"What College Graduates Need to Know about Insurance"
Finishing up your college degree can be one of the most rewarding experiences up to that time in ones young life. The prospects of starting your career and making some good money for the first time is also just as satisfying. If you are fortunate, you will have direction in what you want to pursue as a career and not be like so many students today that earn their degree and say now what?
As you may already know, due to the poor economy, there may not be a lot of positions open in your field of study as a lot of employers are hiring today. If you are one of the lucky ones and land a job in your field of study, then one of the items that you will be looking for in your compensation package will be your benefits which usually entail, health, dental, life and possibly disability income.
Usually the benefits offered above are offered on a group basis which means that they are not going to be subject to any medical questions and will be guaranteed issue. This is great news especially if you have preexisting medical conditions. Note that you should also consult the professionals at Southern Insurance Group for further explanation on these benefits as most of the above benefits are only offered to you if you are employed by the company that you work for. If you no longer work there then some of the above benefits will disappear the day you leave while your health insurance will be extended to you through Cobra.
Other types of insurance policies to consider
A lot of times when graduation occurs you may or may not be responsible for handling all of your own household expenses from auto insurance, renter's or home insurance. if you are responsible for setting up your own policies, don't do it alone but rather contact us and we will walk you through what type coverage's that you need to be most concerned with. Depending upon if you have a job with benefits or not, we will review setting up proper coverage for auto, renter's or health insurance. Below are three types of insurance policies that you need to make sure that you have set up properly to avoid having a financial crisis.
- Auto Insurance-while in college you were most likely covered under your parents as you were still considered a residing relative away at college. When you are finished with college and you live on your own you no longer meet the definition of a residing relative so you will need your own auto policy. Also if your vehicle is titled solely to you then you need to be on your own auto insurance policy and not your parent's policy. The rule of thumb is whoever's name the vehicle is titled to that is who need to be the named insured on the auto policy. The limits of coverage should be set so as to protect your assets and future income in the event that you cause a serious auto accident and are sued. In addition, if your budget is limited you may select lower deductibles so the out of pocket is lower if you have a claim. Also, keep in mind that not all insurers cater their rates to young drivers. Be cause we are independent we will search the insurance marketplace for the right ones that do therefore, insuring your best premiums.
- Renter's Insurance-If you are fortunate to be out on your own then one of the first things that you need is a renter's insurance policy to cover your belongings. I have noticed that very few younger adults actually have this coverage in place to protect their assets form loss or damage. A renter's policy is very simple to set up as all we need to know is how much contents coverage you need and we can get it set up for you in a snap. All you have to do is obtain a rough estimate of your clothes, furniture, TV's, DVD, laptop, cell phone, gaming system etc... You might not think this stuff is worth much, but if you had to replace it you might be surprised at the replalcement cost.
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- Health Insurance-One of the quickest ways to ruin your credit is to not have health insurance and end up getting stuck with a large medical bill that you can't pay. Bankruptcy statistics indicate that the number cause for people filing bankruptcy is due to not being able to pay off their medical bills due to not having health insurance. A friend of mine in college told me 6 months after we graduated that he had a ruptured appendix with no health insurance. He said they made his parents sign to guarantee the medical expenses for the surgery which amounted to over 30,000. A health insurance policy would have cost him 75 a month to pay for the majority of that medical bill.
When you make the transition from college to "real-life," everything changes.
Now you're responsible for protecting yourself and your family....
Your choices are difficult and you need an expert on your side. Don't fool yourself and pretend you know insurance. It can be complicated business. Plus, your needs can constantly change as your life changes.
Work with someone who specializes in College Graduates. Contact us at Southern Insurance Group today.
The saddest words this agent ever hears are "I knew I should have done something." All you need to do is one simple thing... contact us.
We're your one stop insurance shop. We'll do all the work for you. Complete the protection analysis form today, or call us now 352-243-9000.