Allianz Tuition Insurance: Helping Families Protect Their Higher Education Investment

In today’s increasingly expensive economy, a college degree can mean the difference between long-term financial security and a paycheck-to-paycheck existence. In fact, according to data from the Social Security Administration, a U.S. male with a bachelor’s degree will earn approximately $900,000 more in his lifetime than one with only a high school diploma. The same male with a gradate degree would earn $1.5 million more.

Of course, enrolling in college isn’t enough to guarantee financial success—you have to actually finish your studies. Statistics show that this may be easier said than done, with one in three students forced to leave college for at least one semester and 41 percent failing to earn a four-year bachelor’s degree within six years of enrollment.

Fortunately, Allianz Tuition Insurance can help take the sting out of unexpected educational delays. Offered by Allianz Global Assistance, a world leader in the travel insurance and assistance industry, tuition insurance offers peace of mind and an affordable way to protect a financial investment in higher education.

Filling the Gaps Left by College Refund Policies

Allianz began offering tuition insurance three years ago. “College is one of the largest investments that families will make,” Daniel Durazo, Director of Communications at Allianz Global Assistance USA, told RewardExpert. “Consumers insure their other big investments like their homes and cars, and we felt that they should also be able to insure their investment in education.”

Durazo explained that Allianz Tuition Insurance can help fill the gaps left by restrictive college refund policies as well as enable students to get back to school faster should they become sick, injured or otherwise have to leave college unexpectedly.

“Our customers run the gamut from incoming freshmen to grad students,” Durazo added. “We’re seeing a lot of interest from families of incoming freshmen who have a lot of uncertainty about navigating the college experience as well as families with students attending private universities where tuition costs can be very significant. But really, anyone who is making an investment in education and wants to protect it from the unexpected is a perfect customer for tuition insurance.”

To date, Durazo said thousands of families have purchased tuition insurance directly from Allianz through their website or through their student’s school. “So far, we’ve partnered with almost 200 colleges and universities across the country to offer tuition insurance, and we’re signing up new schools almost every week,” he added.

Recoup Tuition, Housing and Fees

Allianz Tuition Insurance enables families to recoup tuition and housing costs as well as other fees if the student has to withdraw from college for covered reasons. Available for U.S. residents, the insurance covers payments made to accredited U.S. private and public colleges including community colleges, Associates programs, traditional four-year degree programs, professional development programs and graduate schools. For-profit institutions are not covered.

Families must purchase tuition insurance for their student prior to the published start date of the semester for coverage that extends to the end of that semester. Covered reasons for withdrawal across all policies include serious illness, injury and mental health disorders. The Advantage plan covers withdrawal for any unforeseen reason. Student Life Assistance is included with all three Allianz Tuition Insurance plans and provides free 24-hour assistance to students and their parents in emergency situations.

“I think the bottom line is that tuition insurance allows families to get back their investment in tuition, housing and other fees if the student has to withdraw for a reason covered by the policy,” Durazo explained. “We have three different options so there really is a plan and a price for everyone.”

Based on tuition and fees of $10,000 for one semester, insurance premiums range from $29.95 for the Essential plan to $600 for Advantage coverage. Payout is up to the designated percentage of covered losses.

To learn more about Allianz Tuition Insurance and request a quote based on estimated tuition and fees at your college, visit allianztuitioninsurance.com or call 1-888-427-5045.