subject: Important Types Of Insurance To Get After College [print this page] Graduating college is often exhilarating, but can be frightening at the same time. When college is over, most are forced to confront the real world instead of the more comfortable confines of academia. When graduating, it is important to remember that you will be responsible for your own success and failures. As such, it is important to purchase insurance policies that will help you to minimize your risks. Amongst the most important are health insurance, E & O insurance, and life insurance.
HEALTH INSURANCE
During the time most are in college, students can either take advantage of being on their parents' health care plan or take advantage of very low rates through their college. Once you leave, though, it is important to find coverage as soon as possible. Not only will this help when you inevitably get sick, but it is important to have in the case of an accident. As a single emergency room visit can easily cost upwards of several thousand dollars, not being insured can be a quick way to accrue debt that cannot be easily paid off.
E & O INSURANCE
If you have graduated college with any kind of a professional degree, it would be wise to consider purchasing some sort of E & O insurance. This coverage, generally referred to as liability insurance or malpractice insurance, can help to keep your fledgling career aloft in the case of an early mistake or a belligerent client. Coverage is generally as low as a few hundred dollars per year depending on the field, so there is rarely an excuse not to be covered. Most professional agencies will require their employee to have some kind of coverage, so it would be wise to get it as soon as you have your final license.
LIFE INSURANCE
It may seem a bit odd to consider life insurance when one is in their early to mid twenties, but this is actually one of the best times to invest in the coverage. At an age where many are getting married or starting families, it is wise to find a way to care for them in the event of an untimely death. Especially as most recent graduates have a rather high debt to asset ratio, this may be one of the only ways that a young person can truly leave anything behind for their loved ones.
Every college graduate should purchase life insurance, E & O insurance, and health insurance. They can help you stay out of debt, keep you healthy, maintain your career, and take care of your family even in the worst situations. While the costs for some of these may be steep, they are nothing compared to what one may have to pay when not covered.
by: Bob Roberts
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