New grads may benefit from life insurance policy
May 25, 2010, 05:20 pm
Regardless of what degree they may have received, or what level of education they may have completed, young people who have just graduated have their whole lives ahead of them.
And the adults who know those young people may be curious as to what they should buy them as a graduation gift. Frank Darras, an insurance lawyer, recently suggested that people consider giving a life insurance policy to young people, which can help them with their finances in the future.
"The younger the policyholder the longer he has a valuable life insurance policy and can cash it in when the time is right," Darras said.
Darras said consumers may consider a variety of polices, including term or whole policies. A term policy lasts for a set amount of time, although people may have the option of converting it into the whole type.
Generally, a whole policy is more expensive than a term policy, at least at first. However, it lasts for the life of the insured person, and the higher costs are tied to keeping rates consistent over time.
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