Very few people consider a life insurance policy while in their 20s. If you are a recent college graduate with your whole life ahead of you, you may think that you don't need life insurance—it is often thought that life insurance is something that parents buy, that it's something that only older adults need. Unfortunately, neither of these is the case. Don't make the mistake of neglecting to choose life insurance, especially if you graduated college with a load of student debt. Its implications can be larger than you expect.

According to Forbes, two-thirds of college graduates are shouldering the burden of student loan debt. As of 2013, there are 37 million borrowers in the United States making student loan payments, and a total student debt load of more than $1 trillion. The truth is this, if you owe student loans or any other type of major debt, life insurance is the surest way to protect your next of kin from getting saddled with that debt should you pass away. There are several benefits to buying an individual insurance policy as soon as you graduate from college.

Future accessibility of policies

First, if you buy insurance early, you are more likely to be able to purchase different insurance policies as you age, regardless of your health. Once you are approved for one policy, you are more likely to be approved for others.

Savings

Next, as you age, insurance becomes more expensive. Many companies allow you to lock in the rate of purchase for the lifetime of the policy. This means that as long as you continue to make premium payments on time each month, the amount you are required to pay is frozen.

Accumulation of cash value

Lastly, as your policy ages, it builds cash value. Consider that you may be married with children and grandchildren in the future. You will be able to borrow against this cash value to help the young people in your family pay for their own education.

You may feel as though life insurance is only something for people older than yourself. What happens, though, if you should pass away? Without a life insurance policy, your loved ones, especially anyone who cosigned on your student loans, will be responsible for paying the remainder of your debt out of their own pockets. Having life insurance ensures that you will not be putting your family members into debt. Contact a group like The Wilson Agency LLC for more information.