• Thursday, July 25, 2024
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BusinessDay

Schools resume without the ‘Enuowas’…

school-pupil

Schools nationwide resumed for the 2016 academic calendar Monday last week and a lot of students and pupils were sighted since on Friday returning to their hostels for those in boarding, while excited parents and Guardians accompanied some of them to their schools. You could see joy in majority of the students and pupils whom their parents have provided all that they needed to use in the new academic session.

For the Enuowas (Joy, Peter and Lucy), the story is different having lost their Father and Breadwinner a year ago in ghastly motor accident on his return from a family wedding in Edo State. They had managed to finish last session with RockRose International School, a highbrow Secondary School which they attended while their Father was alive. But as day turned dark for them, their Mother who is only a hair dresser could no longer afford to keep them in that same school because of the cost.

So, unhappy Joy, Peter and Lucy do not have choice but to continue their education in a Community public School in their village in Edo State, as they were last November given a quit notice in a rented apartment in Amuwo Odofin where their father lived with them before he passed on. Their mother who could not help the situation has decided that they relocate to the village where she would not need to pay house rent or so much for their school.

Late Enuowa could have avoided this situation that his family is going through now, if he thought of getting an education insurance policy for the children. Well, this lesson may not be for the Enuowas again, but for anybody who has children within education age or dependants to carter for.

Insurance Companies have different education products that could help parents and guardians protect their children’s or ward’s education, in case the unexpected happens.

FBNInsurance said every caring parent wants the best for their ward, however, life is full of uncertainties and even the best laid plans can go wrong. “An unfortunate event could make them insecure especially when you are no longer there for them. A careful financial planning can help you fulfill the aspiration that you have for your children. The Company said the FBN Insurance Flexible Education Plan helps you to ensure that your child’s future is secure and prosperous. It also protects your child future educational needs

According to the Company, it is designed to meet the twin objectives that concern every parent – savings for your child’s education and securing a bright future despite the uncertainties of life.It also enables your child to achieve your heart desires and what they want when you are no longer there for them.

AIICO Insurance in the other hand said every parent’s joy is ensuring that their Children get quality education and turn out great in future. AIICO Insurance Plc offers two education policies to meet these needs – Children Education Plan (CEP) and Education Legacy Assurance Plan (ELAP). “This is an education endowment plan that ensures the continuity of the education of a named child (beneficiary) in the event of death or permanent disability of the policyholder up to the maturity date.

Niger Insurance has the Education Endowment Assurance policy. The policy according to the Company is so designed that the benefits can be used for the education of a named child. The policy may be issued on the life of the father or mother. The maturity date should correspond with the date anticipated that the child will enter into a Secondary School, Teachers College or a University. The maturity benefit is paid instalmentally.

Custodian & Allied Life Insurance has Tuition Protection Policy. The policy according to the Company is designed to guarantee the education of students in the event of death or total permanent disability as a result of the parents/guardians/sponsors being involved in an accident whilst they are in a particular school. It also provides financial protection in the event of the parents/guardians/sponsors contracting a named critical illness (as defined in the policy). The policy is open to students in Nursery/Primary, Secondary and Tertiary Institutions.

AXA Mansard has the EduPlan, which ensures your child does not face uncertainties because the product guarantees the completion of the child’s education upon the demise or accidental permanent physical incapacitation of the fee paying parent.

The plan also provides a medical expense cover for the child for injuries sustained whilst engaged in school related activities on the school premises. EduPlan will ensure that your child continues to enjoy qualitative education without any interruption even in the worst possible circumstance, the Company said.

Leadway Assurance has the Education Protection Plan,  a flexible life insurance product that protects your family against the ongoing cost of a child’s education in the event of your death. “If you choose to pay an additional premium, the plan can be extended to apply if you contract certain illnesses or suffer total permanent disability as a result of an accident. And you can choose to protect the sum insured against the effects of inflation by having it increase by 5 percent or 10 percent each year.

Mutual Benefits has the Children Education Plan, which has been structured towards ensuring quality education for your children and wards easily and in a most efficient manner. This policy allows you to conveniently save towards sending your children/wards to any school of your choice whether within the country or abroad.

The scheme guarantees the future education of your children/wards at whatever level. It ensures that they have access to the quality of education you desire for them, whether you are there to do it or not.

Royal Exchange Assurance has the Royal Tuition Plan, an educational term assurance policy which ensures that children remain in school even after the parent or guardian is permanently incapacitated as a result of accident, illness or death.  The policy is for a minimum term of one year.

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