The future is uncertain, but your child’s education doesn’t have to be

With tuition fees, textbooks, gadgets, stationery and uniforms to consider, educating children can be expensive, especially during tough economic times.

So what happens if a life-changing event means you’re no longer able to earn an income to fund your children’s school career? Especially if, at some point, you’re not around to see it through with them?

Life insurance is the answer. Discovery Life offers a tailored benefit that will give parents and guardians peace of mind by protecting their ability to fund their children’s education costs. 

Discovery Life’s Global Education Protector Benefit has cover for every stage of a child’s entire education career built into its structure. “This offers appropriate support that goes beyond covering necessities within a family home. It’s a holistic cover specifically for education needs,” says Gareth Friedlander, Discovery Life deputy chief executive.

Here are some of the advantages to having this benefit on your life insurance plan:

• Choose what you have cover for. You choose how you’d like the benefit to be structured, based on your needs. For instance, you can tailor it to pay out for death only, severe illness and disability cover only, or severe illness, disability and death.
• Cover applies to any — and every — stage of education. The education benefit can start from as early as crèche, right through to the end of tertiary studies.
• Cover has education-specific features. Tuition fees are not the only costs involved in getting an education. There are add-on costs which can include textbooks, stationary, necessary tech gadgets and uniforms. At tertiary level, residence fees may also apply. A comprehensive education benefit can factor in all of these extra costs.
• Opportunities aren’t limited. Cover can extend beyond local borders to wherever in the world your child aspires to learn.

Rewarding cover for your children’s schooling

“Discovery Life’s Global Education Protector Benefit offers a variety of benefits and so much more. For us, this embodies our Shared-value proposition,” says Friedlander.

“The Shared-value mechanism includes a built-in University Funder Benefit. Clients automatically receive an accumulation of up to 10% of a child’s tertiary tuition fees at the start of a policy. In line with a client’s Vitality status, the funding percentage increases for each year the policy is in force. So, when you as a client make every effort to be healthier, the policy rewards you and can fund up to 100% of your child’s tertiary tuition costs if you don’t claim,” he says.

“Another Shared-value mechanism is the Bursary CashBack Benefit, which pays out if your child qualifies for and receives a bursary. This is a great way to reward them for their achievements.”

“A Global Education Protector Benefit offers many advantages over a standard, but comprehensive life insurance plan. It effectively provides a family the opportunity to protect education funding needs from the kinds of risks that could severely effect it. This way, future ambitions remain alive and well,” says Friedlander.

LISTEN | For more insights on how life insurance can help to secure your child’s education, listen to this podcast:

Click here to get a quote for Discovery Life’s Global Education Protector Benefit in 60 seconds.

This article was paid for by Discovery Life.

^{Discovery Life Limited. Registration number 1966/003901/06, is a licensed life insurer, and an authorised financial services and registered credit provider, NCR Reg No. NCRCP3555. Product rules, terms and conditions apply. Payouts are subject to limits set by Discovery.}