Education Insurance

Education Insurance: Securing Your Child’s Future

Education insurance is a strategic financial tool designed to help parents in Kenya plan and save for their children’s education while providing protection against unforeseen events. With the rising costs of tuition, books, and other school-related expenses, education insurance ensures that your child’s academic journey remains uninterrupted, even in challenging circumstances.

Overview

Education insurance combines savings with life insurance to create a financial safety net for your child’s education. It guarantees a payout for tuition fees and other educational needs, whether at primary, secondary, or university levels, ensuring your child’s dreams are supported no matter what happens.

Benefits of Education Insurance

Guaranteed Education Fund:

• Provides a lump sum or periodic payouts to cover school fees and related expenses at various academic stages.

• Ensures uninterrupted education even in the event of loss of income, disability, or death of the policyholder12.

Life Cover Protection:

• Includes life insurance for the parent or guardian, guaranteeing that premiums are waived and funds are paid out if the insured passes away24.

Savings Growth:

• Combines savings with investment benefits, allowing your contributions to grow over time with guaranteed returns of up to 5% annually13.

Flexibility in Payouts:

• Offers options for lump-sum payouts, annual installments, or termly disbursements tailored to your child’s academic milestones23.

Tax-Free Benefits:

• Contributions qualify for tax relief under Kenyan law, and payouts at maturity are tax-free45.

Required Information for Enrollment

To enroll in an education insurance policy, you will typically need:

1. Personal Details: Name, age, contact information, and identification documents.

2. Child’s Information: Age, name, and expected academic milestones.

3. Financial Details: Preferred premium payment frequency (monthly/quarterly/annually) and desired sum assured.

Why Choose Education Insurance?

1. Long-Term Planning: Helps parents prepare early for rising education costs without relying on loans or debt5.

2. Financial Security: Protects your child’s future against life uncertainties like job loss or medical emergencies14.

3. Customizable Policies: Tailored to fit diverse budgets and educational goals, whether for local or international schooling