5 Factors To Consider When Choosing An Education Insurance Policy In KenyaPosted on 2016-08-18
It is the dream of every parent to see their children have the best education, be responsible and have the best future possible. It is every parent’s wish to give the very best education to their children.
So, what is the safest way to secure your child’s education especially with the increasing inflation, increasing cost of living and even the rising price of education? It is therefore advisable to get the secure the education for your child with the best education plan in Kenya. This is not just safeguarding the education of your little one but also a very sound investment for the child.
WHAT IS AN EDUCATION POLICY?
The education policy is a type of life insurance that is meant to provide a channel to save a certain amount of money for your child when they reach the college or high school entry age. The resources obtained can be used to fund your child’s education expenses. Here, the life of child is insured but the parent is the policy owner.
WHY YOU NEED A EDUCATION PLAN
The cost of education in Kenya is increasing and if one is not well prepared it might put you in a financial strain hence the need to plan early for your child’s education. The earlier you begin saving for your child’s education the more you give the fund more time to grow and also save some more.
With this, you have will be more at peace that you have taken care of your child’s education and a means for them to pursue their goals.
5 MAIN FACTORS TO CONSIDER WHEN PURCHASING AN EDUCATION PLAN
When it comes to choosing a plan for your child’s education, always consider the following:
- The amount you want to have saved at the end of the period
- The premium is affordable
- Flexibility of the plan to add more savings into the plan as your income increases
- How fast you need to access the funds
- Premium waiver in case of death or disability
These factors are covered in detail here
SELECTING AN EDUCATION LIFE INSURANCE COMPANY IN KENYA
Insurance in the country is approached with a lot of skepticism so it is important to approach a provider with a good reputation especially in offering the product and it has been advocated for. It is important to consider a company that is flexible in terms of product and payment options.
It is also important to look if the plan will give you bonuses at intervals during the education insurance period. Some start as early as six years before maturity of the plan.
The best way to shop for an education plan for your child is to use a trusted intermediary that will listen and understand your needs and then recommend the best plan from leading insurance companies in Kenya. You can start by raising a request to speak to a financial advisor here.