Education is a foundation every child should enjoy. A life cover is a kind of saving that accumulates with time and earns some interest. It enables a child to acquire a decent education without any interruptions. Wealthy parents may not see the need to acquire educational policy for their children due to their stable financial standing. However, due to increased life risks, this could range from increased school fee over the years and other learning requirements. It is important to have reinforcement in your child education. Perhaps your child may be forced to transfer to a school that does not guarantee the kind of education you had desired. Therefore, with an educational policy, you have a friend.
A parent may not have the lump sum amount they want for their children, since they have not adapted to a saving culture. Life policy gives a parent a more relaxed mode of saving (little by little); therefore, there are no surprises when a child is joining an institution of higher learning.
When does saving begin? This is a question for every parent. Savings can begin from the age of 18 years and a child has to be in existence. It would be difficult to fill a policy form that requires the gender of the baby and name if the child is not yet born. The details would then be incorrect if a boy is born instead of a girl. Someone may argue that this can be predetermined before birth. That’s true, but other factors like date of birth cannot be controlled. Correct details are important. (However there is an alternative for those who do not qualify).
Any party in a marriage (new or old) can contribute towards savings. This also applies to single parents and guardians. Simply, a new born child can benefit. Contributions can either be monthly, quarterly, semiannually or annual.
One great advantage of taking up an educational policy that other parents don’t enjoy is the discipline of saving, bonuses, health benefits attached to the policy, and other benefits. Consider an educational policy for your child today for maximum benefits.
