April 19, 2010, Boston, MA, – GradGuard, a service of Next Generation Insurance Group, LLC (NGI Group), has joined forces with College Parents of America to launch the Student Protection Plan, featuring tuition refund insurance and other collegiate lifestyle insurance benefits intended to support and protect college students on a successful path to achievement in school.
The announcement was made jointly by William Suneson, managing partner, NGI Group and James Boyle, president, College Parents of America, a national membership organization of current and future college parents.
“College students face several risks including illness or disability which could force them to withdraw from school, travel related losses, increasing Identity Theft exposure and theft of their many personal gadgets;” said Suneson “We developed our GradGuard Student Protection Plan to help students and their parents address many of the concerns that families confront as the school year starts and progresses,”. According to Suneson, the Student Protection Plan features $15,000 of annual tuition refund insurance coverage and includes:
-Identity Theft Protection and Resolution Services -Warranty Extension
-Emergency Medical Evacuation Insurance
-Physical and Virus Damage Protection for a Personal Computer
-Small Gadget Theft Insurance
“If purchased separately, these benefits could cost a family hundreds of dollars”,” said Suneson, who spearheaded NGI’s efforts to put together this cost-efficient bundle. “We are pleased to be able to work with College Parents of America to include the Student Protection Plan as part of a new Premium Membership package in that organization.”
Suneson explained that the Student Protection Plan, which can be found at www.gradguard.com/tuition, is now automatically included in the $299 College Parents of America Premium Membership. In addition to the benefits listed above, membership in CPA also includes access to deals and discounts on college-related spending, eligibility for exclusive College Parents of America scholarships, and information and advocacy on both a national and state level.
Tuition refund insurance is a new product from GradGuard, underwritten by Markel Insurance, an “A” Rated” (Excellent) company according to industry watcher A.M. Best. Recognizing that families are making a significant investment in higher education, tuition refund insurance is intended to help families protect their investment by allowing them to recover the loss that results if their student is forced to withdraw from school for medical or mental health reasons.
“Not only has tuition risen dramatically in the past 10 years, but school refund policies have, at the same time, grown much stricter,” said College Parents of America’s Boyle. “A typical situation is that parents are not able to recover any money if their student is forced to withdraw more than four weeks into a semester.”
Boyle added that, with The College Board reporting an average sticker price for tuition and room & board at a public university of $15,213, and the average such price at a private college of $35,636, he believes that GradGuard and College Parents of America have created a critical and much-needed way for families to protect the potential loss from such a massive family expenditure.
GradGuard is a service of Next Generation Insurance Group, LLC (NGI). Founded by veteran collegiate, affinity and insurance marketing executives, NGI has established the collegiate industry’s first comprehensive, integrated insurance and lifestyle benefits solution. GradGuard’s mission is to provide peace of mind while identifying the best insurance and benefit alternatives for college students, recent graduates, young adults and their families. For more information, visit www.gradguard.com or call 877-556-3984.
College Parents of America
College Parent of America is the nation’s only membership organization of current and future college parents. Founded in 1997, its mission is to help parents understand, prepare for, protect and maximize their family’s college investment. College Parents of America fulfills its mission by providing its members with special offers, such as Tuition Insurance; a premium membership option, including the Student Protection Plan; timely information; and advocacy on both a national and state level. For more information, visit www.collegeparents.org or call 888-761-6702.