Planning for your children or ward’s education is what every parent should take very seriously. Your children will not cry that you did not leave house and properties for them if you are no more, but will not mind committing suicide if you they realize you had opportunity to provide them education and you did not. It has been said time without number that the best legacy parents can leave for their children or ward is education.
Now, should death come today, is your children’s education secured? Will your children finish the level of education you had hoped for them, even in your absence? Are you one of those who will be running round every new academic session looking for where to borrow money for school fees because you did not plan well?
Insurance Companies have different education products that could help parents and guardians protect their children’s or ward’s education, in case the unexpected happens. They also have education investment products that can enable you save for new academic session, so that you do not start to run round when the time for payment of school fees comes?
FBNInsurance said every caring parent wants the best for their ward, however, life is full of uncertainties and even the best laid plans can go wrong. “An unfortunate event could make them insecure especially when you are no longer there for them. A careful financial planning can help you fulfill the aspiration that you have for your children. The Company said the FBN Insurance Flexible Education Plan helps you to ensure that your child’s future is secure and prosperous. It also protects your child future educational needs.
According to the Company, it is designed to meet the twin objectives that concern every parent – savings for your child’s education and securing a bright future despite the uncertainties of life. It also enables your child to achieve your heart desires and what they want when you are no longer there for them.
Linkage Assurance Plc has the Linkage Citadel Shield Plan.
The Linkage Citadel Plus is a Group Personal Accident scheme designed for education establishments, providing their students with financial compensation following an accident throughout the duration of their academic session with the institution.
The plan is designed for primary school pupils, as well as secondary and university students, to cover the risk of financial consequences resulting from accidents. This cover can be taken out by individuals as a group or the management of the education institution on behalf of their pupils /students.
AIICO Insurance Plc offers two education policies to meet these needs – Children Education Plan (CEP) and Education Legacy Assurance Plan (ELAP). “This is an education endowment plan that ensures the continuity of the education of a named child (beneficiary) in the event of death or permanent disability of the policyholder up to the maturity date. AIICO Insurance said every parent’s joy is ensuring that their Children get quality education and turn out great in future.
Niger Insurance has the Education Endowment Assurance policy. The policy according to the Company is so designed that the benefits can be used for the education of a named child. The policy may be issued on the life of the father or mother. The maturity date should correspond with the date anticipated that the child will enter into a Secondary School, Teachers College or a University. The maturity benefit is paid instalmentally.
Custodian & Allied Life Insurance has Tuition Protection Policy. The policy according to the Company is designed to guarantee the education of students in the event of death or total permanent disability as a result of the parents/guardians/sponsors being involved in an accident whilst they are in a particular school. It also provides financial protection in the event of the parents/guardians/sponsors contracting a named critical illness (as defined in the policy). The policy is open to students in Nursery/Primary, Secondary and Tertiary Institutions.
AXA Mansard has the EduPlan, which ensures your child does not face uncertainties because the product guarantees the completion of the child’s education upon the demise or accidental permanent physical incapacitation of the fee paying parent.
The plan also provides a medical expense cover for the child for injuries sustained whilst engaged in school related activities on the school premises. EduPlan will ensure that your child continues to enjoy qualitative education without any interruption even in the worst possible circumstance, the Company said.
Leadway Assurance has the Education Protection Plan, a flexible life insurance product that protects your family against the ongoing cost of a child’s education in the event of your death. “If you choose to pay an additional premium, the plan can be extended to apply if you contract certain illnesses or suffer total permanent disability as a result of an accident. And you can choose to protect the sum insured against the effects of inflation by having it increase by 5 percent or 10 percent each year.
Mutual Benefits has the Children Education Plan, which has been structured towards ensuring quality education for your children and wards easily and in a most efficient manner. This policy allows you to conveniently save towards sending your children/wards to any school of your choice whether within the country or abroad.
The scheme guarantees the future education of your children/wards at whatever level. It ensures that they have access to the quality of education you desire for them, whether you are there to do it or not.
Royal Exchange plc has the Royal Tuition Plan, an educational term assurance policy which ensures that children remain in school even after the parent or guardian is permanently incapacitated as a result of accident, illness or death. The policy is for a minimum term of one year.
Modestus Anaesoronye
