When Eric Del Sesto’s son got sick with a respiratory condition in the middle of his sophomore year at the University of the Pacific, his doctor recommended that he take a break from school. It was too late in the semester to get a refund from the California university but Del Sesto had purchased something called tuition insurance prior to the start of the semester. As a result, he wasn’t out the $21,207 he had paid in tuition. His insurance policy reimbursed him for that semester’s tuition.
In the News
Read what national news outlets are saying about why Allianz Tuition Insurance is such an important, and necessary, way to protect the investment you’ve made to make the dream of higher education a reality.
Are you spending thousands of dollars to send your child to college? You could take out tuition insurance to get your money back if your child doesn’t finish the term. Carmen Lawton just spent thousands to send her son to an out-of-state college. So she bought tuition insurance that will reimburse her if, for some reason, he’s unable to complete the term.
Have you ever been fearful that an injury mid-semester would leave you unable to attend classes — thereby making you incur that semester’s costs for nothing? Well, Allianz Global Assistance is attempting to alleviate that concern with tuition insurance. This summer, the company has launched a program in which students can insure their college tuition in case of injury, illness, death and, in some cases, unforeseeable circumstances.
Allianz Global Assistance featured on Worldwide Business with Kathy Ireland to discuss how they provide financial assistance for college students.
Before Jackie Niblock sent her only son Ryan off to Virginia Tech this month, she made sure he had all of the snacks and comfy sheets he needed to feel at home in Blacksburg. And for her own comfort, she took out a $50,000 insurance policy that would reimburse Ryan’s college costs if he had to withdraw from school.
Since launching in Arizona in June, the company Allianz Global Assistance’s tuition insurance program has emerged in 10 states — most recently, Virginia — reaching 44 percent of all college students. Confidentiality kept Director of Marketing Joe Mason from disclosing precise uptake numbers, but “we had expectations and we’re encouraged by what we’re seeing,” he said. In an Allianz survey of 1,000 U.S. parents, 81 percent didn’t know tuition insurance existed, and nearly half said they’d buy it, if offered.
Along with buying a home and buying a car, tuition is one of the biggest investments families and students make, but it’s the only one not covered by insurance – until now. Richmond-based Allianz Global Assistance now offers insurance to cover the cost of tuition in the case a student cannot finish a semester due to illness or unforeseen crisis. Policies for the tuition insurance costs begin at $29.95 per semester.
Consider your child is in his seventh week of his sophomore year in college and he comes down with mono, returns home and cannot finish the term. But you already paid the thousands of dollars in tuition, fees and room and board, and you won’t get that money back. Henrico County-based Allianz Global Assistance is addressing that type of risk by introducing college tuition insurance plans.