As a parent, making sure your child has a bright future will be very high on your list of priorities. Good-quality education is a powerful way to provide a young person with a solid start in life. However, what if you are not around to ensure that this strong foundation is in place? Instead of worrying, or feeling fearful about the future, you can protect your children and provide for their education even if you pass away, by using a simple and affordable financial safety net called an education protector.
As the name suggests, education protection takes care of your child’s education when you cannot. In the event of a parent passing away or becoming severely ill or incapacitated, an education protector provides essential financial support to cover school fees and ensure your child can continue schooling without interruptions caused by budget constraints. By keeping familiar structures in place, you also make sure that there is additional emotional support at a difficult time in their lives.
Why take out education cover?
Education protectionis worth considering for a number of reasons:
- Continuity: With an education protector, you ensure that your child's education continues without disruption, even when unforeseen circumstances occur. This provides emotional support and a solid base for academic success and future career prospects.
- Security: The cost of education will keep rising. An education protector provides an immediate and affordable solution that lets you protect your child from financial strain if something happens to you and the nominated guardian’s fortunes change.
- Peace of mind: Knowing that you have education cover in place takes a load off your mind and allows you to focus on more immediate, day-to-day parenting needs.
Education protection and estate planning
Work with a professional estate planner who knows and understands South African estate law to help you structure your education cover to fit into your overall estate plan, including drafting a valid will for you.
If your children are minors, it’s a good idea to make provision for a children’s trust in your last will and testament. Integrating a children’s trust into your will, and naming your preferred trustees, ensures that the money will be managed by trusted individuals for the benefit of your children. It’s a reassuring way to guarantee the funds get used for education and related expenses, as you had intended.
It is good to review your will and education cover regularly to ensure that it remains adequate as your child grows up and progresses through the different developmental stages. It’s also worth making sure that your education cover is comprehensive – in addition to covering school fees, it should also take care of uniforms, textbooks and extracurricular activities. If your child excels at music or sport, for example, they must have the necessary equipment to keep doing well at something they love. Apart from raising a well-rounded young individual, this could also lead to brighter career prospects one day.
An act of love and responsibility
Education protection is more than a policy that provides education cover – it is a promise that no matter what happens, your child's education will remain a priority. Taking this proactive step to protect their future is an act of love and responsibility, helping secure their educational journey and giving them the opportunity to thrive in academic pursuits and beyond.
Whether you’re in need of a
will, life insurance, education
cover,
or the power of all three, we have got you covered.
