Are you a student about to head to college? You probably already know there are many excellent universities in New Jersey. Life insurance may be the last thing on your mind when you think about college, but it could be an excellent safety net to make sure student loans do not become a burden for your loved ones.

The type of insurance many people are familiar with is whole-life coverage, which covers your entire life from the time you purchase the policy until your death, providing the policy is kept going. There are other options available and term-life insurance may sometimes be a suitable option for younger people in their 20s or 30s who are unmarried and do not have kids. The insurance may be purchased to cover just the years that you could be paying off your student loans. Therefore, if you were to die unexpectedly, the insurance payout could help your beneficiary pay for any outstanding debts. However, once the term of your policy has expired, the benefits are no longer available.

Term-life insurance can be an excellent starter policy and in some cases may be able to be upgraded into a whole-life policy at the end of the term. New Jersey life insurance rates for term policies are generally a lot lower when you are very young and healthy. Contact an experienced agent to learn more about life insurance.  

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