Graduation

There are few things quite as satisfying as walking across the stage, diploma in hand. Graduation is a major accomplishment and reaching this goal is a turning point in anyone’s life. Earning your diploma is a wonderful achievement and is certainly something worth celebrating. It’s an exciting time, and for many, graduation marks beginning of a whole new way of life. This can include a career, a home, a family and many other lifestyle changes.

This period of growth and advancement brings forth a number of new opportunities and responsibilities. Graduation is exhilarating, but the forthcoming duties can be overwhelming. Many graduates worked so hard in school so they could find a satisfying and fulfilling career. As you begin this new part of your life, be sure to plan to protect everything you’ve worked so hard for. Do not let your life insurance needs fall to the wayside.

Unfortunately, many graduates consider life insurance to be the least of their concerns; however, there are plenty of viable reasons for graduates to seek coverage.

Important Factors to Consider

In order to better assess your coverage needs, ask yourself the following questions:

What is Your Current Debt to Asset Ratio?

Your student loans may not be due yet, but they’re going to be. In fact, many graduates today are leaving school with significant financial obligations. It is quite commonplace today for students to graduate with well over $30,000 in student loans. However, as a recent graduate, this likely isn’t news to you. While you may be well aware of the student loans that you possess, are you aware of what could happen to them if you were to pass? Albeit a difficult subject to consider, many graduates do not realize the full implication of these financial obligations. If you were to suddenly die, your family could be held responsible to pay for your loans. Did you have any co-signers on your student loans? Would they be able to afford this debt?

Does Your Employer Provide Coverage?

If you are lucky enough to land a job where life insurance coverage is provided through your employer, then you don’t need any additional coverage, right? Well, not so fast. Many employers today only provide minimal level coverage. While there are exceptions to this rule, in general, employer-provided coverage alone is typically not sufficient to meet the financial demands of the deceased. Many graduates are surprised to learn just how insufficient this coverage can be. Many choose to obtain a policy in addition to the plan offered by their employer.

Do You Know how Much Rates can Jump with Age?

The best time to purchase a life insurance plan is when you are young and healthy. Rates will only increase as you age and have increased risks. You can lock in low rates and then your plan can be re-evaluated and updated at any time. This is advisable to do so when you have a major life event, such as getting married or expecting a child.

These are just a few of the most important factors recent graduates need to be aware of when it comes to life insurance. It’s also worth noting that graduates are typically able to qualify for the best rates due to a low-risk status and high health status, making it advantageous to lock-in superior and cost-effective coverage early on.

Your Coverage Options

Are you curious about obtaining coverage but not sure what to do next? Don’t worry, you’re not alone, the vast majority of graduates are unfamiliar with life insurance coverage. Luckily, that’s where the Term Life team can help.

We’ve made understanding and comparing your coverage options easy. If you would like to get an idea of what your coverage costs and needs may be, use our free Quote Calculator and we’ll provide you with the lowest prices and the best companies. At Term Life, we provide the choices; you choose the policy – no obligations.

So, what are you waiting for? Lock in low rates today!




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