One of the best investments a parent can make in their lifetime is to invest in their child’s education.
Although parents do strive to give their children a good start in life by accumulating assets for them such as owning a business, property, and accumulating wealth, these can prove to be “temporary” in nature. However, one asset that remains permanent is getting an education from a reputable university – that is something no one can take away from them.
A good solid education is now a prerequisite to gaining financial stability and advancement in the competitive and technologically advanced world that your children are growing up in. Unfortunately, all too often one hears the following words: “I wish I had started saving early enough to be able to send my children to university”.
With EFU’s Education Plan, you can ensure that unlike other parents, the dreams for your children turn into a reality.
There are two key questions you need to address in this context:
Q: How will the fund you originally targeted for now be made available?
The Continuation Benefit, which is built into the plan will ensure that all future contributions will be paid by EFU Life following your death until the plan’s maturity date. This means that the education funds you had originally planned for will still be available for your children.
Q: How will the current school fees be paid so that your child continues to receive the education necessary to prepare him for university education?
To deal with the problem of funding school fees after your death, the Education plan also provides an Income Benefit. This benefit is optional and provides a fixed amount, payable quarterly in advance, to ensure that the school fees continues to be paid on time. The quarterly income you choose will be based on your current school fees requirements.
Guarantee their education even if you should fall sick. This optional Waiver-of-Premium Benefit provides that if you are unable to follow any occupation for at least six months due to sickness or accident, the present contribution to your plan will continue to be paid in full by EFU Life. This means that whether or not you continue to enjoy good health, education plans for your children will continue to be fulfilled.