Tuition Refund insurance protects schools and parents from the financial consequences of a student's forced or voluntary withdrawal prior to term completion.
With Tuition Refund Insurance, a school's revenue source is preserved, the financial burden on families is relieved, and economic losses are prevented. Schools that offer tuition refund possess a valuable competitive advantage. In an era of high unemployment, parents may be more likely to enroll if the school has a tuition refund policy.
Who should consider purchasing this type of insurance?
This product is ideal for Private K-12 Institutions. The Tuition Refund plan reimburses the unused insured tuition and fees ('covered tuition') at the benefit level selected when a withdrawal results from a covered cause of loss. Gallagher Student offers the flexibility to tailor a program based on an institution's specific needs.
- 100% of covered tuition for medically necessary withdrawal
- 75% of covered tuition for medically necessary withdrawal due to mental and nervous disorders
- 100% of covered tuition for death of a tuition payer*
- 100% of covered tuition for death of a student
- $5,000 benefit for accidental death of a student
- 100% of covered tuition for epidemic closure
Multiple Enrollment Options Are Available
- Compulsory Coverage - Students are automatically enrolled through the school
- Mandatory Coverage - Mandated for each student who is on a payment plan or otherwise does not pay the full tuition in advance
- Voluntary Coverage - Students are given the choice of purchasing coverage on their own
- Opt-Out Coverage - Each family is automatically enrolled for coverage, unless they 'opt-out' through the tuition contract
Benefits to Your Institution
- $5,000 accidental death benefit
- Customized, 'a la carte' plan design options
- Online enrollment for voluntary plans
- Flexibility to enhance/decrease benefits from 50% to 100% for any coverage
- Full compliance with state mandates
- Complete account management services