Article

How Life Insurance Can Help Provide The Best Education for your Children

Posted on: 8th Jul 2019

Formal education may not be the only way to success, but decades of statistics show that it is still your best bet. Therefore, it is only natural for every parent to desire the best form of education for their children (or wards). However, the reality is that a good education anywhere in the world costs money. Hence, the financial might of a parent(s) is a key contributor when it comes to providing the best education money can buy. This article will explore how life insurance help to mitigate this constraint.

Depending on the school, tuition fees can number from hundreds of thousands to millions. Education may be a necessity for all but the providers of said education also see this sector as a business and hence the usually high-placed fees. In addition, good schools are usually able to match their high fees in value and this doesn’t just come in the quantity or quality of knowledge imparted on the child. These schools also tend to have a solid reputation which can prove to be beneficial when your children eventually graduate and are in need of good jobs to match their good education.

It is not at all uncommon to see or hear parents who wish to award their children with a better education than theirs but as mentioned earlier, this costs money. So how can life insurance help to provide the best education for your children?

Life Insurance and Education.
There is the ‘’how’’ life insurance can be used to secure a good education for your kids, but it is just as pertinent to know the ‘’why’’. We have talked about the need to provide a good education for your children and we have also discussed what it would take – money. But the reason why life insurance is a panacea is simply because of the inevitable. It is a sad truth but it isn’t something we can (and shouldn’t) brush off. We all want to be alive and see our children graduate from the best schools but we cannot rule out the fact that it is possible that you may not be around to witness it. Therefore, without a life insurance policy, all the money you saved up or plan to save up is going to be far from being secure. What this means automatically, is that your children stand a good chance of losing their education should something happen to you.

The Children Education Plan.
The African Alliance Children Education Plan is easily one of the simplest and most straightforward ways to safeguard the education of your children. The big bang about this plan is the fact that not only can you safely plan for your child’s education (by putting money aside in form of premiums), but upon maturity (and while you are still alive) you get paid the accrued bonuses plus the total sum assured. However, in the event of your passing, while the policy is still valid, the beneficiary gets paid 2% of the total sum monthly in addition to the sum assured at the expiration of the policy.

Parents would typically and affectionately seek out the best educational opportunities for their kids. It is quite admirable as this basic parental instinct is more or less a default yearning from deep within. However, as parents, planning for the future also includes planning for a future that may not feature you in it.

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