SUSIE GHARIB: In tonight`s “Kids and Cash,” teaching your college-age kids the ins and outs of insurance. Here`s Christie Alderman. She`s vice president of new products and services at Chubb (NYSE: CB) Personal Insurance.
CHRISTIE ALDERMAN, V.P., CHUBB PERSONAL INSURANCE: As your kids start or go back to college, consider — no matter if your child`s dorm is filled with Target (NYSE: TGT) or Versace — talking about the risks and insurance with your coed can be a teachable moment. Help kids get their own insurance policies and build insurance history that could lead to lower rates in the future. Teach students facing frequent ID fraud from their credit card solicitations to protect their information. Aim to resolve fraud when it happens. Insurance and credit card companies may offer free resolution services to clear up fraud; know in advance who to contact so you can contain the damage.
If your child scores a semester abroad somewhere exotic like Madagascar, or a seemingly safe spot like London or Japan, plan ahead to ensure you have accident and health insurance. This insurance can reimburse you for the costs — which can be several hundreds of thousands of dollars — to, for example, airlift an injured hiker off a mountain or coordinate emergency responders in the rainforest. Organizing emergency evacuation, finding quality medical care and even translation services can be covered.
Anticipating emergencies can turn a disastrous detour in their semester into a mere bump in the road. I`m Christie Alderman.