RICHMOND, VA. (June 25, 2015) – Allianz Global Assistance, a leader in consumer specialty insurance, recently rolled-out its national college tuition insurance offerings in Arizona, North Carolina, Georgia, New Jersey, and Michigan giving state residents the opportunity to be among the first in the U.S. with access to this new financial safeguard. The innovative service protects investments in non-refundable tuition payments in the event that a student must withdraw from classes.
According to a new survey of Arizona parents with college-bound high-school students, nearly 50 percent would purchase tuition insurance, if offered.
“Of all 50 states, Arizona had the steepest increase in college tuition with an 83.6 percent increase since 2008, according to a recent report from the Center on Budget and Policy Priorities,” said Joe Mason, Chief Marketing Officer of Allianz Global Assistance. “We saw a significant need to unveil this new insurance in Arizona and other key U.S. states.”
Allianz Tuition Insurance protects state residents for both in-state and out-of-state non-refundable tuition costs and fees, including room and board. This first-of-its kind tuition insurance is also now available to residents of Georgia, New Jersey, Michigan, and North Carolina, with other states being added in the weeks and months ahead.
The survey uncovers key financial behaviors and considerations of Arizona parents with college-bound high-school students, including:
- 86% of respondents believe tuition is too high
- Nearly 60% plan on paying for all or part of their child’s tuition
- 78% of respondents are aware that tuition may be non-refundable
- 71% of parents were not aware that tuition insurance exists
- Just 16% of parents felt they were familiar with tuition insurance
Allianz Tuition Insurance, which must be purchased prior to the first day of the term, is available in three different plans, including the Essential and Preferred plans, which cover withdrawals due to illness, injury or psychological issues. The Advantage plan covers these circumstances as well as any unforeseen reason. Allianz Tuition Insurance starts at $29.95 per term and each plan includes Allianz Global Assistance’s proprietary Student Life Assistance, a 24/7 service that assists families in the event that a student becomes ill or injured.
“With the rising cost of higher education and the strict guidelines many schools have in place for reimbursements, it’s important to have the option to protect your investment and have peace of mind, should the unexpected happen,” added Mason.
Allianz Tuition Insurance looks to continue expanding its tuition insurance program to additional states throughout the country. The company is a part of Allianz, a 125-year-old leader in the financial services industry and one of the world’s largest insurance providers. For more information, visit AllianzTuitionInsurance.com or call 1.888.427.5045.
Allianz Global Assistance USA (AGA Service Company) is a leading consumer specialty insurance and assistance company. We provide insurance to over 25 million customers annually and are best known for our Allianz Travel Insurance plans. In addition to travel insurance, Allianz Global Assistance USA offers tuition insurance, event ticket protection, registration protection for endurance events and unique travel assistance services such as international medical assistance and concierge services. The company also serves as an outsource provider for in-bound call center services and claims administration for property and casualty insurers and credit card companies.[ssba]