Life insurance and coverage for a student's property is probably not one of the first things any college student would think of.  But, parents of college students should definately check it out.  We get many calls from concerned parents wondering if their college student's belongings will be covered when they move away to the college dorm or an apartment.  So with school and college now underway we thought we would share with  you how insurance applies to this situation.  We also thought we would share with you how easy and inexpensive it is to get your college student a life insurance policy.   

It's that time of year.  The kids are back in school.  Many of them for the first time and many will be returning to their college dorms or apartments away from home.  Will these students be covered under their parents' homeowners policies while they're living away from home and attending school?  If you have an Erie HomeProtector policy then yes they are covered.  Erie's HomeProtector Policy language states, under Personal Property Coverage, "Property of a student we protect is covered while at a residence away from home."  However, the student must be a full time student under the age of 24.  If the student is not full time or is 24 or over he or she would need to get their own renters insurance policy to cover their belongings.  Erie's HomeProtector policy also provides liabillity coverage for your unmarried, unemancipated children under age 24 attending school full time and living away from home.   Other companies insure college students differently, so if you have your home insured with a company other than Erie, please contact us to see how your college student is protected.

Students and recent college grads have their whole lives before them and with their fresh perspectives and newly minted education, they're ready to go out there and make their mark on the world.  Unless they have dependents or a spouse, however, they tend to overlook the possibility of an early or accidental death, and the ramifications it would have on those they would leave behind.

College education today is expensive, and few can afford it without some kind of loan.  Often these loans are co-signed or guaranteed by parents or other financially secure members of one's family or community.  If the student were to prematurely die, however, your co-signed college loan along with any co-signed credit card balances and car loans would survive them, and  loved ones would be left with not only their grief, but the debts as well. 

Another consequence of premature death young people tend to overlook is the cost of their funeral and burial.  At an average cost of $10,000, few families are in a position- without a life insurance policy- to provide the kind of services for their loved one that would bring them the most comfort in their time of grief.

Rates for term insurance are at an all-time low, and because they are based primarily on health and age, there is no better time to lock in a low rate than now.  Securing a good life insurance policy now can provide peace of mind for many years to come, and help to guarantee that  loved ones will be able to heal emotionally without the stress of financial obligations. 

As you can see from the attached quote, a 10 year term policy for a healthy, non-tobacco user, 21 year old male is only $112 a year and female is $108 a year!