Every student has different needs when they make the decision to attend post-secondary school because students come from unique backgrounds and financial situations. Some may be married, some may have children and others have no dependents that rely on them. Attending university or college can be very costly creating financial burdens such as student debt. If you are a student who has dependents, it may be wise to consider purchasing an insurance policy for your child.
In addition to having to pay for tuition fees, students who are traveling far from home for school may incur other expenses such as housing, food, transportation, and insurance costs. Should something unfortunate occur where the student loses their life, it is possible that their loved ones will bear the burden of the student’s financial debts on top of funeral and other expenses. One way to avoid putting your loved ones through additional financial stress is to purchase some form of a permanent Life Insurance product.
Life Insurance coverage at any age is wise to have, especially when you’re a student because of the financial roadblocks you can incur if you become uninsurable in the future.
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Reasons for future denial of insurance coverage could be:
- Illness
- Accidents and injuries
- High-risks professions
- Pre-existing medical conditions
- Age
- Criminal record
- Hazardous Sports
These are some reasons why students should consider obtaining insurance coverage before they head off to school. The types of insurance policies that students can benefit from purchasing are:
Universal Life or Whole Life
A Permanent Life Insurance policy can protect students by ensuring you will not lose your coverage if you become uninsurable in the future. It also acts as a savings or investment vehicle where you can accumulate cash value. There is an additional benefit that is really great to have with this type of coverage called a guaranteed insurability rider. This rider gives you the ability to buy additional coverage in the future without having to provide answers for insurability questions. For example, you could add $50,000 of additional coverage to you or your child’s policy. In most cases, students can work with an Experior associate to purchase a policy for as little as $15 a month depending on the coverage and other factors.
Travel and Health Insurance
If you’re thinking about continuing your studies abroad, most likely you will need to purchase an insurance policy in the country that you will be studying in. This will protect you in case of medical emergencies, general health and wellness. Your Canadian benefits and health insurance policy will not cover your expenses when you’re out of the country.
If you will be traveling to another Canadian province for your studies, it is important to note that additional insurance may need to be purchased because some provinces will not cover certain types of medical and health expenses. For example, if you needed to get stitches at the hospital, your Ontario Health Insurance Plan (OHIP) may not cover you if you were in Quebec. An Experior Financial Group associate will help you to find the best-suited student travel insurance coverage for your needs as a travelling student.
Can student loan providers garnish your Life Insurance?
There is no garnishment of a life insurance policy ever. A life insurance policy should have a designated beneficiary which means funds go directly to that individual and cannot be contested. It is creditor proof and tax-free. A general rule of thumb when purchasing a life insurance policy is to make sure you always name a beneficiary. If you do not name a beneficiary, you run this risk of the policy becoming a part of the estate which means it can be contested.
Can you receive a student discount when purchasing insurance?
There are no student discounts in Canada for purchasing insurance. However, an Experior Financial associate will shop the market to get you the best rate available to suit your needs and budget.
Careers with Experior Financial Group as a Student
If you are looking for a way to earn money while you’re a student, Experior Financial Group offers part-time career opportunities across North America. Experior offers training that is unmatched in our industry, as well as real-time access to top leaders within the company. Furthermore, Experior provides lots of opportunities for advancement within the company. Overrides on all products for agency builders and promotions based on personal and team production. Our goal is to help you grow your agency by providing you with all of the tools, information, and technology that you need. We have over 26 Insurance/Investment partners and you’ll get insight from experts in the industry, as well as exclusive contests for prizes.