Education Insurance in Kenya for your Kids
Coming on the heels of World Insurance Day that happened over the weekend (28th June), The Association of Kenyan Insurers made a passionate appeal to Kenyans to get insurance for themselves and their loved ones.
They claim (see what I did there Lol!) insurance will cushion your family from the shocks of an impending recession. They suggest you get health insurance and as a long-term investment, get an education policy for your kids.
It’s imperative to take out insurance for your kids, folks. Ensure your child will still stay in school if something happens to you by getting them an education policy cover.
It’s a type of life insurance product that is designed as a savings tool which pays a lump sum to cover your children’s education once they attain tertiary level education age (18) or pay their elementary and secondary school fees if their parent dies or is rendered incapable of taking care of their child’s needs.
It’s vital that you choose a policy that gives you access to your funds whenever you need them. An example would be a policy that matures when your kid starts uni or one that allows you to get part of the insurance benefits before the maturity date.
Here are some options you can look at. Please contact the service providers for comprehensive details on products offered.
This is offered by Britam Insurance. They have a great combination of savings and insurance protection that allows you to prep for the cost of education. Their policy has a term range of between 10-25 years and a minimum monthly contribution of Ksh. 3,000. They have cash bonuses are payable for the last 6 consecutive years before the plans maturity date.
This education policy by Jubilee Insurance is designed to save funds on a regular basis to cover your kid’s education costs at various stages of their education. Their term of the policy is 15 years. While premiums are fixed, there is room for adjustments should your financial circumstances change.
Elimu cover by APA Insurance enables you to build a fund over a period of time, making suitable provision for your child’s school fees requirements as when they are required. It also ensures that the child’s fee required is available even in the untimely death of the policyholder during the term of the policy.
CIC Insurance Kenya have premiums that start as low Ksh 2000 per month and you get to earn interest and yearly bonuses from your principal amount.
The educator plan by Liberty Life Assurance Kenya offers returns in the form of 4 payments before maturity at the rate of 14%, & a final payment of 50% of the sum assured after completion of the full period. You can chose, with extra premiums additional benefits that provide additional protection.