Are you thinking about studying abroad but unsure of where to start and more burdened with the associated risks? Or you’re evaluating the costs and still perplexed about the way forward? To go ahead, you need to take the help of study abroad insurance services.
Studying abroad presents a range of opportunities and apart from quality education, the exposure alone can earn you more job vacancies at the end of your graduation. More so, studying abroad is an ideal platform for personal development, cultivating connections, attaining a new perspective on life, and traversing the world.
Such opportunities are igniting more students to study overseas with the goal of optimizing their career prospects. In fact, statistics indicate that 76% of respondents stressed that they obtained more skill sets while studying abroad. Overall, the survey indicated that studying abroad makes a huge difference in the participants.
However, much as the world has become a global village and millions of natives apply for study-abroad visas, studying abroad is an adventure associated with its own struggles. Apart from the high tuition and in some cases exorbitant fees, students must cater to their accommodation, and travel fees among others.
Sometimes students in a foreign country may lose crucial documents, and belongings or suffer accidents which may make life difficult. To counteract such possibilities, one may have to apply for study abroad insurance.
What is Study Abroad Insurance?
Like any other type of insurance policy, study abroad insurance is a type of policy that protects the insured against certain risks. Depending on the type of study abroad insurance, the policy can protect a student against unexpected events such as flight cancellation, accidents, sicknesses, and financial struggles. In addition, study abroad insurance can be helpful in the case of the loss of personal belongings like luggage, passports, and burglary, among others. A study abroad insurance plan can cover a range of scenarios depending on the assessed risk.
Why is a Study Abroad Insurance Beneficial?
Studying in a foreign country basically brings a range of opportunities. However, unpreparedness, unexpected occurrences, and a lack of proper information can cause many to report back to their home countries without completing their studies. To prevent such possibilities students and their guardians may have to perform a PESTLE Analysis to understand the associated risk and sign up for the best study abroad insurance policy.
A study abroad insurance cover can make studying in a foreign country a remarkable insurance if all risks are assessed effectively and included in the cover. So, how does study abroad insurance improve education experiences in a foreign country?
1. Caters to Medical Emergencies
Landing in a new country exposes an individual to several changes such as food, weather, culture, practices, and standards of living. Many people may experience medical conditions due to homesickness, weather changes, culture shock, and an independent lifestyle among others. Minor medical conditions like stomach upset may not require a high medical fee, however, extensive concerns like accidents or serious illnesses may require more hospital charges.
A study abroad insurance policy can help a student pass through such difficult situations smoothly. It can also help meet emergencies in case the parents are financially unable to meet medical fees. This can prevent stress and the need to borrow money from banks with high interest.
2. Offers Financial Assistance
Studying abroad experiences generally depend on money. The availability of money makes living incredible and a lifetime experience. However, limited finances can increase stress, anxiety, and chances of poor academic performance. With that, getting the right study abroad insurance can offer financial assistance to students.
For example, it can cover the tuition fees in case the parents are unable to pay or help with the student’s travel expenses. Depending on the type of study abroad insurance, students can also receive financial assistance for college projects, tours, and accommodation.
3. Improves the Quality of Study Experiences
Although students can work while studying abroad, international students have an increased likelihood of suffering from financial stress and crises. This may lead them to join bad influences or juggle between jobs which may have a negative impact on their academic performance. Besides that, students may fail to attain a work-study balance which may lead to burnout and an increased likelihood of health issues.
Therefore, besides the different ways to maximize output while studying under pressure in a foreign country, a study abroad insurance policy can reduce such burdens. It can offer a student financial freedom and help a student during the replacement of damaged or lost properties.
4. Provides Peace of Mind
Stress that is related to money can exacerbate other mental and emotional issues. Besides that, it can affect one’s mood and immediate relationships. To stay financially stable, many students sign up for part-time jobs online to meet expenses. However, getting student insurance coverage when studying abroad can offer peace of mind to students.
The policy generally shifts risks to the insurance provider and allows the student to study stress-free. This can lessen the chances of stress, depression, and substance abuse. Besides this, many student insurance policies come with additional benefits that students can enjoy at the end of the policy term.
5. Offers Overal Protection
Whether it’s financial troubles, medical emergencies, living costs, or additional expenses, study abroad insurance coverage is the answer. When studying overseas, students face many challenging situations, however, this coverage can help them deal with such situations. Study abroad insurance policies cover different realms and understanding what suits you the best is the answer.
Where to Get It From?
Students can get insurance coverage from many places for example online, banks, governments, universities, colleges, and private insurers. However, it should be noted that coverages may be associated with different claims that a student is entitled to when the need arises. So, it’s essential to understand the policy meticulously.
Studying abroad is almost every student’s dream, however, it’s not a walkover. International students deal with a lot that may at times leave them psychologically and emotionally affected. More commonly, situations that are linked to finances and their management. With that, the best way to prepare for overseas studies is to get study abroad insurance coverage. Also, ensure to check eligibility, additional benefits, and extension possibilities. You can also find cheaper premium plans that resonate with your needs.