Education Insurance policy in Kenya

An education policy- investing in your child’s future

It is the dream of every parent to give the best to their children. Seeing a child grow up as a well educated, responsible and get into a path with a promising future is what every parent desires for their children. With increasing costs of education in the country and a number of other economic factors such as inflation, it is advisable to make the right choice and get the best education policy in Kenya. Getting an education policy is not only safeguarding the future of your child but also a sound investment.

What is an Education Policy?

An education policy is an insurance policy whereby you enter an agreement with the insurance company to pay a monthly premium over a certain period of years. Upon maturity of the cover, the insurance company pays out a sum that covers the child’s education fees.

Why do you need and education policy?

For the parent that is not ready to compromise with the future education of their children, the monthly salaries earned may not always be enough to foot the cost of school fees that may run into millions for your children and still cater for other expenses encountered on a day to day basis. This is especially so in the backdrop of an ever increasing cost of higher education in Kenya.

No parent wants to gamble with the education of his or her child. With the free education programs offered by the government, education is now easily accessible for everyone. However, the quality of education that the children will get has greatly come into question. A parent gets the peace of mind that comes from the knowledge that a child has the best chance of fulfilling their dreams as a result of the best education policy in Kenya.

Selecting the best education policy provider in Kenya

In a country where insurance products are approached with a lot of skepticism, caution is advised when settling on an insurer for your education policy. The reputation of the company is one factor to consider. A company with a solid reputation and a good history in offering the product is advocated. In addition, the insurer should offer flexibility in terms of the products and the payment options.

The easier option is to consult the services of an insurance broker who not only prepares a package tailor made for your needs but who also shops around for the insurer with the best rates.

It has been echoed that education is indeed the foundation of life, a better life. It is the key to securing the future and the dreams for your children.

What factors should parents consider before choosing a policy?

The age at which you take the policy is one of the most important factors to take into consideration. Starting an education cover teaches a person on better savings habits. The education cover can also be used as collateral for a loan in the event of unforeseen emergencies that need financing. The younger the age at which you take the insurance cover for your child, the greater the amount paid out at maturity of the policy.

Gradual increments of the payments of the dividends are another consideration. At the start, an individual’s income may be very low. However, as time goes by, income may increase causing an individual to increase the premium payout. The most important question a parent needs ask himself or herself is how soon do you need the money? This is based on the time that a child is bound to start school. Starting when a child is young guarantees that the dividends paid out are very little increasing only with time.

What are some of the bonuses of an education policy?

An education policy has certain benefits that accrue to the person with time. For example, there are cash payouts that a person gets at certain intervals before the maturity date of the policy. Some pay as early as six years from the date of maturity of the policy until the policy matures.

Getting an education policy gives an individual security because even in the event of a parent’s untimely demise, the education of a child is guaranteed hence their future is secure.

Whether you have a child or are planning to have a child, visit an insurance broker today and get the best education policy cover in Kenya for your child.