For children, January means a new class, new teachers and hopefully new friends. The new year is a great way to reflect about your son or daughter’s security. Ask yourself: Have you thought about securing your child’s future? Here are 5 reasons to do so.
1. Guaranteed life cover: We mentioned earlier about how under 30’s should take life insurance when they are young and healthy. The same applies to your kids. Obtaining a life insurance policy for your child is a smart investment as it provides them with the life cover they need, should they develop a serious medical issue and in turn gives you, the parent peace of mind.
2. Prepare for the Unexpected I: This is something which everyone avoids, but is important to remember. In the unlikely event that an accident or critical illness were to prove fatal, the last thing you should have to worry about is managing their funeral costs. It makes sense to have a policy which will assist in offsetting expenses, even though we hope you shouldn’t have to.
3. Saving up for education: As a country which takes its education seriously, parents seek to education to improve their child’s future. A child insurance plan comes handy here as the sum on maturity can help to ease the financial pressure off you, meaning you have to pay less in the long run.
4. Prepare for the Unexpected II: Life has numerous uncertainties. If you or your spouse were to get struck down by a critical illness/accident , you would want to keep your child’s future secure. For example, our ‘MyChild’ policy (formerly called ‘Dedunu’) provides the child with the sum assured at maturity if the parent were to permanently disabled. The sum assured doubles if the parent(s) were involved in an accident.
5. Collateral for Loans: A child insurance plan is accepted as a type of security by banks and financial institutions in Sri Lanka. This can help if there are other loans-aside from education/study loans or other debts which may need to be settled. Covering these debts allows your son or daughter the ability to stand on their feet for the future.
Are you ready to make a good decision for the sake of your child? Have a look at our child insurance plans today!
Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.