Life Insurance
Why Life Insurance Is A Must-Have For Parents With School-Going Children
Why Life Insurance Is A Must-Have For Parents With School-Going Children
22 Apr 2024

Education is the best gift you could ever give your child and life insurance gets top marks for helping you protect it. From the moment your child is born, your perspective on life changes.

Suddenly, you’re not just responsible for your own future, but someone else’s – and to ensure they enjoy a bright one, they’ll need a good education. While it might be the most invaluable gift you could ever give your child, it’s still an expensive one. The average cost of public primary school fees in South Africa is R24 000 per year while private school fees would set you back around R71 000 per year.  

It takes a long time to save up for your child’s education. If you had to unexpectedly pass away before they matriculated, would they still have access to funds that would allow them to continue attending their current school? Also, would they still have the means to receive a tertiary education? If you’re not sure of the answers, this is where life insurance can serve as a brilliant financial tool.

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Life Insurance Can Help Secure Your Child’s Education

At MiWayLife, life insurance is simple – for a low monthly premium, you’ll be offered an amount of coverage of your choosing that’s paid out in a lump sum to your beneficiaries in the event of your passing. The cover under this benefit will grow by 5% each year. Your policy will also include a Terminal Illness Benefit that gives you the option to immediately claim 50% or 100% of your cover if you’re likely to pass away within a year.

This way, should the worst occur, your family can use that lump sum payout to pay for your children’s education and even school-related expenses – from uniforms and stationery to textbooks and sports kits.

If you want to protect your child’s future, we suggest you figure out how much you’d need to cover their tuition. You can then factor that in as an expense when using our simple online life insurance calculator to estimate what your life insurance premium would cost.

Life Insurance Is The Ultimate Safety Net For School Children  

It's important to remember that life insurance is a financial safeguard, not a savings account. All life insurance policies only pay out in the event of your passing or should you develop a terminal illness. If you let your policy lapse or decide to cancel it, you won’t receive your premiums back. This is why it’s important to save for your children’s education from the moment they’re born. You can then purchase a life insurance policy to protect against the possibility of passing away before you’ve saved up enough to pay for that education yourself. This way, you can rest assured that, come what may, your children will still receive the education you know they deserve.

Why not get a quote from MiWayLife today? We get an A+ for excellent service and look forward to surprising you with our affordable premiums.

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.

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06