3 Types of Insurance Every College Student Should Know About

3 Types of Insurance Every College Student Should Know About
  • Opening Intro -

    Heading off to college is an exciting time for a young person.

    You may be living on your own for the first time.

    You'll be dealing with dorm assignments, class schedules, planning your own meals and learning important lessons about time management.


What many young people don’t think about is insurance. As you enter the adult world for the first time, many different types of insurance will be crucial to you now and in the future.

Life Insurance

This is a type of insurance that most young people don’t even consider. You are young and healthy, and thoughts of a type of insurance that only pays out when you have passed on are far from your thoughts.

You may have life insurance and not even know it. Many parents purchase life insurance for their children when they are infants, with plans to pass the policy on to those children in adulthood. If you are unsure whether this is the case for you, ask your parents about it.

There are two basic types of life insurance, and you should know the differences between term vs whole life insurance. Term life is an insurance policy that is good for a certain period.

When the time frame of the policy has passed, the insurance is gone.  Whole life insurance policies cover you for the entirety of your life.

This kind of policy tends to be more expensive, but it does offer some investment benefits and gains value throughout your lifetime.

Health Insurance

Many college students are covered by their parent’s health insurance until the age of 26. Students should ask their parents whether this is the case for them.

When you are young it can be tempting to do without health insurance because you find that you are in good health and are rarely sick. This would be a mistake.

A single serious illness or accident can cost hundreds of thousands of dollars and without health insurance coverage that kind of debt will have a lifelong impact.

Coverage on health insurance can vary widely. You want to make sure that you have coverage that will help with daily health concerns and with catastrophic ones. Dental and vision are often not included in lower-tier health insurance plans, so you will need separate coverage for those areas.

You will also need to know whether your insurance is a PPO or an HMO. A PPO plan will allow you to see any health care provider you want. There will be a group of preferred providers, and you will receive more coverage when you choose to see them, but you can go outside that group and still get some coverage.

An HMO will restrict your access to any providers outside a given network. If your health plan is an HMO and you are going to college some distance from home, you need to contact your insurance to discuss how you get coverage while at school.

Auto Insurance

As a college student, if you will have a vehicle on campus you must have car insurance. Liability insurance is a minimum requirement in most states and this type of insurance will pay damages for the other driver in instances when you are at fault. Collision insurance adds coverage for your vehicle regardless of who is at fault.

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Comprehensive is the most expensive kind of insurance, but it offers the benefit of both liability and collision and adds coverage for other events such as vandalism or extreme weather.

Many other kinds of insurance will become valuable to you as you get older, but for a young college student, these are the most prevalent. Talk to your parents about any life insurance you may have and the details of your health insurance policy before you head off to campus.

If you have a vehicle, make certain you have liability coverage at the very least. Youth can feel indomitable, but accidents and illness happen to everyone. Don’t gamble with your future.

Image Credit: types of insurance every college student should know by envato.com

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College Campus reference:

GUIDE: advance education guide


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