Students and Insurance: What You NEED
Dan Levenson September 06, 2018
It’s never too early to start protecting your financial interests. The strategic use of insurance policies can help high school and college-age investors protect themselves from debt, grow a healthy nest egg for later life, and make all of their dreams possible. What risks can the right insurance package help young adults mitigate? What policies are right for this age group?
Common Risks for Young Adults
Insurance policies aren’t just designed to protect accumulated wealth. Younger people face decisions and risks that can define the terms of their success in later life. Insurance policies can help reduce the impact of some of these risks and give young ones more options over their lifetime.
- High school and college athletes face physical danger every time they hit the field. Broken bones, dislocations, and concussions are common health risks for players of all sports. A primary health insurance plan combined with the school’s liability coverage may cover the costs of doctors and treatments. However, long-term injury can complicate future plans.
- Young drivers are disproportionately responsible for many vehicle-related accidents. This can make it tough to find decent and affordable auto insurance for high school and college students. Where and how often students drive also affect coverage options. However, there are auto insurance policies designed for younger drivers.
- Exchange programs, foreign studies, and out-of-state enrichment programs are excellent educational opportunities. However, impulsive or unprepared students with minimal supervision can get into all kinds of trouble. Insurance policies can provide temporary boosts to primary coverages to ensure lost luggage, illness, or youthful antics don’t become a financial burden for students and their families.
From sports stars to academic powerhouses, all students need special coverage to ensure unfortunate events don’t disrupt their education.
Policies for High School and College Students
These policy strategies ensure high school and college students can achieve their long-term goals, no matter what life throws at them.
- High school and college sports are a great way to earn scholarships to fund an education. However, an injury can kill a blossoming career and bury families in medical debt. Voluntary coverages like football insurance, extended dental plans, and additions to primary medical plans ensure that families can still provide a top-notch education. This is incredibly important if their student-athlete succumbs to a permanent injury.
- Car insurance is a requirement for most drivers in the United States. Insurers often offer special programs for young adults that reward safe driving behaviors with lower premiums. Contracts may include extra protection for those going to school out-of-state, discounts for good grades, and lower premiums for completing high school or college driver’s education courses.
- For young ones who want to study in a foreign country, negotiating insurance coverage can be tricky. High school students who are traveling with a group or foreign exchange program are usually required to purchase a pre-chosen travel insurance package. This coverage, however, may not be enough to cover accidental damage, injury, loss, or theft. College students who plan to attend a foreign university may need special coverages to ensure their health and personal property is fully protected.
- Life insurance policies do more than defray burial costs and provide financially for survivors. Whole life policies build cash value over time that can help students after graduation. Funds can be used as a down payment on a first home, investment in a new business, or as an emergency cash cushion in case their first plan doesn’t work out. It only takes a few years for these policies to build cash value, so high school and college students will benefit quickly from this coverage.
Insure Your Company provides insurance policies for educators, parents, and academic groups to keep learners safe, no matter where their journey leads. We want to ensure that you know all of your insurance options for ever aspect of your life. Contact us to find out more about insuring your group of high school or college-age students.