Education Insurance vs. Traditional Savings Plans in Kenya: Which is Better for Your Child’s Future?

Choosing the best financial strategy for your child’s education is a top priority for many parents. With rising education costs, it’s essential to find a plan that ensures financial support when the time comes. Among popular options are education insurance policies and traditional savings plans, but deciding which is better can be challenging. In this guide, we’ll dive deep into each option, analyzing their benefits, drawbacks, and long-term outcomes to help you decide the most suitable choice for your child’s future.

What is Education Insurance?

Education insurance is a specialized life insurance policy focused on funding educational costs. Unlike traditional life insurance, these policies are tailored to cover educational expenses when your child reaches a certain age, typically 18 or upon entering university. Here’s a quick breakdown of how education insurance works:

Savings Component: Part of the premiums paid accumulate over time, often earning bonuses based on policy performance. This saved amount becomes accessible when the child needs it for educational purposes.
Life Coverage: Should the policyholder (parent or guardian) face a critical illness, disability, or pass away, the insurance continues to fund the child’s education, often waiving further premium payments.
Tax Benefits and Riders: Some policies offer tax reliefs and additional riders like premium waivers for disability, providing further financial security for the family. These features can vary by provider, so comparing policies is essential to find the right match.

Example Benefits

Education insurance plans often provide a bonus payout or a guaranteed sum when the child reaches college age. For example, some plans might add a bonus equivalent to a percentage of the premiums or account value as a reward for continuous premium payments, helping to grow the child’s education fund.

What is a Traditional Savings Plan?

A traditional savings plan is a straightforward way to accumulate funds for your child’s future without the additional life insurance component found in education insurance. Typically offered by banks and financial institutions, these plans are focused purely on saving and investment, offering returns based on the type of account or investment vehicle chosen. Here are the key aspects of traditional savings plans:

Flexibility: Traditional savings plans offer significant flexibility in both contributions and withdrawals, allowing you to manage funds based on immediate needs or unexpected expenses. Unlike insurance-based plans, which might impose penalties for early withdrawal, savings plans generally allow more access to funds.
Range of Options: From high-yield savings accounts and fixed deposits to mutual funds and bonds, there are several paths to grow your child’s education fund with varying levels of risk and return.
Risk and Return: Many traditional savings plans let you choose investment options based on your risk tolerance. For instance, some parents may opt for low-risk, interest-bearing savings accounts, while others might invest in stocks or mutual funds for potentially higher returns.
No Life Insurance Coverage: Unlike education insurance, traditional savings plans don’t offer a protective component if the parent passes away or becomes disabled. This could require additional insurance planning for full financial security.

Comparison of Returns and Risks

Traditional savings plans, especially high-yield options, can offer competitive interest rates. However, unlike education insurance, which may provide a stable bonus or interest, savings accounts are subject to market risks if tied to investment options like stocks or mutual funds. Therefore, understanding your financial goals and risk tolerance is critical when choosing this route for your child’s future education.

Education Insurance vs. Traditional Savings Plans: Benefits and Drawbacks

When it comes to building a secure education fund, education insurance and traditional savings plans each offer unique advantages and disadvantages. Here, we’ll break down the primary benefits and potential drawbacks of each option to help you make an informed decision.

Benefits of Education Insurance

Financial Security: Education insurance provides a dual benefit—savings and life coverage. This ensures that in case of an unforeseen event, such as the policyholder’s death or disability, the policy continues to secure the child’s education fund without additional premium payments.
Guaranteed Savings Growth: Many education insurance plans guarantee a payout when the child reaches a specific age, plus bonuses or returns that accumulate over time. These policies may offer stable returns, which could be a safer bet for risk-averse parents.
Tax Benefits: In some regions, premiums paid towards education insurance are eligible for tax deductions. For instance, Malaysia offers tax relief up to a specified amount for education insurance.
Bonus Payouts and Top-ups: As an incentive, some education insurance policies provide bonus payments based on the premium level or the account’s value, helping increase the education fund over time without extra cost to the policyholder.
Riders for Additional Coverage: Many education insurance policies allow you to add riders for premium waivers in the case of disability, critical illness coverage, or accidental death, ensuring that the savings plan remains unaffected even if unexpected circumstances arise.

