Life insurance and student loans

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Life insurance and student loans

Postby Anonymous User » Thu Jan 05, 2017 7:19 pm

I'm approaching 30 in a couple years and I hear premiums go up then. However, given the fact that my student loans are so massive ($200k+) would it be even worth it to buy life insurance?

Basically, I haven't done any research into this area and am wondering if it's even worth it researching (given my student loans).

mecarey

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Re: Life insurance and student loans

Postby mecarey » Thu Jan 05, 2017 7:42 pm

I don't think your student loans amount should factor into a decision on purchasing and maintaining life insurance unless you have someone as a co-signer on your loans. If you have anyone who depends on your income (i.e. children, a spouse) then life insurance can be a good idea. If you don't have anyone depending on your income, then the money you would spend on premiums would probably be better invested (including towards paying off your student loans).

Think of life insurance as replacement income for those you leave behind,

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BmoreOrLess

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Re: Life insurance and student loans

Postby BmoreOrLess » Thu Jan 05, 2017 10:23 pm

mecarey wrote:I don't think your student loans amount should factor into a decision on purchasing and maintaining life insurance unless you have someone as a co-signer on your loans. If you have anyone who depends on your income (i.e. children, a spouse) then life insurance can be a good idea. If you don't have anyone depending on your income, then the money you would spend on premiums would probably be better invested (including towards paying off your student loans).

Think of life insurance as replacement income for those you leave behind,


Even with co-signers, most student loans i've seen are discharged upon death of the borrower.

OP, look at your prom note. If they discharge on your death, then they should have no impact on your life insurance decision.

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kellyfrost

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Removed

Postby kellyfrost » Thu Jan 05, 2017 10:33 pm

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