Life Insurance for College Students
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Kristen Gryglik
Licensed Insurance Agent
Kristen is a licensed insurance agent working in the greater Boston area. She has over 20 years of experience counseling individuals and businesses on which insurance policies best fit their needs and budgets. She knows everyone has their own unique needs and circumstances, and she is passionate about counseling others on which policy is right for them. Licensed in Massachusetts, New Hampshire,...
Licensed Insurance Agent
UPDATED: Dec 4, 2023
It’s all about you. We want to help you make the right coverage choices.
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Dec 4, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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Would you be surprised to hear that life insurance for college students is a topic I am asked about quite often?
Yep! Despite the fact that most college students are young, healthy & unencumbered…
There are still some VERY good reasons to consider purchasing life insurance.
Let’s check ’em out!
Looking for quick & easy answers about life insurance for a college student?
Check out the links below to find the answers you’re looking for:
Quick Guide to Life Insurance for College Students:
- Which college students should consider life insurance
- How expensive is college tuition
- Affordable life insurance for college students
- How Expensive is Life Insurance for College Students With an Illness?
- Where to Find Low-Cost Life Insurance for College Students?
Life Insurance for College Students – Who Should Consider It?
Yes, college students should consider purchasing life insurance.
I know it sounds like a shot in the dark – but there are some VERY compelling reasons to buy coverage during this period.
The following two categories are the most pressing in my book:
- College students with a family and/or financial obligations such as a mortgage and debt
- Parents that have co-signed a student loan
Let’s take a deeper look now:
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College Students with Debt and/or a Family
Life insurance is something you absolutely need if you’re a student with a family and financial obligations.
Not all students are footloose and fancy-free.
If you have kids, a mortgage and debt this is the post for you.
Think about it!
You’ve taken on a boatload of debt when you signed on for that private 4-year college program. You and your spouse are really struggling to pay the bills but it will all be worthwhile when you get that peach of a job.
In a nutshell, all of these plans depend on you living & getting that new job.
Then the unthinkable happens. You pass away suddenly. Who is going to have to pay for your debt?… YOUR SPOUSE.
RELATED: 5 Critical Tips You Must Know Before Buying Life Insurance
This could literally devastate them. I don’t think a lot of college students with families really sit down to think about the burden they are placing on their other half if something unforeseen happens.
Let’s get real – most of us don’t believe it will happen – but I am here to tell you it does.
Protect your loved ones from having to deal with a situation like this by getting some term life insurance to cover your debts.
Parents that Co-Sign a Student Loan
Good ‘ole mom and dad!
They’re the ones who are around during thick and thin – and chances are you won’t really TRULY appreciate everything they do for you until you’re grown.
Who else is crazy enough to provide security for a $200K loan for someone who has shown no financial history whatsoever. Parents of course.
So, if you are going to co-sign such a big loan, it makes sense to consider what would happen if your child gets sick or has an accident and passes away.
None of Us are Immortal!
As parents, the thought of your children dying at a young age is unthinkable, but unfortunately, it does happen. Young people aren’t invulnerable and regrettably, both accidents and terminal illnesses do happen.
Statistically, as many as 200,000 young people between the ages of 15 – 44 die each year in the U.S. from disease and accidents.
The main question to ask yourself is this:
“Who will have to pay for the remaining balance of your student loan if you die before it’s paid off?”
The answer is quite simple – your loved ones!
So this is usually where Mom and Dad come in. If they’ve co-signed for you, you need to consider them.
Which brings me to the REALITY of a college education:
RELATED: Check Sample Life Insurance Rates by Age (No Personal Info Required)
The REAL Cost of a College Education
If you’re a parent, you’re well aware of the looming expenses that face your child if they opt for a University education.
SIGH…
I have three beautiful daughters and I dread this!
For many parents, having a doctor or lawyer in the house is a dream come true.
But let’s face it, your kids will have to take on monumental debt to get there unless you had the foresight to do some serious saving.
So what do kids today have to look forward to? I am going to give you some cold hard facts about the cost of a University education.
Did you know that 44.2 million Americans have student loan debt? Yep True story! – Looking at the Shocking Student Loan Debt Statistics for 2017! StudentLoanHero.com
How Expensive is a College Education REALLY?
