Why Do You Need a Children Education Policy?
One of your most important responsibilities as a parent or guardian is to ensure that your child gets the best possible education. Yet, the cost of higher education is ever increasing and has put a financial strain on you and your family. That is why it is important to start planning for your child’s education as soon as possible, because the earlier you begin, the more time you allow your money to grow. The child education policy will provide the funds needed by your child to pursue further education and assures that whatever happens in the future, your child will still have the means to pursue some of his/her goals in life.
How is the Education Plan designed?
This plan is specially designed as a savings and protection tool to provide the money your child needs and ensures that money is made available at crucial junctures in a child’s schooling years – nursery, primary, secondary, tertiary, graduate and post-graduate levels – to fund crucial education investments for the child’s future. Under this policy, the child is the beneficiary, while the parent/legal guardian is the policy owner.
What Should You Consider When Choosing an Education Plan?
>The affordability of the premium.
>Flexibility that you can gradually increase the savings in the future.
>Policy Owner benefit rider (e.g. premium waiver and other disability riders), where applicable.
How Much Cover Does My Child Need?
Working through the above factors will help you figure out the expected education costs and investment. So, what are your goals for your child's education? The following are some of the factors you may need to consider in determining the level of coverage:
Place of study
University of choice. A top-notch university will cost more. So, what is the current annual fee?
Length of study. The longer the duration, the higher the incidental expenses
Inflation. How do you account for inflation, since high school costs will be incurred in the future?
If end up with an amount you find difficult to afford, the good news is that by wisely putting your money to work through an education savings or investment plan, the returns from such investment or savings can be accumulated over the years to help cover the costs
One of your most important responsibilities as a parent or guardian is to ensure that your child gets the best possible education. Yet, the cost of higher education is ever increasing and has put a financial strain on you and your family.
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