Drawbacks of Education Insurance

Limited Flexibility: Once you commit to an education insurance policy, it generally requires regular premium payments over a fixed period, usually up to 18 or 23 years. Missing payments can lead to penalties, or in some cases, a reduction in the final payout.
Restricted Withdrawals: Unlike traditional savings plans, education insurance policies often have limitations on when and how much you can withdraw. Premature withdrawals may result in penalties or a loss of accumulated bonuses.
Complex Terms and Conditions: Education insurance plans can have complex terms regarding bonuses, policy benefits, and payment schedules, which may be difficult to understand without professional guidance. Consulting with an advisor is often recommended to understand the fine print fully.

Benefits of Traditional Savings Plans

Higher Flexibility: Traditional savings plans, particularly high-yield savings accounts, offer more freedom with your contributions and withdrawals. This flexibility makes them ideal for families that may need access to funds for unexpected expenses.
Wide Range of Investment Options: Traditional plans provide a spectrum of options, from savings accounts and fixed deposits to stocks and mutual funds. This allows parents to choose investments based on their comfort with risk and potential returns, making it easier to customize a plan for their specific needs.
No Penalties for Missed Contributions: Unlike insurance plans, savings plans generally don’t have penalties for irregular deposits. You can adjust your contributions based on your current financial situation, without the risk of reduced returns or coverage.
Potentially Higher Returns with Investment Plans: Traditional plans that involve stocks or mutual funds can yield higher returns, though they come with higher risks. If managed well, these investments can significantly grow the child’s education fund.

Drawbacks of Traditional Savings Plans

Lack of Life Insurance Coverage: Traditional savings plans focus solely on savings without the protective element of life insurance. If the primary contributor passes away or becomes disabled, the child’s education fund may suffer unless a separate insurance policy is in place.
Market Risk (for Investment-based Plans): Investment-based savings plans, such as mutual funds or stocks, come with market risks, which can impact returns. For risk-averse parents, these fluctuations can make traditional savings plans less attractive compared to the stability of education insurance.
Limited Tax Benefits: In many cases, traditional savings plans do not offer the same tax benefits as education insurance policies, meaning potential tax deductions or reliefs are missed.
Potential for Reduced Returns: While some high-yield savings accounts offer better returns than standard savings, the growth is usually limited. Over time, inflation may erode the purchasing power of these returns if not carefully managed.

Responsive Comparison Table

Insurance Plan Comparison

Feature	Education Insurance	Traditional Savings Plan
Primary Purpose	Education-focused savings with life insurance coverage.	Purely savings or investment without insurance coverage.
Life Coverage	Provides life coverage, ensuring the child’s education fund is secure if the policyholder passes away or becomes disabled.	No life insurance coverage; separate insurance policy needed for full protection.
Savings Flexibility	Requires fixed premium payments; limited flexibility for early withdrawals.	High flexibility for contributions and withdrawals; easier access to funds when needed.
Investment Options	Often has limited or conservative growth options; may provide bonuses but less investment freedom.	Broad range of investment choices, including stocks, mutual funds, and high-yield savings accounts with varying returns and risk levels.
Risk Level	Lower risk due to stable returns and guaranteed components; typically conservative.	Risk level depends on chosen investment type, ranging from low-risk savings accounts to high-risk stocks and mutual funds.
Potential Returns	Stable returns, often with bonuses, but generally lower compared to high-risk investments.	Potentially higher returns, especially with investments in stocks or mutual funds, though returns are market-dependent.
Tax Benefits	Offers tax relief on premiums in many regions (subject to policy terms and jurisdiction).	Limited or no tax benefits on contributions; varies by plan and jurisdiction.
Penalties	Penalties or reduced returns for missed payments or early withdrawal.	Typically no penalties for missed contributions or withdrawals, providing a more flexible saving experience.
Additional Riders	Riders available for critical illness, premium waiver, etc., enhancing overall financial security.	Riders are usually not applicable; additional insurance policies may be required for equivalent protection.
Ideal For	Parents seeking both a secure education fund and life coverage in a single plan.	Parents who prefer flexible contributions, higher potential returns, and greater access to funds.

Factors to Consider When Choosing Between Education Insurance and Traditional Savings Plans

When deciding between education insurance and traditional savings plans, it’s essential to evaluate various factors that align with your financial goals, risk tolerance, and your child’s educational needs. Here’s a breakdown of the key factors that can help guide your choice.

