3 Types of Tuition Insurance Coverage

By Tamiera Vandegrift on January 15, 2017

College is a time for emotional, spiritual, and intellectual growth. It’s a time where you can find the career of your dreams and build yourself into the person you’ve always wanted to be. While college is an important and worthwhile educational experience to have, it should never be as important or worthwhile as your physical or mental health.

Unfortunately, you might find yourself in a bind where going to school is no longer an option and that you’ll have to put yourself first. A serious injury or a debilitating mental illness could make furthering your education impossible.

Even if you’re in the most perfect of health conditions, you aren’t a psychic. As in all circumstances, it’s crucial to make sure that you’re prepared for the worst.

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In the event that you need to withdraw from classes for any reason, your finances will most likely be one of your first concerns. Universities aren’t typically financially forgiving which can make it difficult, if not impossible, to keep from losing thousands of dollars. There is hope, though. You can protect your financial situation with tuition insurance.

Tuition insurance is an insurance that protects college students from any and all financial loss that could occur after a student has to withdraw from their classes in the event of an emergency (chronic illness, serious injuries, mental illness, death in the family, etc). Like any type of insurance, whether it is car insurance, home insurance, life insurance, or any other type of insurance, tuition insurance can come in the form of several different coverage plans.

Read on to learn more about your options.

Allianz Tuition Insurance

Essential Plan

•The cost is $29.95.

•This plan reimburses students up to $2,500 of tuition costs for any of the covered illnesses or injuries, which include illness or injury of the student, the death of the student, and any psychological or mental disorders.

•Unforeseen reasons are not covered.

Preferred Plan

•The cost is an interest rate at 1.35 percent.

•This plan reimburses students 100 percent of tuition costs for the illness of the student, injury of the student, and death of the student.

•This plan reimburses students up to 80 percent for mental or psychological disorders.

•Unforeseen reasons are not covered.

Advantage Plan

•The cost is an interest rate at 6 percent.

•This plan reimburses students 100 percent of tuition costs for the illness of the student, injury of the student, and any psychological or mental disorder.

•Any unforeseen reasons are covered at 50 percent.

Education Insurance Plans

The Protect My Tuition Plan

•This plan covers medical withdrawals, mental health withdrawals, medical absences, the death of the student, death of the parent, family relocation, voluntary withdrawal, and academic dismissal of the student.

•This plan reimburses students’ tuition at a selected benefit level resulting from any of the covered losses.

GradGuard

Essential Plan

•The cost is $29.95

•This plan reimburses students up to $2,500 of tuition costs for any of the covered illnesses or injuries, which include illness or injury of the student, the death of the student, and any psychological or mental disorders.

•Unforeseen reasons are not covered.

Preferred Plan

•The cost is an interest rate at 1.35 percent.

•This plan reimburses students 100 percent of tuition costs for the illness of the student, injury of the student, and death of the student.

•This plan reimburses students up to 80 percent for mental or psychological disorders.

•Unforeseen reasons are not covered.

Advantage Plan

•The cost is an interest rate at 6 percent.

•This plan reimburses students 100 percent of tuition costs for the illness of the student, injury of the student, and any psychological or mental disorder.

•Any unforeseen reasons are covered at 50 percent.

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