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What are the benefits of life insurance for college students?

Question:
What are the benefits of life insurance for college students?

Joy Mari, California

Answer:
Dear Joy Mari,

In general, the purpose of life insurance is to provide replacement income for people who are dependent on you financially if you were to die. So for most college students who don't have dependents, the money for life insurance premiums might be better spent elsewhere.

There is one potential advantage to buying life insurance at a young age: Your premiums will be low (assuming that you are healthy). All other things being equal, you will never pay less in life insurance premiums than you will today. However, if you can improve your health by quitting smoking or by losing weight, you may be better off waiting despite the higher overall premium rates that come with age (read Can you hide smoking from life insurance companies? and Being overweight carries life insurance pains).

Read How much life insurance do you need? for more information or use the Insure.com Life Insurance Needs Estimator Tool.

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Disclaimer: We are journalists, not financial planners or insurance brokers. Nothing we say should be interpreted as a recommendation to buy or sell any insurance product, or to provide other financial or legal advice.

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