The cost of the average 4-year college tuition just doesn’t just include tuition it includes all of the following as well:
- Fees
- Housing and Meals
- Books and College Supplies
- Personal and Transportation Costs
The average cost of annual college tuition can be broken down as follows:
1. Tuition & Fees
Not only do Colleges charge tuition but they also include fees for services:
The College Board reports that the average annual cost of tuition and fees breaks down as follows:
- Public 2 Year College:$3,520 (in district)
- Public 4 Year College:$9,650 (in state)
- Public 4 Year College:$24,930 (out of state)
- Private 4 Year College:$33,480
The cost of 4 years of tuition at a private school will knock you or your kid back… $133920.00 OUCH!
….and this doesn’t count all the REST
2. Housing and Meals
Expenses for “room and board” vary but on average the costs are as follows:
- Public 2 Year College: $8,060 (in district)
- Public 4 Year College: $10,440 (in state)
- Public 4 Year College: $10,440 (out of state)
- Private 4 Year College: $11,890
The cost of 4 years /room & board at a private school will knock you or your kid back… $47560.00 Double OUCH!!
3. Books and School Supplies
The average student spends about $1200.00 per year on books and supplies!
The cost of 4 years/books & supplies will knock you or your kid back… $4800.00 Triple OUCH!!!
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4. Personal and Transportation Expenses
These expenses take into account local transportation, clothing, personal items, and entertainment. On average your student will spend:
- Public 2 Year College: $1,760 (in district)
- Public 4 Year College: $1,160 (in state)
- Public 4 Year College: $1,160 (out of state)
- Private 4 Year College: $1,070
The cost of 4 years/personal transport will know you or your kid back… $4280.00 Quadruple OUCH!!!!
That’s a grand total of $190560.00!
It’s gonna cost you or your kid about $200K to graduate from a 4-year private college all in… and that doesn’t count grad school!
Now you know why so many people ask me about life insurance for college students.
If a young college student dies while in school, or not long after they graduate, the remaining balance of the debt still has to be paid!
Guess what? I have some GREAT news for you! Life insurance is VERY affordable when you’re young!
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We know the right companies for every age, health issue, and need. It’s quick and easy!
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Life Insurance for College Students is Affordable
OK – show me the money.
Life insurance for college students is CHEAP.
Yep, you heard me.
The cost per month less than what you would spend for lunch at a fast food restaurant.
Keep in mind, I’m talkin’ about Term life insurance here because it’s the most affordable option and it will completely cover your needs.
Simply select the amount you want, the length of time you want the policy cover – such as 10, 15 or 20 years – and voila – you’re covered!
Did you know the average cost of eating out for lunch in the U.S. was 11.14 U.S. dollars in 2015???
Yep – true story! Statista.com
I’m gonna share some real-life numbers with you! It will give you an idea of what kind of coverage and term we are talking about.
I think you will be surprised.
Let’s check out some rates now!
Sample Rates
Below are some sample Term Life Insurance quotes from Protective Life Insurance:
10 Year Term Life Insurance for Typical Student
| Age | $100,000 | $250,000 | $500,000 | $1 Million |
|---|---|---|---|---|
| 18 Year Old Male, Preferred Plus | $7.17 | $9.62 | $14.06 | $21.28 |
| 19 Year Old Male, Preferred Plus | $7.17 | $9.62 | $14.06 | $21.28 |
| 20 Year Old Male, Preferred Plus | $7.17 | $9.62 | $14.07 | $21.28 |
| 21 Year Old Male, Preferred Plus | $7.17 | $9.62 | $14.07 | $21.28 |
| 22 Year Old Male, Preferred Plus | $7.17 | $9.62 | $14.07 | $21.28 |
| 23 Year Old Male, Preferred Plus | $7.17 | $9.62 | $14.07 | $21.28 |
(Life Insurance Quotes based for 10 Year Guaranteed Level Term, as of 7/15/17, subject to change)
30 Year Term Life Insurance for Mature Student
| Age | $100,000 | $250,000 | $500,000 | $1 Million |
|---|---|---|---|---|
| 28 Year Old Male, Preferred Plus | $13.85 | $20.03 | $33.09 | $57.37 |
| 32 Year Old Male, Preferred Plus | $14.45 | $21.11 | $35.73 | $63.03 |
| 35 Year Old Male, Preferred Plus | $14.87 | $23.04 | $38.65 | $68.98 |
| 40 Year Old Male, Preferred Plus | $18.91 | $30.48 | $53.14 | $101.70 |
| 45 Year Old Male, Preferred Plus | $27.35 | $48.31 | $90.19 | $170.65 |
| 50 Year Old Male, Preferred Plus | $41.01 | $72.48 | $138.43 | $263.04 |
Remember Your Health MATTERS…(Life Insurance Quotes based for 30 Year Guaranteed Level Term, as of 7/15/17, subject to change)
These rates are based on a preferred plus rating. Which means you better be in GREAT shape with a clean family history.
