How To Guarantee Your Child’s School Fees

Mr. John Olayinka is a young, resourceful and hardworking family man. He loves his beautiful wife and two brilliant children so dearly. To Mr. Olayinka, his children’s education is non-negotiable hence he leaves no stone unturned to ensure that they get the best.

They were enrolled into a good private school and came top in their classes.

Everything was perfect until he suddenly lost his job. His wife’s meager income could not sustain the family, let alone continue to fund their children’s education. The children had to drop out of school pending the time their father can get another job.

Quality education is one of the best gifts you can give your child. Many parents however grapple with the resources required to give their children the best education due to lack of resources owing to a sudden loss of job (just like Mr. Olayinka) or death of the family head.

Life happens and it does so unannounced. It comes when least expected and many endeavours are adversely affected when things nosedive. Many of us make the mistake of not planning for unforeseen circumstances; to pay school fees then becomes difficult and a child’s progress into becoming adequately educated is threatened.

Meanwhile, this may cause outright drop-out from school or inadequate funding that hampers smooth running of the child’s education. You certainly do not want to wake up one day and realise that your child is out of school — plan your child’s education by transferring the risk of life’s challenges. I guess you are wondering how this can be done? It is very simple. Cornerstone Insurance Plc. has a product called School Fees Guarantee.

School Fees Guarantee is a unique insurance product that covers parents as their children progress through the educational system. It protects the insured’s child and/or wards against unwanted and unexpected interruptions to their educational aspirations, because of job loss or untimely death of the fee-paying parent.

– SFG guarantees continuity of child/ward’s education in the event of job loss or untimely death of the fee-paying parent.
– Enables policy proceeds to be paid directly to a school rather than to individual(s) which guides against any – taxation obligations normally associated with a deceased estate.
– Covers primary and secondary school stages.
– Covers death either through natural or accidental means.
– Also covers loss of job subject to terms and conditions.
– Premium is payable at the beginning of every session/school year.

The plan is beneficial to both Parents and the Schools;

To the Parent
– Your visions and big dreams of a bright future for your child is assured.
– You are guaranteed that your child’s or ward’s education will be completed, no matter what happens.
– The risk of emotional trauma is eradicated, your child’s education will continue even when you suffer a job loss or in the event of untimely death.

To the School
– The School automatically assumes the status of Insured Schools.
– The School will be protected against loss of income from fees.
– Makes projection and planning easy for the school.

Eligibility covers two areas, Loss of Job and Death:

Loss of Job
– Covers employees in an established and recognized institutions in regulated industries e.g. insurance, pharmaceuticals, manufacturing, telecommunications, banking, oil & gas etc.

– Cover is available to all school fee-paying parents or Guardians within the ages of 18 to 65 years.

Loss of Job Benefits
In the event of the policyholder losing his/her job, the policy provides cover for the payment of the policyholder children’s education and the benefit is payable as follows:
– Payable to the child’s school directly.
– Job loss pay-out is for total school fees in respect of the next school term after unemployment.
– Benefit pays the next term’s total school fees and up to the limit of the benefit stated on the policy.
– Payable only if the start of the term + 14 days falls during the period of unemployment which shall not be for a period longer than 3 months.

Death Benefits
– In the event of the policyholder’s death, the guaranteed sum assured specified in the contract documents becomes payable immediately provided all premiums due at the time of death have been paid.

To find out more about School Fees Guarantee, contact us:
PHONE: 08106000800 or 012806500

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