Funding Your Children’s Education In Nigeria

One of the most traumatic occurrences in a family is for parents to lack the capacity to fund their children’s education. Good education is the best gift one can give a child. For a fact, quality of education in Nigeria has nosedived and this trend seems to continue unabated — no thanks to the year in, year out paltry share budgeted for education.

In line with the United Nations Educational, Scientific and Cultural Organisation’s (UNESCO) recommendation for education; every country is expected to allocate 20% of its budget to education. In Nigeria, Education funding has not received enough attention as prescribed by UNESCO.

Without proper planning and a dedicated channel of saving for school fees, parents may be caught unawares and struggle with school fees payment. Parents cannot therefore depend on government for quality education, hence they are expected to seek that quality their children so deserve somewhere else – that’s private schools which are expensive.

children's education
Photo by Doug Linstedt on Unsplash

It then becomes important that parents need to consciously make plans on how to ensure that they don’t only enrol their children in a good school but to see to it that they continue and complete their education in a good school.

This is the best time to plan for your children’s education. It would be a wise decision to plug into an opportunity of assuring a brighter future for your children through Cornerstone Insurance Plc. Children Education Fund (CHEF). This is a savings plan that assists in providing a lump sum over a period of time for the education of one’s children.

If the holder of the CHEF policy dies during the agreed period, the account 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 policy holder gets his total contribution with accrued interest at the expiration of the agreed period.

It can also be used as collateral for loan during the policy period from any financial institution, and has a cash value during the policy period subject to policy terms and conditions.

Some of the benefits of CHEF include:

  • Policy can be surrendered after a minimum of one year in force, subject to policy terms and conditions

  • Policy loan, subject to a maximum of 70% of the fund balance after a minimum of one year in force

  • Policy can be tendered as collateral with any financial institution

  • Attractive interest rate



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