as they age. Students who engage in dangerous sports can also benefit from life insurance. However, they may find it hard to get affordable life insurance quotes for college students because companies will ask about dangerous hobbies before setting policy premiums. Read also: Disabled People Can Get Life Insurance.

Life Insurance

  • Dependent College Students

Dependent college students may not realize the need to have life insurance. The main reason for college students to purchase a policy is to obtain coverage for expenses incurred if they die. Most importantly, purchasing a life insurance plan is very affordable for college students. This is mainly because young people are generally healthy and have a low risk of dying. However, almost 50 percent of deaths in college students were caused by accidents.

According to insurance industry experts, college students who are in their early twenties may purchase 15-year coverage for only $10 per month. Meanwhile, students who opt for a whole life insurance plan may only pay $28 every month. Female students can get lower premiums as they are considered to be low-risk clients. Read also: How To Protect Your Retirement Savings With Whole Life Insurance.

  • Independent College Students

Independent college students with dependents have many reasons to purchase a life insurance policy. Life insurance for college students provides security in case they pass away. Additionally, students with educational loans and mortgages may opt for life insurance policies with more coverage. People leave university with over $8,000 in credit card debt on average, and life insurance can cover costs to pay off these cards. Life insurance policies can also provide money for burial and funeral expenses. They also protect the family’s standard of living.

Moreover, independent students may opt for term life insurance. This type of policy will cover them for a specified period of time. Choosing whole term life insurance can mean paying higher premiums. However, this type of insurance comes with a cash value that can grow over time.

Getting the Most Affordable Life Insurance Quotes for College Students

Colleges and universities may offer students bundled insurance policies, but they are less likely to include life insurance. Fortunately, students can purchase a life insurance policy by simply looking for the most reputable companies that can accommodate their needs and budget. Younger people always get the lowest rates because companies base premiums on age and health. There are also many ways to get more affordable life insurance rates. This is particularly good for independent students who need to stretch their budget. Read also: Protect Loved Ones with Family Insurance.

College Student Life Insurance Shopping Advice

  1. Students who maintain a healthy lifestyle will not be considered high-risk clients.
  2. They should weigh their options carefully.
  3. They may choose term or permanent life insurance depending on the rates they can afford.

Take Advantage of Price Comparison and Quotation Services

Students can look for insurance companies online through price comparison sites. Using these free services allows them to identify insurance providers in their area. Doing so will also help them narrow their choices. Read also: Life Insurance Options for Diabetics.

Students should be able to weigh the price and coverage that comes with specific life insurance policies. Make sure to provide accurate information when looking for a policy. These services use this information as a basis for providing quotes. They also provide students with the opportunity to learn about smaller companies that might provide them with the best life insurance for college students.


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