The last thing any of us parents want is for something to happen to our darlings. All of us in our quiet reflective times breath a sigh of relief that we have gotten thus far without serious accident or injury to our children. But the reality is that the unexpected can and does happen. God forbid that anything should happen to your child which requires her to withdraw from school due to illness or injury. With tuition insurance, when the unexpected happens, at least you won’t be on the hook for the balance of the year’s school expenses.
Insurance is always protection against terrible events such as tornadoes, floods and other disasters. If your child is expelled from private school, your tuition insurance will pay the balance of the year’s expenses. Perhaps you are thinking that the school has no right to expel your child. What about due process? Can’t we tie things up for months with hearings and appeals? If you believe that you can do that, please read the fine print in the contract which you and the school signed. Consult with your attorney if you don’t believe what you are reading. There are no students’ rights here. You and your child are governed by contract law. The obligations of all parties are clearly spelled out in the contract which you signed. If your child breaks the rules, there will be consequences.
Another unexpected event which can and does happen is the death of a parent. If that were to happen in the middle of the school year, and circumstances forced you to withdraw your child, your obligation to the school would be taken care of by the mandatory tuition insurance.
This kind of unexpected event is usually tied to a parent’s career. Suddenly there it is: the offer from your wife’s firm for her to head the London office. You are going to turn an offer like that down? Of course not. After all the firm is giving your spouse the full expat package which includes private school education for your children at an American school during your time abroad. But what are you going to do about the last four months at Shady Valley Country Day School? You are going to withdraw your children and make the move knowing that your tuition insurance will cover the balance of the year’s school’s expenses.
The precise benefits of each school’s tuition insurance are spelled out in the tuition insurance contract. Read it carefully. If, for some reason, it does not cover unexpected events such as I have described above, then ask your family insurance agent to quote you coverage. The old adage: “Better safe than sorry” applies.