Advantage of having a children’s education insurance policy

Are you suffering from education expenses in light of the high prices and high inflation that the world is experiencing now? Is there a solution that can make life easier for you, especially when you are thinking about the future of your children?

Many of us are suffering from the high expenses of our children’s education up to and including university. Parents also fear passing away their children complete their education or the possibility of being injured and suffering from a permanent total or partial disability. As the breadwinners but unable to work how will their children survive?

Insurance companies play the role of savior 

Insurance companies are your savior in this case because they offer a policy called the "Children's Education Policy", which helps parents to feel secure until their children finish their education, and if this policy is needed, it helps the journey continue.

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What is the children's education insurance policy?

The children's education insurance policy is simply a policy to cover your children's future financial needs to complete their studies in the event of the death of the breadwinner or if they are in an accident that leads to permanent total or partial disability.

In this case, the insurance company pays the agreed upon insurance amount to the policy beneficiary.

Examples of children's education insurance policies terms

• If the parent is 30 years old and the child is 3 years old.
• The children's insurance policy is issued in favor of the child with a duration of 22 years.
• This means the policy is valid till the child reaches the age of 25.

When can you issue a children's education insurance policy?

The children's education policy can be issued to a child from the age of one to 22 years old.

Policy conditions

Any person has the right to issue the policy for their child provided that the age of the breadwinner is between 20 and 60 years old.

In the event of the death of the breadwinner before the child reaches the age of twenty-five, the insurance amount shall be paid in fill in addition to a monthly payment of 5% of the insurance amount from the month following the death of the breadwinner and until the child reaches the age of twenty-five.   

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Example of disbursement of children's education insurance

For example, if the insurance amount is 50 thousand Egyptian pounds, and the breadwinner dies and the breadwinner passes away at the age of 20, then in this case the child receives a monthly payment of 2500 EGP till they reach the age of 25.

Keep in mind that the minimum amount of insurance for a children's education insurance policy is 10,000 EGP with no maximum.

Policies covering the death of the breadwinner only

Some children education policies terms offer compensation in case of the death of the breadwinner only. 

In this case if the breadwinner does not pass away before child reaches the age of 25, the insurance amount is not paid.

However, if the client wants to also cover permanent total and partial disability, they will pay an additional premium.

What documents will you need to issue the policy?

• A copy of the breadwinner's national ID card.
• A copy of the child's birth certificate.
• A personal photo of the child aged 3 years and above.

How is the compensation paid?

• The breadwinner’s death certificate or a disability report in the case of permanent total and partial disability must be submitted.
• If the death of the breadwinner is due to an accident, the heirs must present the police report number.
• In case the policy document is lost, a replacement will be issued after informing the police.

The most prominent companies that offer this type of insurance 

Misr Life Insurance Company.

GIG

Allianz

The best insurance policy

You can also contact Faydety Insurance Brokerage and we help you find the best insurance policy for your children's education and we will also facilitate all the procedures for you from the comfort of your home.

contact us on  01003916623