Tuition insurance is available at many schools to help protect tuition payments. This includes any tuition from Kindergarten right through college. Given the cost of private schools and higher education, this might be something to consider.
If offered for elementary or secondary school it often pays if a parent loses a job or the student has to leave school due to illness or a move. This is more comprehensive than policies for college tuition, which cover only a withdrawal due to the student’s medical or mental health illness. Premiums can range from 1-3 percent of tuition per semester. About 170 colleges and universities offer the insurance at this time.
If you are paying for a high-priced K-12 education this type of insurance might be valuable, especially if you feel you might be facing a layoff or transfer. The college plans, because they are restricted to illness, don’t seem to be as easy to assess. Most young adults who are healthy probably run a small risk of needing this coverage. However the peace of mind it provides to the parent who is writing the tuition check may be worth millions.
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