1. Financial Goals and Long-term Planning

Education Insurance: Education insurance is ideal if your primary goal is to secure funds specifically for your child’s education with added life protection. The policies are structured to offer a lump-sum payout at designated times, typically aligning with college or university ages. With education insurance, you gain peace of mind knowing that a set amount will be available, even if unforeseen circumstances arise.
Traditional Savings Plans: If you prefer more flexibility and may want to allocate funds for a range of expenses beyond education, traditional savings plans offer broader usage potential. They are especially beneficial if you might need access to the funds before your child begins higher education, or if you’re saving for other financial goals alongside educational costs.

2. Risk Tolerance and Investment Preferences

Education Insurance: Education insurance policies are generally low-risk, offering fixed or conservative returns that are ideal for risk-averse individuals. They tend to have more predictable growth patterns, which can be appealing if stability is a priority.
Traditional Savings Plans: Traditional savings plans allow you to choose your risk level, from stable options like fixed deposits to higher-risk options like mutual funds or stocks. Parents with a higher risk tolerance may find the opportunity for potentially larger returns appealing, as these options can yield more significant growth over time.

3. Flexibility in Contributions and Withdrawals

Education Insurance: These policies typically require regular contributions over a fixed term, which can make it challenging if your financial situation changes unexpectedly. Additionally, early withdrawals may be restricted or come with penalties.
Traditional Savings Plans: Offering greater flexibility, traditional savings plans often don’t have fixed contributions, allowing you to adjust based on your current financial situation. You can typically access funds with ease, providing greater liquidity if needed for emergencies or other expenses.

4. Life Insurance and Coverage Needs

Education Insurance: One of the standout benefits of education insurance is the built-in life insurance component, which ensures that your child’s education fund is protected even if you, as the primary contributor, are no longer able to provide for them. This makes education insurance a strong choice if financial security in adverse situations is a top priority.
Traditional Savings Plans: Traditional savings plans do not include life insurance coverage, meaning that the fund could be affected if the primary contributor passes away or becomes disabled. You may need to purchase a separate life insurance policy to ensure similar protection, adding to the overall cost and complexity of financial planning.

5. Tax Benefits

Education Insurance: Many education insurance policies qualify for tax deductions, offering additional financial relief. For instance, in countries like the United States and India, certain policies allow tax benefits on premiums paid, which can be valuable over the long term.
Traditional Savings Plans: Traditional savings plans generally offer fewer tax benefits compared to education insurance. Some high-yield savings accounts or specific investment accounts may have tax-deferred growth options, but they don’t typically match the level of tax relief provided by education insurance.

Summary Table of Key Considerations

Consideration	Education Insurance	Traditional Savings Plans
Primary Goal	Secure education funds with life insurance.	Flexible savings for various goals beyond education.
Risk Level	Low to moderate risk, stable returns.	Varies; can be low (savings account) to high (stocks or mutual funds).
Flexibility	Fixed contributions and limited withdrawal options.	High flexibility in contributions and withdrawals, ideal for varying financial needs.
Life Insurance Coverage	Includes life coverage, securing funds even in unforeseen events.	No life coverage; separate insurance is required for full financial protection.
Tax Benefits	Often eligible for tax deductions on premiums paid.	Limited tax benefits; may vary based on account type.

Pros and Cons of Education Insurance Plans

To make an informed decision between education insurance and traditional savings plans, it’s essential to weigh the pros and cons of each. Education insurance, in particular, is designed with specific features and benefits that set it apart. Here’s a breakdown of its advantages and potential drawbacks:

Pros of Education Insurance Plans

Dedicated Education Fund with Life Protection
- Education insurance provides a targeted fund specifically for your child’s education, ensuring the money is safeguarded even if the policyholder cannot continue contributing. This feature is particularly valuable as it offers peace of mind and guarantees that your child’s education fund remains intact in case of the unexpected.
Life Insurance Coverage
- Unlike traditional savings plans, education insurance policies usually include life insurance coverage. In the event of the policyholder’s death or permanent disability, the insurance company may continue paying the premiums on behalf of the policyholder or provide a lump sum for the child’s education. This guarantees that education funds are secure, even in adverse circumstances.
Stable Returns and Bonus Benefits
- Education insurance plans are designed to provide relatively stable returns, often with annual bonuses or end-of-term maturity benefits. These bonuses can help boost the fund’s total value, although the overall growth may not be as high as certain high-risk investment vehicles.
Tax Benefits
- Many education insurance plans offer tax deductions on premiums, reducing taxable income and providing a financial incentive to save through these policies. This varies by jurisdiction; in some countries, both the premiums and the maturity benefits might be eligible for tax exemptions.
Additional Coverage Options
- Education insurance plans often offer optional riders like critical illness coverage, accidental death, or disability riders. These additional options can increase protection and peace of mind for families, helping them prepare for various situations.

