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Why do you Need an Education Policy?

We all agree that our children have made us proud, this is with regard to the release of the Kenya Certificate of Primary Education(K.C.P.E),Which also sets a good example to the nation that achievement is very much possible without the need to cheat. Congratulations to all who sat that national exams and I wish them all the best as they continue with their educational journey.

Education is an integral part of any person’s life, it’s probably the reason why   I am less arrogant. Sadly many still don’t get to enjoy this part. There many causes that can lead to lack of access to education, which I will not dive into today, let’s just say that’s an article for another day.

While it is almost cliché that education is important, many parents still struggle with what to do to give their children the best. This responsibility bestowed on parents or guardians can be overwhelming, although it does not have to be. Hoping that I still have your attention before you go and attend to that errand, allow me to give you the nitty gritty of an education policy.

An education policy means there is an investment for a long period of time which is intended to fund a child’s education. The policy is often said to have matured when the child completes his /her O levels, at this time the child is now an adult.

Education policies vary, the most common one is where the policy holder is allowed to make occasional withdrawals before the maturity of the plan. Maturity with regard to a policy means the end of the policy. My advice would be research the available education plans in the market. This will help you make an informed decision on the most appropriate education policy that appeals to your specific   needs.

The way these policies operate is for example a parent has a need to pay for his /her child’s university education amounting to Sh 3million and approaches an insurance company. Therefore, the parent will be advised to either  save a premium of around Sh15,000 monthly, quarterly, semi-annually  or, annually depending on  his/her preference. This is subject to factors such as the parent’s age and duration of the policy. At this point one would pose the question how is this different from the conventional way of saving. Well, keep in mind that while saving in a bank one can withdraw their money anytime, to take care of an emerging need within his/her household. Thus disrupting the intended purpose. In this plan the flexibility of random withdrawals is limited. This promotes discipline towards saving, and keeps the policy in force as intended.

Planning for your children’s education through finding appropriate policies helps you in prioritizing the things you need to do and, puts you in control as it frees you from the uncertainty of not having fees to pay especially when you become inactive either due to early retirement or loss of job. I am yet to meet a parent who wants to continue paying fees at the age of 55.

The education policies as a product of insurance companies are many in the market, and they are gaining momentum with new clients joining daily. The benefits are appealing as I will discuss shortly, do remember that education might be the best inheritance a parent can give a child. This is the fundamental reason why many people are excited about this product. It could be the reason why you are still reading this article, I encourage you to keep reading.

This brings me to the benefits of owning this kind of policy. To Begin with, I ask a rhetoric question won’t it be nice to comfortably fund your children’s fees consistently?

  1. Tuition Payment – A larger chunk of your income goes into paying for your child’s education. Leaving you with little to spend. This can be made affordable by owning an education policy, thus lifting the financial burden to an extent.
  2. Unexpected deaths – In the event of the demise of a parent during the term of an education policy, the company provides a premium waiver. Thus, the beneficiary gets a lump sum and is no longer obligated to pay any premium on the policy. That withstanding, your child will continue his/her education even when you are no longer living.
  3. Secure loans – Education policies are accepted as security by banks when processing other personal loans.

At Kiota Africa, we have consultancy and agency contracts with 8 providers of education polices in Kenya. We can help you independently navigate the different products available in the market and select the one that best suits your needs and budget.

Talk to us today

Shadrack Ombese

Financial Advisor –Kiota Africa







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