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26 Nov 2018

Should You Get An Educational Insurance for Your Child?

Should Children Get Educational Insurance?  - Asura

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Child education insurance is one type of insurance supplemented by investments that adopt a unit link scheme system. The premium you pay for education insurance will be managed by the insurance company as a profitable investment fund. The investment results that you get from education insurance can be used to prepare your child's education fund in the future.

Benefits of Getting Educational Insurance

You can apply for education insurance in advance, even before your child is born. The interesting thing about this insurance is that you also get life protection. So if one day an unwanted event occurs to you, for example you have an accident that results in loss of life, then you do not have to worry about your child's future because the education fund has been borne by the insurance. If your child is sick and needs the cost of hospitalization, this insurance will cover the cost of the treatment.

In addition to receiving money for tuition fees, your child will also get investment returns, the amount of which depends on the management of funds by the insurance. The funds used as investment capital can generate large or small profits. If you find that the investment in education insurance that you get in the future is not very large, you can prepare other alternatives such as sending your child to a public school because usually the fees in public schools are cheaper than the costs of private schools, and some are completely free.

Withdrawing Educational Insurance

You can withdraw education insurance in stages, depending on your child's needs and the length of the insurance contract that you agree on. For example, when your child enters kindergarten, you request a disbursement; then you make a withdrawal again when your child enters elementary school, and so on until the contract period ends. Premium deposits are made every month during the contract period. The premium you pay can be adjusted according to your financial situation. Premium deposit must be really done with discipline, so make sure you are not negligent. Negligence can cancel the agreed insurance policy, and the planned education costs for the child will not be paid by the insurance.

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