How Much Will This Insurance Cost?
Premiums for this insurance are individually calculated based on:
- The type of coverage – single (Purchaser or Co-Purchaser) or Joint (Purchaser and Co-Purchaser);
- The age of the Purchaser (or the age of the older of the Purchaser and the Co-Purchaser if joint coverage is selected) and,
- The initial amount of insurance which is the total value the Prepaid College Plan contract.
Here are some examples of the cost of coverage:
John and Sally - Both Age 28
|John and Sally have purchased a 4-Year University contract for their newborn son, Eric. They are paying $186.28/month ($2,235.36/year) for their Prepaid College Plan. Eric’s projected college enrollment date is 2036 which means that John and Sally will be making payments for the next 18 years for a total cost of $41,540. Both John and Sally are employed and contributing to the cost. They have designated John as the Purchaser and Sally as the Co-Purchaser.|
Darius and Ashley - Ages 39 and 36
|Darius and Ashley want to get started on a Prepaid College plan for their 3 year-old daughter, Janelle. Because money is a little tight right now, they are selecting the one-year Florida University Plan and intend to buy additional years later. They are paying $53.64/month ($643.68/year) for their plan. Janelle’s projected college enrollment date is 2032 which means that Darius and Ashley will be making payments for the next 15 years for a total cost of $9,387. Darius is the Purchaser and Ashley is the Co-Purchaser.|
Miguel - Age 57
|Miguel has decided to give the gift of higher education to his grandchildren, Tomás and Camila. He has selected the 2+2 Florida Plan and elected to pay the costs over five years. He will be paying a total of $880.13/month ($10,561.56/year) for their Prepaid College plans. Tomás is 7 and Camila is 9 so their projected college enrollment dates are 2028 and 2026. Miguel will be making payments monthly for the next 55 months for a total cost of $48,407.|
Wei and Jing - Ages 46 and 38
|Wei (age 46) and Jing (38) have just moved to Florida. They have decided on a 4-Year University contract for their son, Shawn, Age 12, and a 4-Year Florida College plan contract for their 10 year old daughter, Lily, who wants to be a nurse. They will be paying $673.35/month ($8080.20/year) for the two Prepaid College plans. Their son’s projected university enrollment date is 2023 and their daughter will finish high school and begin college in 2025. Wei and Jing will make payments totaling $50,345. Jing is the Purchaser and Wei is the Co-Purchaser.|