HOW MUCH DOES EDUCATION INSURANCE COST?

Like most insurance policies the costs of premiums vary based on many factors such as the following:

The age of your child: If your child only has five more years of education, the insurance policy is always going to be far cheaper than a ten-year policy.

The level of education you want to provide: Do you just want to cover the cost of your child finishing high school? Or would you like to provide for higher education or the possibility of specialist programmes/courses?

The health of your child: This isn’t ever going to be a pleasant topic to consider, but you need to take into account the future of your child. Do they have any life threatening illnesses or conditions that could hinder their chances of receiving a complete education?

Your age and health: Most education insurance policies cannot be entered into after the age of 57 and may not be valid after you pass the age of 60. You need to consider this as well as your own potential health risks before taking out a policy as it may attract higher premiums.

Additional benefits: Some education insurance policies are flexible, allowing you to ‘cash in’ the policy early to receive a lump sum. Or perhaps convert the education insurance policy into a different form of insurance.

As with any insurance policy, it’s important to search for the best deal – not only in terms of price but also the level of cover offered. This is a commitment that you must be willing to maintain long term in order to provide the best cover available.

Please remember to factor in considerations such as future changes in circumstances that could affect your ability to maintain the premiums – such as plans to purchase a more expensive property to accommodate an additional child.