Here’s How You Can Protect Your Child’s Education with Insurance
One of life’s milestones that bring joy and pride to parents is seeing their children attain the highest level of education they dreamt of. It is a milestone that every parent strives for, and invests both emotional and material capital in pursuit of. However, achieving this depends on the form of support you are able to provide for your child, right from the foundational to the tertiary educational levels.
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Indeed, while most parents are keen to provide their children with the best education, that dream can be unexpectedly cut short by unforeseen circumstances such as life threatening injuries, ailments or death. While these are events we all dread and wish against, we must realise that these unexpected life events are bound to happen.
However, the question that begs for answer is: Have you adopted reliable financial strategies to protect your children from the threats that these unforeseen life events may pose to the attainment of their educational goals? In other words, are you certain that, as a parent, the financial resources needed to guarantee your children’s education would be available if anything happens to you the breadwinner?
According to a study carried out by Tributaries International, a global child care and development organisation, the death of a parent is one of the major reasons children drop out of school, while children recently orphaned are, on an average, twice likely to stop schooling than children with living parents. This has been linked to the financial burden faced by families after the death of a parent and the resultant pressure faced by children who take up the responsibilities of their dead parents.
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This situation is especially common in Nigeria where there are no social security initiatives by the government, causing orphaned children’s education to be disrupted when their caregivers are faced with financial burden. Bearing this in mind, wise parents must put financial protection plans in place so as to safeguard their children’s education! Insurance, as a risk management tool, is available for this purpose.
Leadway Assurance, taking into cognisance the importance of quality education for children, has insurance policies specifically tailored to guarantee your child’s education. The Leadway Education Protection Plan (EPP) is a flexible life insurance policy that protects your family against the increasing cost of a child’s education, should the sad event of death occur. This plan ensures that your child continues to get the quality education that you planned for them even in your absence.
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The premium paid for the plan can be extended to apply if you contract certain illnesses or suffer total permanent disability as a result of an accident. Also, given the high inflation rate in the country, you can choose to protect the sum insured against the effects of inflation by having it increased by 5% or 10% each year. This sum insured guarantees that your child will complete his or her current level of education (e.g. primary, secondary, university) at the time the payment becomes due.
Uniquely, this plan covers as many children as you desire, even if they are at different educational levels. The premium payable depends on the child’s current school or tuition fees, and you can arrange to pay the premium annually or quarterly.
So, join the league of parents who have safeguarded their children’s education with the Leadway Education Protection Plan, in order to secure a guaranteed future for them, irrespective of the unpleasant surprises life events might decide to spring up.
You can call our customer care lines: (01) 2800700, (01) 2800701 or 08129997070 for more information on the Leadway Education Protection Plan, or send an email to Lcs@leadway.com for more details.