Preparing your children for success in the real world is one of the most important gifts you can give. You’ve protected and nurtured them from the time they were born, now is the time to arm them with the knowledge and skills they will need to protect themselves. Even if you’re unable to help with college tuition, you can ensure that they are protected and prepared to make wise financial decisions; today and for years to come.
Ensuring that your child leaves for college with adequate medical coverage is extremely important. Accruing debt as a result of medical bills can set your college student back for years. If you’re unable to include your child on your medical coverage, their college or university may even offer student health plans. Whatever you decide, teaching your student the importance of carrying adequate health insurance is an invaluable lesson.
If your son or daughter is leaving for college with a car, again it’s important to ensure they’re carrying adequate coverage. College campuses are notorious for high levels of traffic and limited parking, a perfect storm for accidents. Don’t allow your college student to head to campus without enough coverage to protect themselves, their passengers and fellow drivers. This is another important lesson that will protect your child as he or she enters the real world.
At IntelliQuote we often encourage people to lock in life insurance coverage at a young age. Medical conditions, injuries and declining health can equate to higher life insurance premiums later in life. Locking in coverage when your student is young means they will have the security of life insurance for years to come. Teaching your children the benefits of life insurance as they enter the real world is yet another important message to send.
Finally, helping your college student understand the risks and benefits associated with credit is also important to their long term financial health. Modern college campuses are teaming with representatives from credit companies offering credit cards to students. Those who don’t understand the importance of credit ratings and the expense of compound interest, often fall victim to these offers. Discuss credit responsibility with your child, before he or she leaves for college, and rest assured that they are prepared to make wise credit decisions.
By taking the time to discuss each of these points and securing the medical, car and life insurance your child needs, you will be setting them up for success in the real world.
Want to learn more about your college student’s life insurance needs? Contact us today. Allow one of our highly experienced, licensed agents to help you compare life insurance rates, coverage and more. We also encourage you to follow our Life Insurance Blog; get tips and ideas to help you better manage your family’s finances. While you’re here, check out these recent related posts:
Do you feel that your child is ready for the real world?