When You Think Of Graduating from College: What College Graduates Need to Know About Insurance

So you’ve just graduated college and reached that monumental milestone you’ve been working so hard towards – congratulations! The next stage of your life will bring about many changes involving work, money, living arrangements, and possessions. According to the National Center for Education Statistics, approximately 1.5 million Americans will earn a college degree in the Spring of 2011 alone. Unfortunately, even with a hard-earned diploma, many leave for the working world without knowledge of one of life’s critical products: insurance.

It may be the last thing on your mind at this exciting time in your life, but as you turn the page and seek out new adventures, you’ll definitely want to consider your insurance options at this juncture. At Killingbeck Insurance & Tax Preparation, we specialize in providing the best coverage for college graduates at reasonable prices.

There are four separate and distinct types of insurance you’ll want to consider after graduation:

I. Auto

II. Renters

III. Health

IV. One Insurance Source

Auto Insurance

Whether owned or leased, a shiny new car holds massive appeal for newly employed college grads. Back in college, things were easy and you were probably covered under your parent’s auto insurance policy. But once you move out and get the title to a vehicle, you need to find your own auto insurance policy.

An auto policy from Killingbeck Insurance & Tax Preparation can help cope with the expenses of accidents, vandalism, and theft. A lender or leasing company that finances the vehicle will require that you have valid auto insurance. Car accidents can create huge liabilities for a driver, so your insurance policy can help protect your bank account and cover the many legal expenses in the event that you are sued.

At Killingbeck Insurance & Tax Preparation, we will work hard to provide you with all available discounts and options. We’ll make sure you get the best auto insurance coverage for the cheapest possible price.

Renters Insurance

The vast majority of recent college graduates are renters. To insure that your possessions are protected, Killingbeck Insurance & Tax Preparation offers comprehensive renter’s coverage whether you’re home or traveling. Renter’s insurance covers personal possessions including (but not limited to):

  • TV
  • Laptop or PC
  • Printer
  • DVD Player
  • IPod and other music players
  • Cell Phone
  • Game systems
  • Bedroom set and other furniture
  • Microwave and other kitchen appliances
  • Watch / Jewelry

At first you might not think these things are worth much, but think again and consider the cost of replacing them. Renter’s insurance covers all of these belongings, not only in your apartment but in your car and anywhere else you may take them.

Liability coverage included in your renter’s insurance policy also helps protect against the risk of being sued in the event that someone gets injured while in your apartment, or if you cause damage that impacts a neighboring apartment. There may be limitations on coverage within a group home, so talk to your Killingbeck Insurance Professional about the specific details of your policy.

It is important to understand that, as a renter, the responsibility of insuring your property is yours and not the landlord’s. The landlord’s policy only covers the building itself. Only a renter’s insurance policy will help pay for the replacement of your personal effects.

At Killingbeck Insurance & Tax Preparation, we give you that all important peace of mind that comes with knowing your belongings and liability are fully insured. We’ll help you sort it out. As with our auto insurance policies, we’re big on discounts. We’ll make sure you get them.

Health Insurance

A 2008 study conducted by the Commonwealth Fund found that nearly 35% of college graduates will be uninsured the year after graduation. The study also found that two-thirds of young adults ages 19 to 29 who went without health insurance coverage in the past year had also gone without urgent medical care because it cost too much.

Of course, the solution is to get a job that offers health insurance, but as we all know that’s easier said than done these days. According to the National Association of Colleges and Employers, approximately 80% of all college graduates who are looking for jobs haven’t found one.

"Lack of coverage and access to health care services puts the health of young adults at risk, and can subject them, as well as their families, to potentially dire financial consequences," says Sara Collins, co-author of The Commonwealth Fund report.

Some recent college grads think they don’t need health insurance because they’re ‘young and invincible.’ But if something goes wrong – a car accident, a cancer diagnosis – a young, uninsured person could be in real trouble. According to The Commonwealth Fund study, approximately 50% of uninsured young people said they were paying off medical bills or medical debt over time.

So if you’ve graduated or are about to graduate: Congratulations, and welcome to the real world, a place where you’ll absolutely need health insurance.

At Killingbeck Insurance & Tax Preparation, we’re here to help. We can discuss this important life decision with you. We can help you find the best health plan with the best value for this time in your life. We are experts in all of the different options in the ever changing world of health care.

One Insurance Source

When you make the transition from college to ‘real-life,’ everything changes and you become responsible for yourself and your family. Your choices are many and your needs are ever-changing, so it’s important to have an expert on your side. Don’t fool yourself and pretend you understand all there is to know about insurance.

Don’t be one of those people who ends up saying “I knew I should have done something,” when all you need to do is contact Killingbeck Insurance & Tax Preparation. We’re your one stop shop for all things insurance.

Complete our online protection analysis form or call us today at (765) 452-8000. You’ll be glad you did.