Today, every parent wishes that their children receive the best education possible, as good quality education ensure availing well-paying job and stability of their future. However, not every parent can afford such education, as it comes at expensive cost. Especially, college and post-graduate education are becoming a luxury of the wealthy, owing to the ever-increasing fee structure.
A child education plan is basically a combination of both an insurance plan and an investment plan. When one chooses an insurance policy for child education, they avail an instrument that provides funds for the major turning points in a child’s life, such as higher education and marriage. One also receives term insurance benefits so that in the event of the policy holder’s unfortunate demise, while the policy is in effect, a child’s financial needs are met without compromise.
Who needs to avail a child education policy?
A child education insurance plan can help with funding a child’s higher education by providing a lump sum amount of money when the child reaches college-going age. In addition, in the unfortunate event of the death of the person paying the insurance premiums, the child will still get all the benefits of the child education policy along with the waiver of the remaining premiums.
Everyone who has a one or more children with a surplus earning they can set aside every month, needs to take a child education insurance policy. Once such an insurance policy for child education is taken, the parent or guardian can relax a little knowing that their child/children’s education and major life expenses will be taken care of, come what may. Even if a person has enough funds to provide for the child’s education, anything could happen during the course of time taken for the child to come of college-going age, and therefore it is always wise to plan ahead and save separately for education.
Importance of insurance policy for child education –
Bernie Sanders made a pertinent comment, “The cost of college education today is so high that many young people are giving up their dream of going to college, while many others are graduating deeply in debt.”
Every parent wishes only the best for their children, but not enough of them are aware that there are extremely useful instruments like child education policies that can help them provide their children with the best education.
Parents dream of seeing their children flourish and thrive and lead rich, fulfilling lives. No parent would want to see their children suffer due to lack of finances to provide the high-quality education their children desire. Therefore, it is imperative that one avails an insurance policy for child education that helps fulfil one’s duties and aspirations as a parent to provide the best for one’s children.
A child education plan gives one the benefit of life cover, creating a corpus for the child’s future needs, with options for adding additional riders at competitive costs. However, one should make sure they compare policies carefully and choose the one that’s right for their individual need.