It can be hard for parents to let go, and when children make the transition from high school to university or college, the desire to protect them can be very strong. Luckily, there are plenty of ways to ensure children are well taken care of after they leave the nest, and do so without breaking the bank.
When a child departs home for university or college, despite the mixed emotions, it's the perfect opportunity to analyze your insurance coverage and make sure policies meet your family’s changing needs.
Post-secondary education can be expensive, even without factoring tuition costs. Students living on their own need clothing, furniture, computers, textbooks and any number of other essentials. If these items were damaged or stolen, could you readily afford the thousands of dollars it would take to replace them? Having insurance protection in place to minimize these potential losses means you won’t have to answer that question.
If your child cannot continue coverage under your private insurance plan because of age or other factors, you should ensure they have a health plan of their own when they head off to school. Additionally, talk to your HUB broker about tuition insurance. This type of plan offers protection against the risk of losing funds already paid should your child become seriously ill and miss a school term.
Whether driving around campus or making trips back home, many university students find themselves behind the wheel when they're away at school. Parents need to understand how a child driving in another location may impact coverage, and ensure that proper auto insurance is in place. Some carriers may offer special deals for parents whose children are attending classes away from home. Informing insurers that your child will be living and driving in another location is also important, since failure to do so may result in a refusal of coverage when a loss occurs.
A student leaving for college is often a reminder to parents that the years are passing. Following that train of thought should lead you to take another look at your life insurance policies. If something were to happen to you while your child is still in school, you’ll want the peace of mind that comes from knowing that they will be provided for - financially and otherwise.
Change is one of life’s few constants. Sending your child off into the world can be a scary but rewarding experience. With all the activities involved in preparing your son or daughter to leave home, worrying about the right insurance coverage shouldn’t be one of them. HUB can help - contact us today.