New York, NY (PRWEB) September 03, 2013
Following an August 31st Insurance News Report titled “Why Life Insurance Policies are Being Purchased for Those with Student Loans”, Page Hamster encourages recent graduates and current students to consider purchasing life insurance policies to offset the potential effects of a fatal accident and student loan transfers. Life insurance policies can include whole life and term life, such as the policies offered by Maine term life insurance, as both are capable of covering the cost of many student loans.
The Insurance News Report published the aforementioned article discussing the advantages of purchasing life insurance after entering into a student loan agreement. The article acknowledges the argument many have regarding young people’s health and the likelihood that most will survive past young adulthood, but argues that anything can happen, regardless of age and seeming good health. The article focuses on the importance of providing a back-up plan for student loan repayment, rather than allowing loans to be transferred to a loved one, such as a spouse, or parents. Though some loan programs provide a clause releasing the debt in the case of death, many do not, forcing those closest to the deceased to shoulder the burden of repayment. More and more insurance companies are developing life insurance policies with this younger demographic in mind, providing coverage for extremely low monthly payments.
Page Hamster supports the Insurance News Report’s article and its assertions. Though purchasing a $10-$20 per month life insurance policy for current students or recent graduates may seem unnecessary, few loans possess a clause allowing the debt amount to be forgiven, forcing a loved one such as a spouse or parent to continue to repay the loan amount. This does not mean students need to purchase vast amounts of life insurance, however; while whole life may benefit many people, high premiums and life-long coverage may not be applicable to students and recent graduates. Term life insurance, however, such as the policies available from Maine term life insurance, may be the right fit for students. Term life insurance typically boasts low monthly payments, and can be tailor-made to specifically cover a single debt or series of student loans.
Insurance News Report is an online publication designed to offer insurance news and counsel for those in the insurance industry as well as consumers. The site boasts writers native to the field of insurance, most of which are actual insurance agents with industry experience.
Following a discussion of student loans, life insurance, and how they may intersect, Page Hamster encouraged students and recent graduates to consider purchasing life insurance to cover the cost of their student loans. While some may argue that this is unnecessary, given the age of most students, Page Hamster recognizes the possibility of death at any age, and the likelihood of a loved one having to shoulder the responsibility to repaying a loan in the event of the loan holder’s death. Term life insurance policies can be purchased, from Maine term life insurance to Nebraska term life insurance, to cover the cost of student loans and relieve family of the burden of repaying student loans taken out by a child or spouse.
PageHamster.com is a website devoted to providing current news and advice regarding personal finances.