Time to Graduate Your Own Insurance
It’s time for 1.85 million college students to don cap and gown for graduation ceremonies. As they make the transition from undergraduates to careers, pursuit of advanced degrees, or back into mom and dad’s nest, it’s critical that they understand how walking across that stage may have changed their insurance needs.
Auto Insurance – A shiny new car, whether owned or leased, holds appeal for newly employed college grads. Auto insurance helps cope with the expenses of accidents, vandalism or theft. If a graduate who already owns a car is moving, where they keep and register the car, especially from one state to another, can impact coverage.
Homeowners or Renters Insurance – College grads starting out may rent an apartment or a house. To make sure possessions are protected renters insurance offers comprehensive coverage whether at home or traveling. When bringing a classmate home for a visit, their parents will ensure their welcome includes protection in their Homeowners policy for any accidental mishaps to guests in the home. No one wants to turn a friendship into a lawsuit.
Health Insurance – Apparently, under existing or proposed federal health care law, children can remain on their parent’s health insurance coverage until age 26. With unemployment and under-employment high among those in their early twenties, this can provide many recent grads with health insurance.
Disability Insurance – This is a vital but often-overlooked insurance coverage. It provides income when a person is injured or disabled, whether on the job or off. Life Insurance – New grads may find a job with an employer that offers group term life insurance coverage. However, those with children may find it worthwhile to buy additional term life insurance or permanent life insurance, which builds cash value over time.
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