Changing Risk Profiles for College Graduates and Their Parents

Graduation time is upon us. It’s an exciting time in a young person’s life. However, this time of change and transition is also a time of increased risk exposure.

You may have relied on your partnership with the professionals at M3 to help prepare for your child’s college years. As your child moves on to his or her next adventure, here are a few quick reminders to ensure that new path is protected. Think of it as a sort of ‘advisory graduation present’ from your M3 Private Client Group (PCG) professionals.

As outlined in recent article in ThinkAdvisor, here are few insurance-related considerations that go hand-in-hand with college graduation:

  • Renter’s insurance.As graduates move out on their own, renter’s insurance coverage becomes an important consideration. Young people often have possessions that can be expensive and worth protection, including computer and home entertainment equipment, sporting and hobby gear, and jewelry.
  • Auto insurance questions. Asking questions about auto coverage and reviewing ownership and use cases with a property and casualty specialist can result in better protection for the young person and his or her family. There may also be qualifying discounts if auto coverage is combined with other protection.
  • Possible inheritance-related issues. Trust fund payouts can sometimes be triggered by college graduation. Inheriting wealth may also be followed by purchases of expensive items such as homes, cars and furniture. In such cases, a timely evaluation of property and casualty insurance needs with an M3 PCG professional is key. They can help ensure sufficient coverage with proper liability limits for the new assets.
  • Coverage review for the graduate’s parents.Parents of recent graduates should review their own coverage to better understand their changing risk profile, especially as they head toward retirement. A child finishing college, and perhaps living on his or her own, could have property and casualty insurance implications that affect the parents’ coverage. Again, a review with your M3 professionals can head off many potential issues.

Please contact your M3 Private Client Group executive with questions or requests for further discussion. 

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