Find Out in 2 MINUTES if We Can Beat Protective’s Rate
At Huntley Wealth, we treat every customer like they’re family. Our agents have NO sales quotas, so we’re able to spend all the time necessary with every client…. there’s no hurrying off to the next call with our agents.
What If I Have An Illness?
This is a tough question to answer.
It truly depends on the type of illness and if it’s being controlled. Some pre-existing medical conditions have no impact, while others are more difficult to insure.
One thing to keep in mind is that not all life insurance companies are created equally when it comes to underwriting!
Some companies are much more liberal with health conditions than others.
Huntley Wealth specializes in high-risk health situations. We can help you find those companies which are more lenient for your particular circumstances, which means you’ll get the best rates available.
Your Condition May Not Be Penalized The Way You Imagined!
Lots of people think their medical condition is a lot worse than the underwriters do.
This is not to say that there aren’t conditions that are heavily weighted – BUT...
If you have a preexisting medical issue, such as high blood pressure and it’s being successfully treated, you can STILL get great rates.
That’s why it’s so important to speak with an independent agent, like those at Huntley Wealth. We know which insurers to go to for your personal circumstances.
Let’s Take a Look at Some Standard Rates
Here are some rates for a woman who is in standard health looking for 20-year term in different decades of her life.
Ideally, she wants to protect herself and loved ones while she goes to college and builds her career.
Check out the numbers!
Sample Term Life Insurance quotes from Protective Life Insurance:
| Age | $100,000 | $250,000 | $500,000 | $1 Million |
|---|---|---|---|---|
| 25 Year Old Female, Standard | $11.90 | $18.93 | $32.04 | $55.59 |
| 35 Year Old Female, Standard | $13.19 | $22.84 | $39.41 | $72.10 |
| 45 Year Old Female, Standard | $21.15 | $40.50 | $74.06 | $136.52 |
(Life Insurance Quotes based for 20 Year Guaranteed Level Term, as of 7/15/17, subject to change)
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HEALTH ISSUES? We’ll Help You Get Approved!
At Huntley Wealth, we specialize in helping individuals with high-risk medical issues. You name it, and we’ve seen it.
We’ll help you get approved quickly at a rate you can afford. Get started with a free life insurance quote now!
As you can see – even if you aren’t in perfect health – life insurance is VERY affordable!
For just over $23 per month she can insure herself at the age of 35 for $250k in coverage for 10 years!
This would comfortably take care of her 4-year private college debt.
Final Thoughts on Life Insurance for College Students
No one in their late teens or early 20’s expects to die…
…and as a parent, you certainly don’t expect your children to predecease you. The message I want to get out is that it’s VERY important to be prepared for the unexpected.
Here are my final words when it comes to life insurance for college students:
1. Life insurance is INSANELY affordable. Even if your health is not perfect, you can get $500K in coverage for what it would cost you to go out to lunch with a friend once a month. YEP! People grossly overestimate the cost.
2. If your loan was co-signed by your parents, doesn’t it make sense to protect them? If something unexpected were to happen to you they are still responsible for the tuition payments.
3. If you have a mortgage, debt or a family – well then life insurance is just a NO BRAINER. You should have it to protect those you love.
4. Always use an independent life insurance agent, such as those at Huntley Wealth. We will get you the best possible rates.
Looking for Low-Cost Life Insurance for College Students? Huntley Wealth Can Help
If you are looking for life insurance for colleges students, Huntley Wealth’s got you covered.
As independent agents, we have access to dozens of life insurance companies – which translates into the best rates for you.
If you are in your 20’s, then chances are you’re in GREAT health. This means that your premiums are going to be super affordable.
Sadly far too many people think life insurance is more expensive than it actually is.
Even if you have some pre-existing medical issues, we can help. We have over a decade of experience dealing with high-risk cases and we know the ins and outs of all the carriers.
Call us today at 888-603-2876!
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Kristen Gryglik
Licensed Insurance Agent
Kristen is a licensed insurance agent working in the greater Boston area. She has over 20 years of experience counseling individuals and businesses on which insurance policies best fit their needs and budgets. She knows everyone has their own unique needs and circumstances, and she is passionate about counseling others on which policy is right for them. Licensed in Massachusetts, New Hampshire,...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.