6 Insurance Plans Every Parent Should Buy for Their Children

6 Insurance Plans Every Parent Should Buy for Their Children

It’s common knowledge among the major religions that Children are gifts from God. Any wonder why every parent’s dream is to ensure that their kids are given the best care to make them reach their potential and grow into wonderful adults that everyone adores.

Take Chioma for instance, a loving mother with two adorable kids — a boy and girl. The eight-year-old brilliant boy Chinedu recently gained admission into a Junior secondary boarding school in Ibadan, while the little girl Kemi is a primary 1 pupil of Clarets Montessori school not far from their home in Apapa, Lagos.

Having realized that the children were growing up so fast, Chioma sat down with her husband Kola one Sunday evening to discuss the future of their kids. Their discussion was positive as both parent made the decision to consult an insurance broker who helped them with some interesting ideas. The following are six Insurance plans the couple were advised to purchase for their children.

1. Children Education Fund

The first plan in the order of prominence is the Children Education Fund. Since the children are still in school, it’s best to ensure that their education never stops for any reason. The Children Education Fund is a savings plan that provides a lump sum over a given period for the education of one’s children. If the policyholder dies during the agreed period, the fund balance plus the sum assured on the plan (outstanding premium as at date of death) is paid to the named beneficiary. But if there is no death, the policyholder gets his total contribution with accrued interest at the expiration of the agreed period.

2. School Fees Guarantee

Similar in concept to the previous plan, School Fees Guarantee ensures the continuity of a child’s education in the event of job loss or untimely death of the fee-paying parent. The policy allows proceeds to be paid directly to a school rather than to individual(s). This helps prevent unwanted and unexpected interruptions to a child’s educational pursuits caused by the job loss or death of the parents.

3. Life Insurance

As the beneficiaries of their parent’s estate, children can get financial compensation to take care of their needs if one or two of their insured parents were to die. Life Insurance lets a policyholder pay a very small amount (premium) to enjoy a very large cover. The lump sum is then paid to a named beneficiary of the assured in the unexpected death of the policyholder.

4. Gadget Protection Plan

What is the cost of learning online if children are always reprimanded for damaging smartphone screens? The first time Chioma’s phone screen got smashed, it was Kemi who accidentally dropped it on the floor while watching and dancing to Sophia the 1st ­- an educational cartoon series. After a few smacks on the butt, Kola had to purchase the kids a special smartphone. It didn’t take long before Chinedu damaged the phone screen while testing Newton’s law of gravity. Chinedu was convinced that the phone would float in the air after watching a YouTube educational video for kids. Perhaps, if the parent had safeguarded the smartphones with screen guard, the cost of repairing the phone would have been avoided. Buying Gadget Protection Plan ensures that damaged phone screens get fixed with less hassles.

5. Travel Insurance

With Kola traveling to school by air and sometimes with a shuttle bus, the parents were advised to purchase travel insurance to safeguard their son’s trips. If by chance, the trip is delayed or the luggage gets lost, a cash sum compensation will be paid by the Insurance company. However, it’s important to note that the cover typically commences from the time of boarding the bus or aircraft and ends upon arrival at the point of destination.

6. Health Insurance

Health Insurance makes it possible for a child to get affordable medical attention in the absence of the parents. For example, if Kemi were to fall ill during school vacation, the parents wouldn’t have to excuse themselves from work for the sake of the child. All it takes is to notify the housemaid of an existing HMO and direct her to an approved hospital where treatment can be administered. By buying a family health Insurance plan, parents can get peace of mind knowing that the family is financially covered against treatment costs for illnesses.

Conclusion

Cornerstone Insurance Plc has an array of Insurance plans for your children. By giving your kids the right protection to aid their growth, you’ll not only groom kids for yourself but also future leaders of the nation. Take a bold step today by contacting a Cornerstone Insurance agent close to you?

To learn more about our Insurance Plans for Children:

Visit: cornerstone.com.ng | Call: 07086216957 | or Email: brand@cornerstone.com.ng

Read: How to Guarantee Your Child’s School Fees

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