We all want to see our kids succeed in life which is only possible through good and proper education. Every parent teaches their kids about the importance of education in their lives, showing them all the advantages to be found in education. As a parent or an aspiring parent you want to ensure that your child’s future is secure. One of the ways to achieve this is by taking up a life insurance policy.
And here I’ll recommend the life insurance policy from Cooperative Bank. The product is primarily an education savings plan with regular benefits payable to the policyholder at the end of the premium payment term.
The timings of the regular benefits will be such that they coincide with the planned school going period and thus enabling the product to fulfill the intended need to provide for school fees at the most appropriate time.
The entire policy term will be divided into two key periods:
This is essentially the premium payment term. This is the period during which the policyholder will pay premiums and you will have the option to select the required savings period based on their envisioned school joining age for their child.
This is the period when you receive pay-outs which will be in terms of regular annual benefits to yourself or the school.
It has benefit period ranges from 3 to 8 years and you have the option of selecting the one that is most suitable.
The main benefit under the policy will be each of the regular benefits (School fees) paid to you or to your child’s school during the benefit period. This will be payable annually or termly in advance from the end of the Savings Period to the end of the Benefits Period.
This is where premium payment is waived up to the end of the savings period in the event that you as the premium payer come to an untimely demise or suffer from a critical illness. This means that premium payment is no longer needed.