Life insurance is often the furthest concern in the mind of a college student, but there are legitimate reasons to consider obtaining this protection. Certain types of student loans can be transferred to your estate or next of kin should you die unexpectedly, and this will usually fall to your co-signer. Some contracts require that the total balance be paid at once. Life insurance can also provide a buffer in case funds are needed for your burial so your family is provided for.
College students sometimes start their families while acquiring their education, and they can get married. A young family can encounter financial difficulties and struggle with meeting housing needs if one of the parents dies. Life insurance can not only help to pay off debts but it can also be put toward your own children’s future college expenses.
Some parents of college students have chosen to finance the tuition by mortgaging their homes or tapping into 401(k) investments. Discussing such information with your knowledgeable Oliver Insurance specialist in Canby, OR, is vital to determine the best insurance package for you.
It’s also common for students to incur credit card obligations while living on their own for the first time with limited earning potential. These outstanding balances may also become the responsibility of those closest to you.
Some types of insurance, such as whole life, enable you to use the savings feature from which you can borrow if you are ever in a bind. In addition, some may also allow you to make investments with this money.
Oliver Insurance Can Assist You
We serve clients living in the Canby, OR region and can help you with your insurance needs. We invite you to contact us by phone, online, or in person to review your details further.