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Education Insurance Policy

Life Insurance helps to safeguard a family’s financial future in the event of the death of the bread winner.

Education Insurance Policy

Your Childs education is more than a short-term expense. It is a long-term commitment that can stretch over a long period of time. You can expect to see them through 12 years of elementary and high school, and 3 more years of University. Financing such a long-term commitment can be a daunting task.
As Schooling tuition fees continue to rise, many parents are taking out expensive loans that will lead them further into debt. To ensure this doesn’t happen to you in the future, it would be smart to consider an Education Insurance Policy. This type of Insurance can be used to save money for your children’s education, whether you are disabled, present or not.

What Are Some Of The Factors To Consider When Purchasing Education Insurance?

The type of school you want for your child: Public or Private
What curriculum you want for your child: Local or International i.e. CBC (Competency Based Curriculum) or IGCSE, etc
The amount you are able to set aside periodically; this premium depends on the future cost of education determined by your preferred calibre of institution and inflation.
The duration between when you start paying and when you want the insurance policy to start paying you, that is either at primary, secondary or tertiary levels. This also depends on the education system you have enrolled your child in.

What Are The Key Features Of a good Education Insurance policy

Affordability
Flexible payment options-monthly, Quarterly, Semi Annually or Annually
Premium waiver in the unfortunate event of your demise In this event, we take over the payment of the premiums until the policy attains maturity. At maturity, your beneficiary will be paid the Sum Assured plus the accrued bonuses, with your child as the primary beneficiary.
Tax-Free benefit When your policy matures, you will get the full Sum Assured paid to you Tax-Free
15% tax relief If you are employed and you advise your HR department about your policy, you get a 15% tax relief each month. If you are self-employed, you can claim the same from Kenya Revenue Authority (KRA).
Guarantee your child’s education In the unfortunate event of your demise, your child can still have the quality of education you envisioned for them.