Why do you need life cover and EduCare™ (education cover)?
Life cover is life insurance or death cover which provides a cash lump sum in the event of your death, or if you become severely ill or impaired (you can include critical illness cover as part of your life insurance or take it out as a separate policy).
A monthly premium to your insurer for life cover assists in safeguarding your loved ones from financial hardship if you die or suffer from one of a list of illnesses, as per your plan. The money can be put towards funeral costs, payment of a mortgage, debts, or your family’s living expenses.
Though the aim may be to ensure that there is enough funding for your family when you are no longer around, we find that this amount often isn’t sufficient to cover children’s education. This is why we created the education protection plan, EduCare™, an estate planning product that provides dedicated cover for your children’s education and care needs should you become impaired, severely ill or pass away. EduCare™ helps cover school fees, personal care needs, school clothes, stationery, sporting equipment, food, transport and tertiary education.
Both life cover and education protection cover are important and serve different functions. While life cover is essential to protect your family, it easily gets wrapped up in other things like bond payments, cars and other debts and expenses when you pass away.
With EduCare™ there is money securely ring-fenced to take care of your children's educational and care needs if you pass away, become severely ill or impaired.