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Essential Insurance Needs for College Students

February 1st, 2024 by

As a parent, you’ll probably feel pretty great when it is time for your child to head off to college or out into the workforce after graduating high school. You’ve gotten them through those first 18 years, and now it is time for them to spread their wings and fly! 

Of course, a parent’s work is never over, and your adult children will continue to rely on you for so many things… from holiday visits and oversized loads of laundry to thousands of questions they’ll have living on their own for the first time. One thing you can’t forget about quite yet is their insurance needs.

So, which policies make the most sense for your college-aged son or daughter? Let’s break down the options. 

Health Insurance for Your College Student

Thanks to the Affordable Care Act, young adults can remain on their parents’ health insurance policies through the age of 26! While at 18 they are considered legal adults in the United States, no one waves a magic wand, making them somehow automatically prepared to deal with things like their own insurance. Instead, this legal action allowed parents to continue to host their college-aged children on their policies.

Car Insurance After Graduating High School

Assuming your child drives, he or she will also need car insurance. Even if your child attends college and does not plan to have a vehicle on campus the first year, it is best to keep them insured if they need to drive another’s car or yours/their own when home on breaks.

It is legally required for any driver to be insured, but depending on the frequency of their driving, you may be able to reduce a college student down to a minimal plan. Call your agent for advice.

Renters’ Insurance for College Students

If your adult child has their own apartment, it may be time to consider a renters’ insurance policy. They probably have expensive furniture, electronics, and other items of worth, that should be insured. You’d be surprised how much those clothes, shoes, and the “yes, mom, I do need this at college” items really can add up to in value! To be protected, your college student should have their own renters’ insurance policy.

Life Insurance Policies for Your Children

It is never something we want to think about as parents, but it is a smart move to also have a life insurance policy for each of your children. And, that should not just begin at college age. Instead, from birth, it is wise to have coverage for each of your kids.

Anything can happen at any time, and the cost of funeral expenses is certainly not something you want to be figuring out at that horrific time. Give yourself peace of mind with a policy on each child, should the very worst happen. Finances will be the last thing on your mind.

Have Questions?

As with any advice in the world of insurance, I always like to recommend that you run your unique and individual circumstances by a professional. There may be circumstances you aren’t thinking about right now. After all, you’re going to be busy packing up this young adult and preparing him for college classes!

If you’d like to discuss your family members’ needs, please feel free to reach out at any time and schedule an appointment.

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