As fresh college graduates celebrate their new entry into full-fledged professional adult life, many are planning their next steps, beginning new careers, and some may even be starting new families. For many graduates, this is also the start of taking full financial responsibility of their own lives.
Graduation from college is a time to evaluate your professional and personal goals, as well as your financial situation and future objectives. First on your list of responsibilities will be budgeting to cover your living expenses, planning for repayment of your student loans, and securing essential insurance coverage to protect you in case anything goes wrong.
You’ll Never Be this Young and Healthy Again!
While purchasing life insurance may not have been your first thought at this moment, there is no better time in life to secure a solid life insurance policy than right now, while you are still young and in great health. A good life insurance plan can support you as you enter the professional world in many ways. Whether you need coverage for a new business venture, a plan to protect your growing family in the event that something happens to you, or a repayment program to help pay off your student loans, Symmetry Financial Group can recommend a life insurance policy to help you accomplish your goals.
And of course, young, healthy individuals can secure the most affordable life insurance premiums on the market, as most insurance companies appraise applicants based on their age and health, with the lowest rates going to young non-smokers in good health. As a young professional, a term life policy could cost you as little as $1/day, less than the price of a cup of coffee. As you age, these rates will increase significantly, especially if you develop health issues or concerns, so it’s best to lock in those excellent premium rates while you’re young.
If you are starting a family or have dependents that you are financially responsible for supporting, a good life insurance plan could protect them from financial hardship if something should happen to you. And coverage isn’t limited only to death: you can secure a policy with an additional rider that protects your income if you should ever become critically ill or disabled and unable to work and support your family. If you’re planning to start your own business, life insurance can cover business expenses if something happens to you and you are unable to cover those costs.
When you really look closely at the advantages that life insurance provides, it’s easy to see that life insurance isn’t just something that your parents’ generation worries about – young people such as yourself may benefit greatly from securing the proper insurance coverage while you’re still young and starting a career, a family, or a new business.
Pay off those Student Loans!
As you graduate from college, you’ll also want to consider a plan to pay off your student loan debt, or any debt you may have, as quickly as possible. Did you know that there is a type of life insurance known as Debt Free Life that helps you pay down your debt in nine years or less? This type of coverage is especially useful, as the plan also lets you save up for retirement once all your debts are paid off.
Debt Free Life is a type of cash value life insurance, which means that a cash savings benefit accrues over time as you pay your insurance premiums. You can use that cash savings component in your insurance policy to pay off debts. This strategy can help you reduce the student loan interest you’ll pay over the course of your lifetime while taking years off your repayment schedule, freeing you up to enjoy life to the fullest.
With Debt Free Life, you can prepare for a future of financial freedom by saving up for retirement while eliminating your debts. Symmetry Financial Group is proud to offer the Debt Free Life solution for young people, because this plan has helped thousands of young families to pay off their debts and achieve their financial goals.
Why purchase life insurance individually?
In some cases you may be able to secure life insurance as well as health insurance through your employer. Many employers provide life insurance coverage as part of their employee benefits package to ensure that you have basic coverage to protect your dependents or loved ones if you were to pass away, or become critically ill or disabled. The problem with employer-sponsored life insurance plans is that most are not portable, which means they’ll only cover you while you’re employed with that company, and you would lose your life insurance coverage if you switched jobs. This could result in a lapse in coverage, which could put your family and loved ones at risk during the period that you are not covered while awaiting for the plan to kick in at your new employment.
To avoid the problem of employer-dependent coverage, many young professionals are choosing to purchase individual life insurance plans on their own to prepare for any unexpected circumstances and make sure that beneficiaries are covered regardless of the insured’s employment status. Symmetry Financial Group agents work with over 30 of the nation’s top insurance carriers, and can shop around to help you find a term life insurance policy for as little as a dollar a day that can provide the full range of coverage that you need. Term life insurance is generally the best option for emerging professionals, small business owners, and young families.
If your parents purchased life insurance for you while you were studying, graduation means reviewing your current policy and re-evaluating whether that coverage is still necessary. More than likely, your circumstances will have changed enough to require a new policy.
Are you ready to protect your loved ones as well as your future?
There is no better time than the present to purchase the life insurance plan that will protect your family and loved ones, while helping you reach your financial goals as a young up and coming professional. At Symmetry Financial Group, a licensed insurance agent will do all the shopping for you and scout out the best plan for your needs.
The team of trained and experienced Symmetry Financial Group agents can help you review, revise, or purchase a new life insurance policy easily and quickly, to ensure that your loved ones are covered right away, and your financial plans stay on track. Symmetry even provides video conferencing options so you can chat with a knowledgeable agent to make sure you get the best and most affordable plan to protect you and your loved ones.