It’s a rite of passage for college students to don cap and gown and march across the stage for graduation ceremonies- in fact, according to the National Center for Education Statistics (NCES) almost 1.8 million students will graduate with a bachelor’s degree in 2013. As those 1.8 million make the transition from undergraduates to careers, pursuit of advanced degrees or back into mom and dad’s house, it’s critical that they understand how walking across the stage may have changed their insurance needs.
While every individual has unique needs, here are a few insurance coverage options that all college grads should consider and evaluate their need for:
As a new college grad you may want to lean financially on parents’ insurance coverage as long as possible. While that may make sense depending on your circumstances, it’s not always viable. For instance, auto insurance companies will require an owner or lessee of a car to carry their own coverage. Parents of new graduates should also take this time to review their insurance portfolios, as there may be opportunities to reduce their premiums if a child moves into their own place, or gets their own car.
Don Westerfeld has been active in the field of Insurance and Financial Planning since 1997. Don grew up in Indiana later moving to Lakeland Florida where he continues to reside with his wife and children. When he’s not in the office you can find him enjoying the great outdoors. He has served on several charitable business and non-profit organizations and continues to provide guidance, advice and support to local charities.
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