As a college student, you’re still in the transitional stage between adolescence and adulthood. You have lots of responsibilities, both in school and in your external life, as you begin to think of your future and independence. So, having to life insurance as part of your responsibilities is one of the last things you may want to do.

But depending on your situation, it might be a good thing to start thinking about. Specifically, here are three times term life insurance for college students might be a good choice.

You Have A Cosigner On Your Student Loans

College graduates leave school with $37,712 in average student loan debt, according to Student Loan Hero.

If you have private student loans for some or all of that amount, chances are that you needed a cosigner to get approved. That’s because unlike federal student loans, private loans require a credit check. And if you have a limited credit history, which is typically the case with college students, you won’t get approved on your own.

Getting a cosigner can help you get the funding you need to go to school, but it also comes with risks for the cosigner. That biggest risk is that both the primary applicant and the cosigner are equally responsible for repaying the debt. This means that if you die prematurely, your cosigner is still on the hook for your student loans.

It can also hurt the cosigner’s credit score if you both default on the loans. As a result, if you had a parent or someone else cosign one or more private student loans, you’ll be doing them a favor by getting an inexpensive term life insurance policy that can pay off the debt if necessary.

You’re Married

Most college students aren’t thinking about marriage. But according to a study by the Brookings Institute, 12% of students at public colleges between the ages of 23 and 25 have tied the knot.

Once you get married, you’re likely to start mixing some of your finances and depending on each other financially. If you pass away, not only would your spouse be responsible for your final expenses, but they would also have to deal with other short- and long-term financial stresses that happen when a spouse dies.

Chat with your spouse about the financial implications that come with death, and whether you would be able to cope if the other passed away. Then, determine which expenses you would like to have covered.

It’s a tough conversation, especially considering you just started a new life together. But it’s essential to talk about.

Also, note that it may be wise to consider getting more life insurance coverage than you need, especially if you plan on having kids. Life insurance rates are largely a product of your age and health. So, if you’re young and healthy, you may be able to lock in a low rate for a long period, potentially saving you a lot over the life of your policy.

You Don’t Want To Be A Financial Burden On Your Parents

If you have no dependents, no debt — or at least none that wouldn’t be forgiven if you die — and nothing to leave behind, you still might want to have a small life insurance policy to avoid putting your parents in a tough spot financially.

A funeral can cost $7,000 to $10,000 on average, according to Parting, and that’s not including the cost of travel and accommodations for family members who live far away. If you die from an injury or illness, it’s possible that your parents could also be liable for your medical bills.

A cheap term life insurance policy can help you avoid putting that kind of financial strain on your parents.

What To Look For In Term Life Insurance For College Students

Since you’re young and likely don’t have much expendable income, you’ll want to make sure you get the lowest rate on your policy. Look for life insurance companies that offer low death benefits — some carriers have a minimum as low as $50,000.

Next, consider how long you want your term to be. Many insurance companies offer terms ranging from five years to 30 years. The shorter your term, the cheaper the coverage because you’re more likely to outlive the policy. But don’t sell yourself too short; you may want to hold onto your policy later on, especially if you get married and have kids.

Also, look or insurance companies that offer a policy purchase rider. This option, which you typically have to pay a little extra for, allows you to buy additional coverage later without having to prove that you still qualify for it.

This means that if you develop a health condition that can make it hard to get insured, you can still get the coverage you need.

You Don’t Have To Search Alone

Term life insurance for college students can be a good idea. But if you want coverage, you don’t have to try to figure everything out on your own.

LeapLife’s team of licensed life insurance agents can help walk you through the process of comparing quotes. They can also help you determine how much coverage you need and what pitfalls to watch out for. The result is that you get the coverage you need at a price that easily fits your college student budget.