Cons of Education Insurance Plans

Limited Flexibility in Withdrawals
- Education insurance policies usually have fixed terms and structured payout options. This can make early withdrawals challenging or come with penalties, limiting access to funds for other needs. Policyholders may have to adhere to a strict savings schedule without the option for frequent adjustments.
Lower Growth Potential
- Compared to more flexible investment accounts like mutual funds or stocks, education insurance plans generally provide moderate returns due to conservative investment strategies. While stable, these returns may not keep up with inflation or rising education costs as effectively as higher-risk options.
Fixed Premium Payments
- Education insurance requires regular, fixed premium payments, which might be difficult to sustain in cases of financial hardship. Missing a premium could lead to reduced benefits or policy cancellation, adding to the financial pressure on policyholders during difficult times.
Costs of Additional Riders
- While additional riders offer enhanced protection, they may increase the overall cost of the policy. For families already balancing financial responsibilities, the additional premiums required for riders can be a disadvantage, making the policy more expensive than a traditional savings plan.
Potential Penalties and Fees
- Many education insurance plans include fees for early withdrawals, policy alterations, or missed payments. These penalties can reduce the overall value of the fund, especially if changes need to be made due to unforeseen financial circumstances.

Summary Table of Pros and Cons for Education Insurance Plans

Pros	Cons
Secure Education Fund with Life Protection: Ensures funds are available for education even if the policyholder is no longer around.	Limited Flexibility: Early withdrawal penalties and fixed premium payments limit access to funds.
Life Insurance Coverage: Protects child’s education fund in case of death or disability of the policyholder.	Lower Growth Potential: Conservative returns may not keep up with inflation or rising education costs.
Stable Returns with Bonuses: Often offers bonuses or maturity benefits to boost fund value.	Costly Additional Riders: Riders like critical illness or disability coverage increase costs.
Tax Benefits: Premiums often eligible for tax deductions, providing financial relief.	Potential Penalties and Fees: Early withdrawals and policy changes can incur penalties.
Optional Riders for Additional Protection: Critical illness or disability riders enhance security.

Pros and Cons of Traditional Savings Plans

When evaluating traditional savings plans as an alternative to education insurance, it’s important to understand their flexibility, potential growth, and suitability for a variety of savings goals. Traditional savings plans offer a range of options that might better fit certain financial needs. Below is a breakdown of the advantages and disadvantages of traditional savings plans when considering them for a child’s education fund.

Pros of Traditional Savings Plans

High Flexibility and Accessibility
- Traditional savings plans, such as savings accounts, high-yield savings, or investment accounts, allow you to save and withdraw funds as needed. This flexibility is beneficial if you foresee potential needs to access the funds before your child begins their education. For instance, high-yield savings accounts provide easy access to funds without penalties or restrictions on withdrawals, offering liquidity for emergencies.
Potential for Higher Returns
- Depending on the chosen investment vehicle, traditional savings plans can yield higher returns compared to education insurance plans. For instance, investing in a diversified portfolio of stocks or mutual funds typically offers growth potential that outpaces inflation, especially when planned over a long horizon. This approach could help parents better address the increasing costs of education by maximizing investment returns.
Customizable Risk Levels
- Unlike education insurance, which usually focuses on stable, low-risk investments, traditional savings plans allow parents to select investments according to their risk tolerance. Options range from low-risk bonds to high-risk stocks, enabling a personalized approach to balancing growth and security. This is ideal for families looking to grow their funds aggressively or conservatively, depending on their financial situation.
No Long-term Commitment Required
- Traditional savings plans often do not require a long-term commitment. You are free to modify or withdraw funds without incurring penalties. This can be especially beneficial if there’s a sudden need for liquidity or if financial priorities change, allowing for adaptability that many find valuable in uncertain economic climates.
Low or No Fees
- Many traditional savings accounts come with minimal fees, making them cost-effective for accumulating funds without the added expenses associated with insurance premiums or rider fees. Some online savings accounts and robo-advisors even offer zero-fee or low-fee investment options, which can make a significant difference in the total saved over time.

