Do Recent College Grads Need Life Insurance?
December 7, 2021
Do you need life insurance in college? If you’re a recent college graduate going out on your own for the first time, you may have found yourself asking that very question. Determining how much life insurance a college student needs or how much life insurance you may need post-college can depend on a number of personal factors, so there are several important questions you should ask yourself before making a decision. Having Life Insurance can help provide financial stability and peace of mind to those left behind in the event of your passing, and in some circumstances may be appropriate or even necessary, even if you’ve only recently entered the working world. To figure out whether you could benefit from getting life insurance, try asking yourself these essential questions.
Are You Getting Married or Having Children Soon?
Perhaps the most important reason to get life insurance soon after college is if you plan to get married or have children in the near future. Life insurance policies often provide key safety nets for spouses and children, especially if you plan to be the main breadwinner. Your policy could:
- Cover everyday bills
- Provide additional savings and a cash safety net
- Bridge serious financial gaps and debt
- Provide for those left behind after your passing
Do You Currently Carry Student Loans or Other Types of Debt?
Another scenario where you might benefit from life insurance as a recent college graduate is if you currently carry student loans or other common types of debt. In some cases, your debt may not be erased when you pass, and your family members could be on the line for repayment. Consider getting a life insurance policy if you currently hold:
- Student loan debt
- Medical debt
- Mortgage debt
- Credit card debt and other consumer debt
- Automobile debt
Do You Plan To Make a Major Purchase in the Near Future?
Lastly, if you plan to make a major purchase or financial sacrifice in the near future, having a life insurance policy could help your family tremendously in the event that you pass before paying off that purchase. For example, buying a home could make having life insurance more important than ever. Some life insurance policies’ payouts could help your loved ones:
- Finish paying off a mortgage
- Repay a car or truck loan
- Repay a boat or personal plane loan
- Fulfill contractual financial obligations for new home builds
Although you may have just finished college and moved into the working world very recently, it may still be helpful for you to secure a comprehensive Life Insurance policy, depending on your current situation. If you’re unsure whether you could benefit from having life insurance at this point in your journey, ask yourself these key questions to find the best path forward for you.
About 1891 Financial Life
At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at (855) 804-7424.