Most parents often worry about the future of their children’s education. This is because equipping your children with quality education remains a significant tool to their life-long achievement. Fears of uncertainty like the loss of job, fatal accident, terminal illness and even death are some of the anxieties that keep most parents awake most time especially average families that don’t have access to steal public funds. School Fees Insurance is to the rescue.
School Fees Insurance guarantees that unforeseen circumstance like permanent and total disability, critical illness or even death does not lead to the child dropping out of school.
The policy ensures that your child/ward continues to get the education that you as a parent planned for them, even in the face of numerous financial demands to parents such as accidental incapacitation or even death.
The beauty about School Fees Insurance is that it is not just parents alone that can buy it. Private Schools can also buy this policy to cover their students.
Statistically, 1 in 29 School Children will be bereaved of a parent before the completion of Secondary School or University.
Should this happen, the Private Secondary School or University that has purchased School Fees Insurance for its students would need to worry, about the student withdrawing from the school because of inability to pay fees. The School Fees Insurance policy will continue to pay the bereaved student’s school fees until the completion of his/ her Secondary or University depending on what level of education is covered. It is a win win situation for the school because the policy takes the burden of their students withdrawing from school because of inability to continue to pay fees.
What is in it for you?
- It guarantees that unforeseen circumstances like permanent and total disability critical illness, or even the death of a parent/guardian, will not affect the child’s education or lead to the child dropping out of school.
- It is a personal guarantee from the Insurance Company that constantly and promptly pay your child’s school fees up to the maximum assured sum chosen by the insured.
- It provides medical benefit to cover injuries sustained by the child whilst in school.
So How Does School Fees Insurance Work?
- The parent, guardian or the school authority that wants to buy this Insurance cover will select the preferred sum assured. Note however, that it is the sum assured you intending buyer chose that will determine the premium you will pay to the Insurance Company. You must therefore chose a sum assured that is reasonable to enable you pay the needed premium, because without paying the appropriate premium to the Insurance Company, there is no cover.
- The Parent/Guardian/School Authority then completes the proposal form.
- The Insurance company will then verify the proposal form i.e. Cross-check all the information you have written on the form.
- The Parent/Guardian/School Authority pays the agreed premium with school fees.
- Upon permanent disability or death of a parent or guardian, the insurance company takes over the payment of your child’s education depending on the sum assured. But first, the Insurance Company must be duly notify and expectedly given time to carry out their pre-claim investigation before they do the needful. School Fees Insurance provide stability and security in time of crisis Supporting Parents, Pupils and Schools through the bereavement process is extremely important.