So, what can you do to ensure that your children receive the education that dreams are made of while being able to sufficiently fund it? Especially if, at some point, you’re not around to see it through with them?
Life insurance provides the solution. Discovery Life offers a tailored benefit intended to help parents and guardians protect their ability to fund children’s education costs.
“Discovery Life’s Global Education Protector has cover for every stage of an entire education career built into its structure,” says Discovery Life Deputy Chief Executive, Gareth Friedlander. “This offers appropriate support that goes beyond covering necessities within a family home. It’s holistic cover specifically for education needs.”
“So, if you as a parent or guardian experience a life-changing event and become unable to earn an income, such a benefit is capable of taking care of a child’s education costs,” he explains further.
Benefits of having education protection for your children
What are some of the advantages to having an education benefit on your life insurance plan?
Choose what you have cover for. You choose how you’d like the benefit to be structured based on your needs. For instance, you can tailor it to pay out for: death only, severe illness and disability cover only; or severe illness, disability and death.
Cover applies to any – and every – stage of education. Our education benefit can start from as early as the crèche stage, right through to the end of tertiary studies.
Cover has education-specific features. Tuition fees are not the only costs involved in getting an education. For instance, the add-on costs of textbooks, stationary, necessary tech gadgets and uniforms. At tertiary level, residence fees may also apply. A comprehensive education benefit can factor all of these extra costs in.
Opportunities aren’t limited. Wherever in the world your child aspires to learn, cover can extend beyond local borders. With the world becoming more globalised, quality education can be enjoyed anywhere in the world – our education protection makes sure there’s sufficient cover for this.
Rewarding cover for your children’s schooling
“Discovery Life’s Global Education Protector Benefit offers all these varieties of benefits and so much more. For us, this embodies our Shared-value proposition,” says Friedlander.
“The Shared-value mechanism includes a built-in University Funder Benefit. Clients automatically receive an accumulation of up to 10% of a child’s tertiary tuition fees at the start of a policy. In line with a client’s Vitality status, the funding percentage increases for each year that the policy is in force. So, when you as a client make every effort to be healthier, the policy rewards you and can fund up to 100% of your child’s tertiary tuition costs if you don’t claim,” he explains.
“Another Shared-value mechanism is the Bursary CashBack Benefit, which pays out if your child qualifies for and receives a bursary. This is a great way to reward them for their achievements.”
“An education protector benefit offers many advantages over and above a standard but comprehensive life insurance plan. It effectively provides a family the opportunity to protect education funding needs from the kinds of risks that could severely impact it. This way, future ambitions remain alive and well,” comments Friedlander.
For more insights, listen in to our podcast: ‘How Life Insurance can help to Secure your Child’s Education’ (episode 9 of Discovery’s Your Money Matters series with Bruce Whitfield)
Discovery Life Limited. Registration number 1966/003901/06, is a licensed life insurer, and an authorised financial services and registered credit provider, NCR Reg No. NCRCP3555. Product rules, terms and conditions apply. Payouts are subject to limits set by Discovery.
This post and content is sponsored, written and provided by Discovery Life.