There is no specific student life insurance available, but if you want to protect yourself to provide for your family in the event of your death while at university, then there are some competitive life insurance policies you may wish to consider. You can accumulate a huge amount of debt at university through student loans, credit cards, overdrafts, etc, so life insurance will ensure that these are paid off in the event of your death. This means that your family are not left having to deal with additional financial hardship.
Student life insurance cover could include:
- Pay out of a fixed, one-off lump sum in the event of your death or diagnosis of a terminal illness
- Paying off school fees, loans and other debts
- Mortgage protection assurance – pays off part or whole of your mortgage. In many policies, payout decreases in line with the level of the mortgage. Cover in the event of illness or unemployment
- Income protection in the event of injury, accident, or unemployment
- Family income benefit – regular payments to your family in the event of your death. Payments last until the end of the policy, and start from the day the claim is made.
To find the best deal that gives you the cover you need at a competitive price, shop around and compare life insurance from a number of providers.