Read that again: students were the second-most likely group to make claims for payment on income protection policies due to injuries and illnesses that affected their ability to continue their studies, career or future.
The reason to buying life insurance for students
According to medical professionals, all students should have coverage against an accident or illness that could prevent them from living the life they want. This means income protection (especially if they work while studying) as well as critical illness and disability cover.
Even a temporary injury or illness can delay the completion of their studies and put them off starting a career. In the worst-case scenario, a serious or permanent disability could impact their entire future earning capacity potentially leaving them financially dependent on their parents or relatives for life.
When buying insurance for young people, monthly premiums are usually lower because there is less risk. Unless students have underlying health conditions, parents should invest in life insurance now before health issues arise and the policy may include exclusions.
Encouraging customers to protect their children’s future with the right life insurance products, including income and critical illness protection, as well as the necessary life cover to meet financial obligations, can significantly reduce financial stress. This will allow both parents and children to navigate this stage of life with confidence and enjoy its benefits.
Photo is from open sources.
