Every single May, Norman sees a flurry of activity because students and staff start moving out of campus housing. Trucks are lined up on Elm Avenue. Leases expire. Tearful goodbyes are said. And by Friday, OU students and staff are hauling boxes out of their apartments or dorm rooms.
If this is what you expect your life to look like in May, it’s understandable that life insurance coverage may not be the first thing you’re thinking of. But when you leave OU behind as a grad assistant or staff person, your life insurance doesn’t go with you.
Your Life Insurance Coverage Stays Behind When You Leave Your OU Job
Grad assistants who work on campus usually get a nice packet of benefits. That may include life insurance. When you stop working at OU, you lose your coverage.
But there’s a legal loophole. Oklahoma law gives you 31 days from your last day of work to move your life insurance into a policy of your own. During that time, you don’t have any health questions to answer. But if you wait longer than that, you’ll be filling out an application to get your own policy.
Cosigned Student Loans and Life Insurance in Norman, OK
If you haven’t paid off your federal student loans by the time you die, the debt is forgiven. The same goes for a Parent PLUS loan that one of your parents took out for you. But private loans are different.
There’s a federal rule for private loans that was signed on November 20, 2018. The lender releases the co-signer from having to pay back your loans. Any loan signed before that date may not be covered.
Being Young and Healthy Counts for a Lot
When you sign a life insurance policy, the insurance company is looking at your age and health at the time of application. Not your age and health in the future. A 22-year-old leaving Norman, OK, with a clean medical record has a lot more options than that same person when they’re 52 or 62 and have a medical diagnosis.
Lots of term policies let you switch to permanent coverage later on without another medical exam. At Steiner Insurance Group, we can walk through that with you to see if you have that option.
Life (and Life Insurance) After Norman, OK
For a lot of people, leaving school means someone’s going to start counting on them. It may be a family member or a partner. Or even that parent who co-signed for you to get those student loans. Get in touch with Steiner Insurance Group before your coverage runs out so we can make sure you’re taking care of yourself and the people who depend on you.
