Private school or university fees can range from $5,000 - $25,000 per year, which is a substantial financial commitment and something worth thinking about. So if your child is starting or continuing their secondary or tertiary education in the New Year, here's what it might pay to take into consideration in your financial plan.
1. You May Qualify For Special Events Increases
In some insurance policies, special events clauses allow you to make changes to your insurance free and with no additional forms, checks or processes required. Having a child begin their secondary or tertiary education counts as one of these events under certain providers. This means that you can increase your sum assured or make changes to your plan quickly, easily and without stress. If you are a primary income earner who supports your child or grandchild as they go through their education, you can make sure that their education costs will be covered by taking the time to review and taking advantage of these clauses.
We highly recommend taking the time to check with us if you qualify, or to review your insurance plan to make sure this new debt/liability will be taken care of and your child will be able to complete their education no matter what happens.
2. Review Your Existing Insurance Plan
If your child is starting or continuing their education it may be a prudent plan to conduct a review of your existing insurance factoring in these new financial commitments. We may find that some changes need to be made or may even be able to save you money, whilst still providing for your debts and making sure your child or grandchild has a safe, assured pathway through their education and into their chosen career. All our insurance reviews are completely free and no obligation, so you have nothing to lose.
3. The Benefits of Your Child Being Insured Early
In addition to thinking about your own insurance as your child/grandchildren start their education, its worth giving a thought to theirs as well. Getting a health and/or critical illness insurance policy in place for them has numerous practical benefits that can help make sure they and the family can overcome the financial obstacles illness or injury could present to their education and beyond.
Securing insurance cover young can mean:
- Securing insurance cover young means cheaper and cost effective premiums.
- Any conditions developed later on in life will be covered. Getting in young means less time for pre-existing conditions to develop which could mean possible savings of thousands or even tens of thousands in the long run. It meant exactly that for our team member who was diagnosed with Crohn's at the age of 20.
- No exclusions, conditions or additional loading expenses in your policy.
4. Consider an Education Investment Fund
Our professional investment services can offer managed funds without a minimum starting amount - perfect for an education fund that can grow and prosper over time, eventually helping your child or grandchild finish their education successfully, without the burden of too much debt on their life. Backed by the most cutting edge research, we can consult with you and find the best option for your unique financial situation. If you want to get started or make an enquiry, just contact us today and ask a question or request a free, no obligation consultation.