Insurance, according to economic times, is a financial risk management tool in which the insured transfers a risk of potential financial loss to the insurance company that mitigates it in exchange for monetary compensation known as the premium. It is a simply a means where you shield yourself from the possibilities of risk resulting from any contingency or unplanned event. Accidents happen. Fire, theft or even storms may pose to be impossible threats to living conditions if not properly planned for.
As a student, a million and one contingencies may arise. From breach in payment of fees, to educational materials or even private or public disasters; so many things can go wrong. Hence, having a student insurance is a sure bet. A few colleges in the United States offer student insurance programs. Students and their respective families may be offered insurance coverage for medical services, domestic accidents and many others.
The benefits of having student insurance vary. Just as there are various types of insurance schemes for a household or an individual; there are numerous types of student content insurance. Each with its limitation or terms and conditions. Being that kids are usually covered by their parents, students may already be under one insurance policy or the other. The challenges of this is that the schemes would not cover a student for specific needs while away from home.
Here are a few benefits you could garner by securing a comprehensive student insurance policy.
- International Student protection
Where you are an international student, insurance is a necessity for you. First, considering the face that you are in a country different from yours, finding help may not come easy. If you intend to, for example, go to the US for your master’s degree, there are tons of schemes that would be willing to cover you for the duration of your stay. They would offer medical cover or health insurance to meet your medical needs.
If, for any reason, already have an illness or a pre-existing condition; you can factor this in with your insurance providers and you would be covered for possible attacks and issues resulting therefrom and any other possible health mishap. Rather than pay unprecedented sums of money out of your pocket for any health issue, you would be covered.
Beyond health, any damage incurred by you or caused by you, depending on the insurance plan you are on; you and the third party would be covered for free. For all these, a simple premium would be paid at specific intervals. It would be money well spent in due time. To sign up and learn more about international student insurance, see www.internationalstudentinsurance.com/.
- You can cover your family
A student insurance plan can go as far as covering your entire nuclear family. Let us say you are a family man and you are currently undergoing a course in the US, while getting a student insurance plan for yourself, you can get for your spouse and a number of kids as well! Rather than have separate plans for the family, the entire team can be signed up under your comprehensive student insurance scheme. For example, Columbia Student Health Insurance Plan covers:
- the student’s lawful spouse or domestic partner residing with the student (Note: appropriate documentation is required, including a marriage license or form of domestic partnership)
- the student’s unmarried children, under the age of 26, including stepchildren and foster children, are not self-supporting, and reside with the student, or for whom the student is court ordered to provide insurance
- new-born or newly adopted children
- new dependents (e.g., due to marriage, birth, adoption, etc.) may only be added to the Policy within 31 days of their addition to the family
That is definitely one important benefit.
- Unplanned events
This is the ultimate advantage for any form of insurance. Life is full of uncertainties and unforeseen difficulties. Having an insurance policy provides risk cover, you are protected against fluctuating expenses or inflation, and many more. Hence, a good plan would be an umbrella for any rainy day.
Student insurance provides these same benefits. You are protected from contingencies and as such, you can rest assures and have peace of mind to study for good grades.
- Cost savings
There are significant cost savings that you enjoy while under a good student insurance plan. For example, under a good health insurance policy, you are covered for medical services like pills, admissions, first-aid and many more. Rather than spend on expensive pills, spend on hospital accommodation, and spend on as many other expenses; just one student insurance health plan would cover all.
However, adding multiple coverings to a plan can make the premium payment very expensive. Many times, this may prove to not be cost effective. To balance this, select only coverage you may possibly need. You would enjoy the available benefits and avoid unnecessary costs. Sometimes, the insurer may receive claims that are way more than the total amount of premiums paid. There lies the advantage of cost saving.
Finally, insurance provides you with a sound level of security. It is not common for students to take on life insurance because, you know, nobody prepares for death while in high school or college. However, for fire incidents, classroom accidents and the likes; a good insurance plan will provide the right level of security for you and your family.
Insurance allows you the ability to protect yourself and your possessions from the risk of loss and damages.
With proper research, you can easily find a school that offers student insurance plans for yourself or your ward or simply sign up to an insurance plan that offers suitable student insurance. Here are a few tips to go by as you opt for a student insurance plan:
- Select only relevant covers
- Pay premiums promptly so you do not get cut off and lose benefits
- Spend time in reading the fine print (terms and conditions)