What Is Scholarship Loss Coverage?
Scholarship loss coverage is a type of insurance that protects your college or trade school scholarship in the event of disability due to injury. This type of coverage is helpful for all people ages 6-21, with the possibility of renewal through age 26. Our policy covers all academic scholarships, not just athletic ones, which protects anyone who earned a scholarship through their efforts, whether through academic merit, athletic merit, or other means.
What Can Cause Scholarship Loss?
There are a few reasons that you can lose a scholarship:
- Poor academic performance: Low grades can threaten your scholarship, especially if it specifies you need to meet a certain GPA and you cannot meet or exceed that threshold.
- Breaking rules: Breaking rules, especially laws, can cause you to lose your scholarship.
- Missing credit requirements: If you don't take the required number of credit hours or don't take specific courses as determined by your scholarship, you can lose your scholarship.
- Changing colleges or schools: Many scholarships require you to lock in your college and remain there through graduation, and changing colleges may cause you to lose your scholarship.
- Changing majors: Since many scholarships require you to take specific classes or have a certain amount of credit hours in particular subjects, changing majors can cause you to lose your scholarship. This fact is especially true if the change extends your time until graduation.
- Disability or injury: Unfortunately, some scholarships are very particular about who uses them, and having a disability or injury can cause you to lose the scholarship as the requirements to keep it may become more challenging to achieve.
It's important to know that our plans only cover individuals who lose their scholarship because of a disability due to injury.
When Should You Purchase Scholarship Loss Coverage?
If you have a child participating in a potentially hazardous activity, such as sports, you should consider purchasing scholarship loss coverage. Early on, it ensures your child has protection for future scholarships. As they grow older, it can help them focus on their activities without worrying they might lose their scholarship if something happens, letting them be kids for a little longer.
Can You Purchase Scholarship Loss Coverage After Losing Your Scholarship?
It's best to purchase your or your child's scholarship loss coverage well before they lose their scholarship. Especially since the claim process can take up to a year to ensure all the details are accurate and the recipient is eligible for the insurance.
Get Scholarship Loss Coverage from Specialty Insurance Marketing Services, LLC
When you want coverage for your child's scholarship, you can rely on Specialty Insurance Marketing Services (SIMS), LLC for all your needs. With our ScholarGuard™ protection, you and your child can relax and enjoy activities without worrying about what happens if they receive an injury or a disability. Even better, if your child chooses not to go to college, they still receive a $75,000 payout when they turn 21 if they received an injury during the coverage period.
Contact us today to learn more.
ScholarGuard™ is a licensed and trademarked product of Speciality Insurance Marketing Services, LLC.
*To qualify, disability must be result of accident or condition specified in policy benefits. Eligibility has one year waiting period and benefits begin upon enrollment in college or eligibility to enroll and are paid in four annual installments. Please click here to view full policy details.