Term Life Insurance

Thursday, December 08, 2016
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Road of Life Events

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Child Leaves Home

Hopefully when your child leaves home it is because he or she has matured into a responsible adult. Regardless, it's a time where emotions are sure to be running high and assisting your child for life on his or her own is probably important to you. Your child's and your own insurance should not be overlooked.

Health Insurance

When your child leaves home, it may affect both your child's and your personal health insurance. If you have health insurance that covers your family, the coverage on your child will expire at a point in time when he or she is no longer dependent upon you or at a certain age (check with your insurer for details). If you have coverage on your child and it is about to expire you may have two options.

One would be to help him or her obtain an individual health insurance policy. Many insurance companies offer affordable health insurance plans for young adults to cover them for short periods of time such as between graduation from college and obtaining a job that offers health insurance benefits. Another option may be for your child to acquire health insurance coverage through his or her employer if coverage is offered. Once your child does leave home and obtains coverage elsewhere, make sure to contact your insurance company to have your policy updated! it may save you money!

Auto Insurance

Most insurance companies have age limits with regards to how long a child can remain on a parent's policy. Once your child leaves home, it will be time to remove him or her from your policy. This will amount to big savings for you! At the same time, you need to make sure your child obtains adequate coverage elsewhere. He or she will need to obtain an individual policy. If your child gets his or her own policy and then moves, make sure he or she contacts the insurance company to update their policy. Rates and benefits can vary based on where your child lives and parks their car.

See Also:
Buying a Car
Starting a New Job
Buying a Home
Renting a Home
Getting Married
Becoming a Parent
Getting a Divorce
Loss of a Loved One
Retirement Prep