Certified Financial Planner Kashif Ahmed was delighted when his daughter recently was accepted into a prestigious prep school for the 2019-2020 year. The price tag? About $60,000.
While viewing it as an investment in his 15-year-old’s future and a potential competitive edge when she eventually applies to college, he also knew that the school’s no-refund policy meant it would be money lost if his daughter were forced to withdraw due to an unforeseen illness.
Then Ahmed’s wife discovered tuition insurance. The policy would cost about $1,000.
“Spending $1,000 to protect $60,000 was a no-brainer to me,” said Ahmed, founder and president of American Private Wealth in Bedford, Massachusetts.
“If my daughter says ‘I don’t feel like going anymore,’ it’s not covered,” he said.