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Hold On To Your Hustle: Growing Up After Graduation

June 13, 2017

Chase what’s in front of you. Plan for what you might leave behind.

Life insurance may be the last thing on your mind when you finish college, but it’s really never too early to start protecting the people you love. Our Life Covered℠ can help you find a policy that works at any stage of life.

Graduating from college is a big deal.  After four years or so of lugging around your weight in expensive textbooks, drinking coffee at 2am to finish up research papers, sweating over Monday morning pop quizzes, and trying to decipher your Chemistry professor’s handwriting, it’s tempting to put the brakes on and just relax for a while once you have that degree in your hand.

Of course, the reason you went to college in the first place was to give your future an upgrade, right? So toss your tasseled hat in the air. Throw yourself a celebratory soiree. But when the last song on the party playlist is over, turn on your favorite goal-setting jams and dance into the next big thing!

Graduation: The Gateway Life Event

Whatever direction you choose to go after graduation, and at whatever pace you travel toward your destination, chances are there will be experiences you want to have, possessions you want to procure, and people you want to protect.

  • Maybe your goal is to be a young homebuyer…so you skip the apartment hunting and the security deposits and start looking for mortgage advisors and “for sale” signs instead. That means taking on a lot of debt at an early age, but you’ll be building equity, and you can paint your bathroom whatever color you darn well please.
  • Maybe you and your college sweetheart are eager to tie the knot and start thinking about a family so you can be the parents who are still young and fun when your own kids start college.
  • Maybe homeownership and marriage and kids aren’t even on your radar, and you just want to focus on finding your dream job or traveling or living in a sweet downtown apartment with no Legos on the floor.

Even if all the more obvious reasons for buying life insurance are way down on your list of post-college life events, it’s a good idea to look into getting some coverage. Here are a few reasons why…

Good Decisions 101

  • Chances are, in addition to that diploma you worked so hard for, you’re leaving college with some school loan debt. While there is a death discharge for federal loans, most other types of loans still need to be repaid in full or have some other cost (like a tax penalty for your parents) associated with them. Life insurance can help protect your family from taking on that weight if something happens to you.
  • The younger and healthier you are, the lower your premiums tend to be, and since rates are usually locked in for the duration of your policy, that can end up saving you money in the long run. Also, the sooner you buy life insurance, the sooner it becomes an established part of your standard expenses, so it won’t be a shock to your system later when you’re also trying to pay for a wedding, a home, a baby, etc.
  • At the very least, it’s a good idea to have a policy that will cover end-of-life expenses. Thinking about final arrangements when you’ve just finished your final exams is tough, but the average funeral costs $7,000-$10,000. That can be a hard hit to your family, especially if you have siblings who are still financially dependent on your parents.

The Best Policy

Because affordability is probably the biggest factor for most recent college grads, a term life policy is a good way to go. Our Life Covered offers 10 year term life insurance, which means your family is protected for a decade, and you can revisit your needs (which will probably have changed) at the end of the term.

Term life insurance lets you maximize coverage and minimize cost and commitment…so if you’re trying to feel like a responsible adult but also still pay your rent and chip away at your student loans, it was basically made for you.

Want to keep the growing up going after graduation day? Our insurance experts are ready to help! Hang your diploma over your desk, then head to ourlifecovered.com for a free quote.

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