Don’t take a gamble with your child's education – life insurance can help you create the financial safety net to ensure it.
We all want the best for our children, and one of the greatest gifts we can give them is a good education. Still, as the costs of education continue to rise, it's become more important than ever to plan ahead.
As an example, if you had to send your child to a government school, it would typically cost between R8,000 to R20,000 per year. As for private schools, their average monthly fees range from R30,000 to R70,000, with additional costs for boarding schools. All this before you’ve even paid for a tertiary education!
Creating A Financial Safety Net
Clearly, providing an education for your child is a top priority but also a costly one. What would happen if you weren’t around to pay the fees? Fortunately, this is where life insurance can play an invaluable role, helping you create a financial safety net for your family. Essentially, you’ll pay a monthly premium and, in the event of your passing, it will pay out a lump sum amount to beneficiaries of your choosing. Most parents choose to make their spouse the beneficiary but you can also make your children beneficiaries too. Once they’ve been paid out, there are no conditions as to how they can use the money, although if you have a will, you can specify them. This way, your family will have the financial means to pay school fees as well as any related costs, be they school uniforms, textbooks or accommodation near a campus.
If you’re covered with MiWayLife, this lump sum payout will grow by 5% each year. This way, it can help you keep up with rising costs.
Investing in your child's education is an investment in their future. Life insurance can play a crucial role in ensuring that your child gets the education that will set them up for success, even if you are no longer there to provide for them. Why not get a quick online quote from MiWayLife today?
Did you know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
