Education Savings Plan – Education insurance Policy in Kenya
Education insurance policy is designed as a savings tool and can be converted to a lump sum of money that covers your children university/college tuition.
This type of insurance can be used to save money for your children’s education, whether you are present or not. Having said that, despite the number of educational plans being offered by insurance providers, not many people are fully aware of what an educational insurance policy is all about.
You may wonder why people go for an education insurance policy in Kenya? Many parents often marvel at what their children will grow up to be. Both the poor and rich have that one thing in common which is, to make the future of their kids secure. It is no surprise that kids are made to grow up with the expectation to be doctors, lawyers or even accountants.
Following announcement of major national examination results in Kenya, many students are often hindered from accomplishing their dreams due to lack of funds. Education insurance plans provide the best opportunity for one to ensure that their children enjoy better education opportunities.
What to Consider in Selecting the Best Education Policy for the Insurance Plan in Kenya
One should always go for an insurance plan in Kenya that has an investment component linked to the insurance plan. This is because it affords the opportunity to grow investments savings while providing protection for the child against an unexpected accident or hospitalization. Getting a policy that is flexible enough to allow for starting with an affordable amount with the option to increase the premium or even pay lump some is a good education policy.
Although there are so many educations insurance plans in Kenya, it is always advisable to do a study of in order to get a policy that will enable one to start saving for a child’s education as early as possible. This will make it more affordable because the payment of premium is stretched over a long period of time. This will not be the same for everybody though, and therefore the choice of a good policy will be greatly affected by the age of the child and the amount of insurance that is to be bought. At the maturity of the investment, the finances will be available to fund for a child’s education.
The decision to take education insurance plan in Kenya is a good one which all household should have to ensure that the high cost of education does not become a hindrance for a child achieving his or her dreams. And being a long term investment, a good education policy should have some other short term benefits like providing bonuses after the policy has reached some set time. Other options like allowing the bearer to use the education policy as security to take loans to meet emergencies should be considered in determining the policy to take.
Protection against Life’s Precariousness
A good education policy should be able to take care of the policy bearer and the insured child in case of such eventualities as death. This will ensure that in case the parent dies, the child will be guaranteed of funds for education and, on the other hand, if the child dies, the parent should be certain of getting the sum assured and the total investment value of the policy. Depending on the needs, one may look at some other benefits like combining life policy with the education insurance plan in Kenya
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