The school cycle of closing and opening is one of those rhythmical events that a parent or guardian get accustomed to. When schools close, we ponder about how to spend time with the kids during this period. When they re-open, we worry about financial resources and if they will get to live their full potential in an increasingly competitive world.
While the children’s needs may vary from one to another, it is a universal truth that they need security, love, education, food, and healthcare. Providing some of these needs, regardless of generation, requires resources.
The new Competence Based Curriculum in Kenya, places emphasis on activities that help to bring out the practical value of education. This means that learners will most likely be able to choose paths that align more closely with their passion. Whether the child grows in sports, engineering, art, or mathematics, all these paths need funding. Making these dreams a reality can be quite difficult if a parent is facing financial constraints or if by some accident of nature, one doesn’t live long enough to be there to provide for them. That is why preparing ahead of time is both a thing of great wisdom and easier. Thankfully, the market has opportunities that can help you to start saving for your education using life insurance policies.
Plans such as the Geminia Life Edmaster Education Plan allow you to set up a policy that will enable you to save for your child’s education and still enjoy a life protection cover. What does this mean? It means that at the end or in the course of the agreed period of saving ( Policy Term) you get what you have saved plus accruing bonuses. It also means that your children or any beneficiaries you nominate get to receive all that you had planned to save ( even if you are not alive to pay the full amount), in the unfortunate event of your demise. They would never lack funding to follow their dreams.
The process is quite straightforward; you could start by selecting a Sum Assured. This is a fixed amount that an insurance company pays you when the policy reaches the agreed period (matures) or your dependent(s) in case the unfortunate happens. This will inform the amount of money you pay per month, known as premiums. You could also start with what you are able to save monthly and get from it the Sum Assured. The premiums can be paid either monthly, quarterly or annually. Next, you choose if to receive the agreed target amount as a lump sum at maturity or get partial payouts at agreed intervals. After nominating your preferred beneficiaries and paying your first premium installment, you are set! The earlier you start, the more affordable the premiums will be for you.
If you are a parent or a guardian who sees the rising cost of living and worries about the future of the children, an education plan is your ticket to freedom.
Here are 5 additional reasons why you should consider it
- Affordability– You can contribute as little as Ksh 1,000 monthly.
- Flexibility– You can contribute monthly, quarterly, or annually. This allows you to contribute when you are most able.
- Peace of mind– Knowing that your child’s future is secure gives you the kind of peace that will help you focus on other facets of parenthood.
- Tax benefits-15% of the amount you pay as a premium is exempted from tax every month up to a maximum of Ksh 60,000 per year.
- Attractive returns– Each year, the premium earns a bonus that grows your money.
Ask yourself, how much will be enough to take your child through the school you desire for them? How much is enough to help them pursue their dreams? And, how much time between now and then do you have to save?
To understand how much you need to contribute every month and for how long, you can use our calculator. If you wish to set up a plan or learn more about the Geminia Life Edmaster Education Plan, call us at 0709 551150 or email life@geminialife.co.ke
