Parents face many challenges as they prepare a child for college. The process usually begins in younger years, including monitoring grades, applying for scholarships and grants, and visiting various universities. Focusing on college can be an all-consuming task. Once a college is selected and your child is accepted, a new set of challenges arises.
A neglected area to add to your colleague's to do list is to make sure your son or daughter has the five most important types of insurance in place before leaving the estate.
Under current law, your child can stay on your health insurance until the age of 26. However, your plan may not have a clinic or hospital near the university campus in your network. Supplement his or her coverage by purchasing a student health insurance policy, which covers visits to the campus clinic and associated hospitals in the area.
Your son or daughter may have a vehicle covered by your car insurance. Make sure your local insurance agent reviews your car insurance. Depending on the location of the college, the cost of your insurance may increase or decrease.
Your child will live in a dormitory or a rented space and bring their toys and tools ̵
The earlier a life insurance is established, the greater the benefit. A "lifetime" insurance is based on value over time and gives the owner the opportunity to borrow against the insurance in the future. These insurances can serve as excellent savings plans. Putting life insurance in place for a young person can lock in a better interest rate, no matter what health problems may arise later. A term life insurance policy usually allows you to upgrade to a full life policy at some point, but it will not build up equity until then.
Personal Liability Insurance
Your child may live off campus in an apartment or shared house. If someone is injured on the property, your child may be the subject of a personal injury report that would be virtually impossible for them to pay and will likely land on your shoulders. A personal insurance gives your child protection and ultimately you.
Protecting a College Child
A son or daughter leaving college is often an emotional time for parents. Concerns about their safety and health are at the top of the list. Ensuring that your child has the right insurance in place can ease your mind to some extent. Our friendly, helpful agents can help you through the process. We can show you the most affordable policies with the best coverage. We are local, accessible and a resource for our friends and neighbors in the community who have children on their way to college, adulthood and independent living.