A Term Life Insurance Calculator Can Help College Students

If you are 18 and about to start college, your chances of dying anytime soon are pretty minimal. That doesn’t mean that it can’t happen and if it does, what will your parents do? Term life insurance is the most reasonable on the market and a term life insurance calculator can help you determine which policy is right for your budget.

When you start college, the debts start to pile up. Unless you have a full scholarship and few expenses, you will probably end up with lots of student loans and other payments to contend with. Some government student loans are cancelled in the event of your death, but private loans are here to stay. If your parents co-sign, which they will probably have to if you are 18 and have no credit, then if you die they will be left with the debt. If you were to die your 3rd year of college at a $45,000 a year school, that’s no chump change. Term life insurance can be the difference between leaving your parents in dire straits and leaving them without worry.

Term life insurance is a type of life insurance where you pay for a certain period of coverage, after which your coverage expires. You can elect to pay for as little as a 10 year period or as much as a 30 year period. A term life insurance calculator will help you figure out which policy would benefit you the most. With youth and health factors on your side, your payments will be some of the lowest available, a distinct advantage to college students. You could also get a 10 year renewable policy, so that you would have the option to extend or even upgrade your policy when you’re a little older and more likely to have a steady job and a family of your own.

When you start college, your sudden death is the furthest thing from your mind. Don’t leave your finances to chance. A term life insurance quote can help you and your family rest easy knowing that your expenses and loans will be covered if the worst should happen.

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