Congrats, grad! You’ve put in countless hours to earn that degree, and now that you’ve graduated, you can check off a huge accomplishment on life’s to-do list. Go ahead and pat yourself on the back.
But graduation is just the beginning. In fact, you’ve probably already figured out that life’s big responsibilities have just started, including entering the workforce and numerous other milestones. So when you’re sorting through this new, sometimes complicated phase of your life, make sure you add “getting the right insurance” to your agenda.
The first type of insurance you should investigate is life insurance. Although you might be thinking, I’m way too young to think about a life insurance policy!, now is exactly the time to buy.
Investopedia.com tells us that “the optimal age to purchase life insurance is under 35,” and that recent college graduates ideally purchase life insurance policies to cover assumed debts (such as credit card debt from relocation or housing costs).2
Quotacy.com notes that it is important to start planning your financial future at a young age, and that millennial college graduates – products of the Great Recession – should realize “there is always the possibility that you’ll face economic uncertainty.”3 So if you’re young and healthy, getting a life insurance policy is definitely something to do sooner, rather than later, to prepare yourself and your loved ones in case the worst were to happen.
In addition to life insurance, you may want to look into purchasing supplemental health insurance. Like its name implies, supplemental health insurance is designed to supplement your existing health coverage, helping you pay for costs that your health insurance doesn’t cover. You choose what kind of supplemental health insurance you want, and there are policies available for accident protection, hospital indemnity, cancer, critical illness, and others.
In addition to life insurance, you may want to look into purchasing supplemental health insurance. Like its name implies, supplemental health insurance is designed to supplement your existing health coverage, helping you pay for costs that your health insurance doesn’t cover. You choose what kind of supplemental health insurance you want, and there are policies available for accident protection, hospital indemnity, cancer, critical illness, and others.
According to thebalance.com, whether or not you need supplemental health insurance “depends on your risk factors and how much insurance you want, or what you want to be insured for”.4
You’ve helped prepare yourself for adulthood by getting an education, so make sure you prepare yourself for your (and your family’s) financial future. Speak with an independent broker or a licensed insurance agent to answer any questions you may have and start adulthood on the right foot.
- How To Buy Life Insurance The Easy Way
- Best Age to Get Life Insurance
- Do I Need Term Life Insurance? How New College Grads Can Start Building Financial Security
- The Basics of a Supplemental Health Insurance Plan
Categories: Insurance, Life Insurance, Supplement Health Insurance