I Graduated From College, Do I Need Life Insurance?

May 22, 2020

May is an exciting time of year for college graduates who are planning their next steps towards a new career. For many of us, graduation can also be a time to evaluate our financial situation to determine how we’re going to pay off student loan debt, budget for living expenses, and secure important insurance coverage.

While life insurance might not be the first thing on your post-grad to-do list, a life insurance policy can support college graduates in many ways. Whether you need to get coverage for your new business, to protect your growing family, or even to pay off student loans, life insurance can help you reach your goals.

Young, healthy individuals can secure low rates

Did you know that your monthly/annual payments for life insurance will be the most affordable if you apply for coverage while you’re young and healthy? Most companies evaluate applicants based on their age and health, so now is the best time to lock in a low rate. For many young people, a term life policy can cost as little as $1/day. These rates can increase significantly for older individuals with health concerns.

If you have anyone who depends on you financially, life insurance could protect them from facing financial hardship if something happened to you. And this doesn’t just apply to death: your policy can also protect your income if you were to become disabled or critically ill when you add riders to your coverage. If you’re planning to open a small business, life insurance can cover the costs associated with your business if you pass away or become critically ill or disabled.

Life insurance isn’t just for your parents – many young people can benefit from getting coverage while they’re starting a career or launching a new business.

Applying for a new job? Be sure to check out employer-sponsored coverage

If you’re in the process of applying for a new job, be sure to consider your employer’s options for health and life insurance. Many employers will offer employees life insurance coverage as part of their benefits package. This insurance can provide basic coverage to your dependents or loved ones if you were to pass away. Some plans will also provide disability coverage if you were to face a disability or illness while employed.

The downside to employer-sponsored plans is that most aren’t portable, meaning you wouldn’t be able to take your life insurance with you if you switched jobs. This could cause an unfortunate lapse in coverage, putting your loved ones at risk during the time you’re without coverage.

Purchasing an individual life insurance policy could help you prepare for any unexpected circumstances. We recommend a term life insurance policy with rates as low as a dollar a day. Term life insurance is a great option for young individuals, business owners, and families.

Graduation for parents who purchased life insurance for their children

For parents who purchased life insurance for their children, graduation means taking another look at the policy and re-evaluating if coverage is still necessary. If your child is beginning a career of their own, then you could possibly reduce or restructure your life insurance coverage. If your child is starting a new career and could gain access to employer-sponsored coverage, now is a good time to restructure your life insurance plan.

Your Symmetry agent can help you review, revise, or get a new life insurance policy in place in just a few simple steps. We even offer video conferencing so you can chat with a licensed agent to ensure your current coverage best fits your needs – contact us today to schedule a review.

Student loan debt? Consider our Debt Free Life insurance solution

Are you graduating with student loan debt? Symmetry’s Debt Free Life insurance product can help you eliminate student loan debts (and any other debt you’re carrying) in nine years or less. Debt Free Life is a type of cash value insurance that utilizes the cash savings element within your insurance policy to pay off debts. This strategy can decrease the interest you’re paying to lenders and take years off your repayment schedule.

With Debt Free Life, you can get on track to financial freedom and start saving for retirement, all while eliminating your debt for good. Our Debt Free Life solution has helped thousands of young families pay off their debts and reach their financial goals.

Ready to get life insurance coverage? Let’s talk!

There is no better time than now to get life insurance. And with Symmetry, you’ll gain access to a licensed agent who will do all the shopping for you. With video conferencing available, you can get life insurance or join our Debt Free Life program from the comfort of home.

To get life insurance fit for your budget, request a quote for life insurance today.

 

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