Four steps to achieving an uninterrupted education for your child
Every parent desires a promising future for his/her child. It is a dream that requires more than a decade of formal education to actualize. Besides the basic need of providing shelter, food and healthcare for the family, acquiring quality education for one’s child ranks top on a parent’s wish-list.
Yet, getting education for our children is so delicate that a blip in the process can derail the child’s future irredeemably. Interruption in a child’s education may be as result of death to the breadwinner in the family, or critical illness that makes it impossible for the parent to be economically productive.
David (not real name) is a good example of such reversal of fortune. He is fifteen years old and lives with his mother and sister. His father died two years ago, leaving the family with little to survive, before his father’s death they lived well and could take care of all their needs, but after the death of his father, their lives turned south. David and his sister have dropped out of school and the bright future that they once spoke about glowingly with their parent now seems a distant reality.
Many can identify with this story; either you have heard or seen this happen to a family, or perhaps you have experienced it in your own family. The question that readily comes to mind is; what could have been done differently to mitigate this kind of unfortunate outcome? Are there steps that the parents could have taken to provide an assured future for the children even if the unfortunate happens?
Here are four steps to uninterrupted education for your child(ren).
Get a good and affordable school
Before you enroll your kids to a school, think about the quality and affordability of the school, a good balance of this is what you should choose. It is not true that affordability and quality do not meet. Do a bit of research, ask questions and you might come across a school where you can easily get quality learning for a fee that would put you in perpetual debt.
Think about proximity
Cut costs by choosing a good and affordable school located within your neighbourhood. This is also safer for your children as they can easily walk home with their friends rather than a school that requires the use of a school bus or public transport. Some parents may prefer enrolling their children in a boarding school; this is also a good idea.
Related also: You Should Save For Your Child’s Future
Have a trust fund
According to financial experts, “most people think a trust fund is about providing an excessive amount of cash so that the young person can buy whatever they want. Instead, a trust fund is established so that if the parents are not around to provide for the child, the child has a source of income and assets necessary to survive. When done correctly, a trust fund can help your child(ren) through rough patches, pay medical bills, fund college expenses, put down payments on houses, establish businesses, and much more.”
Get an Insurance policy
An insurance policy can guarantee the furtherance of your child(ren) education in the event of your death or permanent disabilities. The Leadway Education Protection Plan is 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% or 10% each year.
The sum insured will pay for a child to complete his or her current level of education (e.g. primary, secondary, university) at the time the payment becomes due. The plan can cover as many children as needed, even if they are at different education levels. The premium payable depends upon the child’s current school or tuition fees, and you can arrange to pay the premium annually or each term.