Cons of Traditional Savings Plans

Lack of Life Insurance Protection
- Unlike education insurance, traditional savings plans do not include life insurance coverage. This means that if the primary contributor passes away or becomes incapacitated, there is no built-in security to continue contributions, leaving the education fund vulnerable. For comprehensive protection, you may need to purchase a separate life insurance policy, which can add to the overall financial planning complexity and cost.
Potential Market Risk
- If you opt for higher-yield options like stocks or mutual funds, there is an inherent risk of market fluctuations. This volatility could impact your savings, especially if there’s a significant market downturn close to the time your child needs to access the funds. For riskier investment options, a downturn could reduce the overall value of the education fund, so careful planning and risk assessment are essential.
No Targeted Education Benefits
- Traditional savings plans are general-purpose and not specifically structured for education. This means that while funds can be allocated for education, they lack any specific milestones or structured payout phases designed for tuition and educational expenses. Additionally, traditional savings plans don’t offer bonuses or benefits like certain education insurance policies do at the end of a policy term.
Lower Tax Benefits
- In many countries, traditional savings accounts and general investment accounts do not offer tax deductions on contributions. Without the tax advantages of education insurance, traditional savings plans may not provide the same level of tax efficiency, which can make a difference over the long term.
Self-discipline Required
- Because traditional savings plans offer easy access to funds, maintaining discipline is essential to ensure that the savings remain untouched for educational purposes. Without the restrictions that education insurance imposes, it may be tempting to use the funds for other needs, which could undermine long-term education savings goals.

Summary Table of Pros and Cons for Traditional Savings Plans

Pros	Cons
High Flexibility: Funds can be accessed or adjusted as needed without penalties.	No Life Insurance Protection: No built-in life coverage; separate insurance may be needed.
Potential for Higher Returns: Investment options may yield returns that keep up with or exceed inflation.	Market Risk: Investments like stocks and mutual funds carry risk of market fluctuations.
Customizable Risk Levels: Choose risk levels from low-risk bonds to high-risk stocks based on preference.	No Education-specific Benefits: Lacks targeted milestones or structured payouts specific to education.
No Long-term Commitment: Allows modifications and withdrawals with ease.	Limited Tax Benefits: Generally does not offer tax deductions on contributions or growth.
Low Fees: Many options have minimal fees, keeping the cost of saving lower over time.	Self-discipline Required: Easy access can make it challenging to preserve funds for education.

Direct Comparison: Education Insurance vs. Traditional Savings Plans

Understanding the differences and similarities between education insurance and traditional savings plans helps families make an informed decision tailored to their unique financial goals. In this section, we’ll compare key factors, including flexibility, growth potential, risk, tax advantages, and protection, to see which plan may be better suited to securing a child’s educational future.

1. Flexibility and Access to Funds

Education Insurance: These plans are relatively restrictive in terms of access. Funds are typically released only when the child reaches certain milestones, such as starting college. With penalties for early withdrawal, education insurance encourages strict savings discipline but lacks flexibility in cases of emergencies or changing financial needs.
Traditional Savings Plans: These offer high flexibility, allowing withdrawals or adjustments as needed without penalties. Options like high-yield savings accounts and investment portfolios can be adapted to evolving financial needs, offering liquidity for emergencies or changes in family circumstances.

Summary: If you prioritize access to funds or the flexibility to adapt your investment strategy, a traditional savings plan may be more appropriate. However, if your main goal is a disciplined, long-term savings approach exclusively for education, education insurance offers that security.

2. Growth Potential and Returns

Education Insurance: Generally, education insurance plans focus on stable, low-risk investment options to safeguard the primary goal—providing for education. However, the growth potential is often lower than traditional investment vehicles, making education insurance better suited for conservative investors who prioritize steady but moderate returns over high-yield growth.
Traditional Savings Plans: These plans offer greater control over investment types, allowing options such as mutual funds, stocks, and bonds that have the potential to yield higher returns over time. This approach may better combat inflation, as many traditional investments grow faster than education insurance policies.

Summary: Traditional savings plans may yield higher returns in the long run, especially for those comfortable with some level of market risk. However, education insurance provides a stable, less volatile return that might appeal to risk-averse savers.

