Back to school time is coming near, what does that mean for your auto and life insurance? It could mean big changes in both your insurance need and your insurance cost. Your life insurance needs could change drastically. Will you be a co-signer on any college loans, apartments or cars? If so, you will probably want to consider life insurance on your child. Any loans that you are a co-signer on you could be responsible for the cost of the loan. Life insurance could be a way to ensure that a tragedy doesn’t become worse.
What about if I am just paying for school with no loan?
Another avenue to consider is the cost of tutition even if you are not a co-signer, if you are paying for your childs schooling. If something were to happen to you or your spouse, would the other one be able to keep paying for your child’s education. If not, then it is time to reconsider your life insurance needs.
Is life insurance the only thing I need to think about?
Life insurance is the major insurance to think about with a child going away to school, but not the only insurance. Your auto and home insurance could see some changes. For your home, does your child require a renters policy. Even if they do not, does it make sense to have one to spread out the liability exposure.
For you auto, is your child going to school without access to a car? This could generate a discount on your auto insurance. Do not forget that the new life insurance policy could generate a discount on your auto insurance as well.
Not sure how your insurance needs have changed?
Trying to figure out what and how you need your insurance to change? Give us a call at 412-344-2800. You can also reach out to us via our client center. If you want more content you can follow us on Facebook, Instagram, Twitter and YouTube.
