Benefits of having education protection for your children

Create a financially protective plan in case you aren’t able to fund your child’s education

15 June 2021 - 11:00
As a Discovery Vitality member, you qualify for up to 100% of your child’s tertiary tuition fees if you opt for the Private Global Education Protector benefit.
Image: Supplied/Discovery Life As a Discovery Vitality member, you qualify for up to 100% of your child’s tertiary tuition fees if you opt for the Private Global Education Protector benefit.

It may not be something you want to think about as a parent, but ill health or even a disability can put you out of action for a period of time, affecting your ability to earn an income. When this is compromised, even temporarily, affording the financial requirements in relation to your child’s education can become difficult. This is where an education protector benefit can be integrated into your life insurance plan and aid you in being able to continue funding your child’s education. 

Should you consider having a life insurance policy for your child’s education?

Yes. It can be a useful part of your overall financial planning as an income earner, especially if you’re the breadwinner of your household.

Here’s what you should take note of when considering a life insurance policy.

  • Take inventory of your entire financial set of circumstances and needs. Ensure that you’re saving enough and covering household expenses. 
  • Where you can, start tallying up what education costs are likely to be (now and down the line) and get a sense of the ballpark amount you’d need to save towards. Begin with institution fees and immediate education needs. 
  • Ensure that the life insurance product you choose offers the most comprehensive protection available to best meet your needs. Assess this need with professionals on hand at your chosen insurer. 

Six benefits of holistic protection at every stage of your child’s education

To enjoy the benefits of securing a child’s education prospects using life insurance products, maintaining a healthy state and lifestyle is imperative. As a parent, you can protect yourself against a life-changing event that can result in financial difficulties, and protect the health state of your children with cover that helps finance the best quality treatments available should ill health directly affect them.

With Discovery’s Global Education Protector:

1. You can choose to be covered for:

  • a severe illness and disability only;
  • a severe illness, disability and death; or
  • death only.

2. With the shared-value mechanism offers you automatically receive an accumulation of up to 10% of your child’s tertiary tuition fees at the start of the policy. Every year the accumulation percentage can be increased up to 100%, by engaging with Vitality and maintaining your health and wellness. Cover is available from crèche to tertiary education level (locally and internationally).

3. As a Vitality member, you’ll qualify for up to 100% of your child’s tertiary tuition fees if you opt for the Private Global Education Protector benefit; or up to 50% if you select the Core Global Education Protector benefit. 

With the Child Protector benefit:

  1. Provide holistic protection for your child should they ever be affected by specific severe illnesses or disabilities. Cover also allows multiple claims, access to the most advanced medical care through the Global Treatment benefit, and funeral benefit of up to R30,000.
  2. Severe illness payouts range between 5% and 100% for medical conditions affecting all important body systems. Additional payouts include 100% lump sums for all cancers that affect children. 
  3. The Cancer Exome Sequencing benefit is available for Purple Life Plan clients, for up to R35,000 for such treatment needs.

When you consider the level of emotional and financial strain that an unexpected event can cause on a family, protective cover can make a positive difference. 

Only for a limited time, qualifying clients taking up the Global Education Protector benefit and Child Protector benefit can get a guaranteed minimum funding amount of up to 50% for tertiary tuition fees. With Vitality, this funding amount can be increased up to 100% as you proactively engage with the programme, improving your overall health and wellness. Offer only valid until  June 30 2021.

Discovery Life. Registration number 1966/003901/06, is a licensed insurer, an authorised financial services and a registered credit provider, NCR Reg No. NCRCP3555. No liability will be accepted for the effect of any future legislative or regulatory changes. Product rules, terms and conditions apply.

This article was paid for by Discovery Life.