College might be the start of your child’s life as an independent adult, but you’d be hard pressed to find a college student fretting over insurance. Stay on top of the necessary insurance policies yourself, and it will be a weight off of everyone’s shoulders.
Not every college student will need every policy. For example, your child might still be covered under your insurance, or their college may include a health plan in the cost of tuition. However, there are some policies that most college students should look into.
Health insurance
Current legislation mandates that children can remain on their parents’ health insurance up until the age of 26, with certain exceptions.
If your child cannot be on your insurance policy or you do not have one, they might be covered under the health plan at their university. Before you rely on this, check with the university to determine exactly what their health plan offers. In some cases, it may only cover visits to a campus doctor and will not cover items like emergency room visits, surgery, or even medication. You may still need a supplemental policy for your child for any of these needs.
International health insurance
Should your child opt to study abroad or plans to spend significant time traveling during school breaks, international health insurance is a good investment. Many insurance providers offer this additional coverage, which will give you peace of mind while your child goes off exploring the world. Study abroad programs usually offer health insurance as part of tuition, but these policies can leave a lot of gaps. Additionally, they may only cover your child in the country where the program is based.
Renters’ insurance
When living on campus, your child’s housing should be covered under some form of insurance through the university. However, university policies tend to only cover damage to their own property: beds, dressers, closets and the like. Computers, cameras and other expensive gadgets could all be left unprotected without a renters’ insurance policy.
Life insurance
It’s uncomfortable to think about, but sometimes life is cut short in its prime. Due to rising tuition costs, books and other fees, most college students are unable to pursue higher education without taking out loans. If you have cosigned or will cosign for these loans, a life insurance policy means that should the worst-case scenario occur, you will be able to eliminate the debt.
Other policies you might consider on a case-by-case basis include auto and umbrella insurance. If you are uncertain as to what your child needs, discuss university coverage with the college itself and then speak with an experienced broker like John B Wright Insurance.
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