3. Risk Level

Education Insurance: As low-risk financial products, education insurance policies prioritize stability and protection, making them safer but less aggressive in growth. Insurance companies usually invest premiums in conservative portfolios, which helps ensure stable returns.
Traditional Savings Plans: These come with varied risk levels, especially if invested in the stock market or mutual funds. While they have the potential for higher returns, market-based savings plans also face volatility, which can affect fund availability if the market dips when the child begins their education.

Summary: For risk-averse families, education insurance offers predictable, lower-risk growth. Those who are more comfortable with market volatility might prefer traditional savings plans for their growth potential.

4. Tax Benefits

Education Insurance: In many regions, education insurance contributions are tax-deductible, and proceeds can be tax-free if used for education. For instance, certain countries offer tax breaks on contributions or a tax-exempt status for the policy’s growth when used toward educational costs.
Traditional Savings Plans: Tax benefits vary by account type and region. While high-yield savings accounts generally do not offer tax deductions, specialized accounts like education savings accounts (such as 529 plans in the United States) may offer tax advantages.

Summary: Education insurance is often advantageous for families seeking specific educational tax benefits, although certain traditional savings options, like education savings accounts, also offer tax advantages in some regions.

5. Protection and Security

Education Insurance: The primary unique advantage of education insurance is the life insurance component. If the policyholder passes away or becomes incapacitated, the insurance guarantees a payout or continued contributions, ensuring the child’s education fund remains intact.
Traditional Savings Plans: Without life insurance, these plans lack the protection education insurance provides. Families relying on traditional savings for education may need to purchase separate life insurance to safeguard the fund.

Summary: Education insurance offers an added layer of security with its life insurance benefits, whereas traditional savings plans will require supplementary insurance for the same level of protection.

Summary Table: Education Insurance vs. Traditional Savings Plans

Feature	Education Insurance	Traditional Savings Plans
Flexibility	Low – Restricted access with penalties for early withdrawal	High – Easy access with flexible withdrawal options
Growth Potential	Moderate – Stable, conservative investments	Higher – Potentially greater returns with market options
Risk Level	Low – Prioritizes safety and stability	Varied – Market-based investments come with some risk
Tax Benefits	Often tax-deductible; growth may be tax-free if used for education	Varies – Depends on account type and region
Protection	Life insurance component ensures education funding	Separate insurance needed for protection

Conclusion: Making the Right Choice for Your Child’s Future

When considering Education Insurance vs. Traditional Savings Plans, the decision ultimately hinges on your family’s specific financial goals, risk tolerance, and priorities regarding your child’s education. Each option has its strengths and weaknesses, and understanding these can help you choose the best route to secure your child’s future.

Evaluating Your Financial Goals

If Stability is Paramount:
- Education Insurance is ideal if you prefer a low-risk, structured savings approach that guarantees funds will be available when your child needs them for education. The life insurance component provides an extra layer of security, ensuring that your savings continue even if the unforeseen occurs.
If Flexibility and Growth Are Key:
- Traditional Savings Plans may be more suitable if you value flexibility in accessing funds and the potential for higher returns. These plans allow you to adjust your investment strategy over time, providing the agility to respond to changing financial circumstances.

Key Considerations

Long-Term Commitment: Education insurance often requires a long-term commitment with fixed premiums, while traditional savings plans can be adjusted more freely based on financial situations.
Future Educational Costs: Anticipate rising education costs due to inflation and consider how each option might address these needs. Education insurance often calculates these factors into its policies.
Tax Implications: Investigate the tax benefits associated with each option based on your local laws. In many regions, education insurance can provide significant tax advantages.
Emergency Situations: If you foresee potential financial emergencies, traditional savings plans offer more immediate access to funds.

Making an Informed Decision

As you navigate this important financial decision, consider seeking advice from a financial advisor who can provide personalized insights based on your family’s unique circumstances. By weighing the pros and cons of education insurance and traditional savings plans, you can develop a comprehensive strategy that aligns with your family’s needs and aspirations.

For families preparing for future educational expenses, thorough research is vital. Utilize online tools to compare options and consider simulations of potential returns and growth for each choice. Whether you opt for the stability of education insurance or the flexibility of traditional savings plans, taking action now will ensure that you are better prepared for your child’s educational future.