It’s a rite of passage for college students to don cap and gowns 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 that 1.8 million transition from undergraduates to careers, pursuing advanced degrees, or returning to mom and dad’s house, they must 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 condition for:
As a new college grad, you may want to lean financially on your parents’ insurance coverage as long as possible. While that may make sense, it’s not always viable, depending on your circumstances. For instance, auto insurance companies will require an owner or lessee of a car to carry their 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 place or gets their 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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