Murphy Holderness
Business Insurance Consultant and National Education Practice Leader
As more families embrace the benefits of K-12 private schooling, it is essential to consider the potential unforeseen challenges that may arise during the academic school year. With tuition insurance, you can rest assured knowing that your bottom line is protected along with providing yourself financial peace of mind, while also providing added value to the parents. Insured by an AM Best “A” rated carrier, Marsh McLennan Agency’s Protect My Tuition program offers not only fully customizable plans but allows you to select the program that works for your school.
Recruitment engagement
In the competitive landscape of private schools, offering tuition insurance can significantly enhance your school’s attractiveness to prospective families.
Schools can emphasize the benefits associated with tuition insurance and mention to families that they will be covered under certain situations which can include:
- A sudden job loss: If a parent experiences involuntary job loss, resulting in a financial hardship that affects their ability to pay fees.
- Family tragedy: In the unfortunate events of a death in the family, coverage may offer the ability to alleviate the financial burden on the student and ensure the continuity of education.
- Medical Reasons: If a student faces a serious injury or illness that prevents them from continuation of their education, Protect My Tuition may provide coverage for tuition fees.
- Student Dismissal: If a student is dismissed due to disciplinary reasons, in certain cases the program may offer coverage to alleviate financial impact.
Setting your school apart
Tuition insurance offers private schools a valuable advantage in standing apart from their competition. By providing families with the assurance that their investment in education is protected, schools can build trust and confidence. This added layer of financial security demonstrates a commitment to the well-being and success of their students. With tuition insurance, private schools can differentiate themselves as institutions that prioritize both academic excellence and the financial peace of mind of their families.
Nurturing emotional well being
By prioritizing the mental health and well-being of their students, private schools go beyond traditional education. One way they demonstrate this commitment is by offering comprehensive support systems, including tuition insurance. This additional layer of protection not only safeguards families' financial investments but also contributes to a safe and nurturing environment where students can thrive. By integrating tuition insurance into their offerings, schools showcase their dedication to the overall well-being of their students, creating a holistic educational experience that sets them apart from their competition. To this point, consider the following data points specific to our youth:
- Anxiety disorders showed a 30% increase with from 2019-2021.
- There was a 21% increase shown in children’s diagnosed behavior or conduct problems.
- The 2nd leading cause of death was suicide for middle school aged students and it is the 3rd leading cause of death for high school aged students.
Unfortunately, these statistics continue to grow as time progresses. Fostering a space that prioritizes psychological wellness is crucial when striving towards creating a safe space for students to learn and grow. Students and families should not face punitive measures but rather receive support when confronted with these challenges.
Protect My Tuition can offer a robust solution to mitigate the risks associated with unexpected circumstances the families in your school might encounter. By leveraging this offering, you can enhance student retention and recruitment, distinguish your private school from competitors in your region, and prioritize the emotional well-being of your students and families. To learn more, please reach out to our team or learn more here.
