At what age should I start saving for my child’s education?
Is it worth investing in an education insurance or endowment plan?
If I take up a policy, is the sum guaranteed upon maturity?
With the rising costs of living, parents often fret over their child’s future and the best gift you can give to your children is to provide them with the most comprehensive education regardless the cost. Therefore, prudent financial planning needs to be in place early to account for our children’s future.
Accumulating resources by depositing a fixed sum in a bank account opened in your child’s name is good and essential. However, uncertainties in life or unforeseen circumstances may limit you from being a provider.
Great Eastern Life’s Supreme Education secures your child’s future and education needs.
High guaranteed cash payouts
School fees, textbooks, tuition and enrichment classes such as ballet or swimming – all these will cost you a tidy sum of money.
With cash payouts totaling 130% of the Sum Assured paid out to coincide with your child’s educational milestone ages, i.e. ‘O’ Levels, ‘A’ Levels and three years of tertiary education1, Supreme Education can ease your financial burden or come in handy on a rainy day.
If you choose not to cash out over the payout periods, you can also accumulate the payouts2 for withdrawal at a later date.
Choice of two maturity ages and premium payment terms
We understand that not every child will pursue the same educational path. To assure that a plan is relevant to your needs and budget, you can choose from two maturity ages of 22 or 24* to coincide with your child’s educational journey.
You can also choose between two premium payment terms: 10 years or up to three years before maturity.
Guaranteed insurability for added assurance
Supreme Education offers Guaranteed Insurability Benefit that allows your child to have additional coverage3 without the need for medical underwriting upon adulthood, another significant life stage. This option can be taken up between six months before and six months after the maturity of this plan.
Exclusive protection for parent
For better security and comprehensive coverage, you can opt for the Parent Assurance Benefit (PAB)4. This rider offers a lump sum payout to cover your child’s living expenses in the event of the parent’s Death, Total & Permanent Disability (TPD), Terminal Illness (TI) or 30 Critical Illnesses (optional).
If no claim is made throughout the PAB term, upon maturity, the No Claim Cashback benefit provides a refund of 50% of the total PAB premiums paid.
In addition, the Payer Benefit rider ensures waiver of premiums so that there is no disruption to the education plan in the event of the unexpected.
To secure your child’s education, speak with your Great Eastern Life distribution representative today!
* Based on age next birthday. 1 Based on Singapore’s mainstream education system: ‘O’ Level, ‘A’ Level and three years tertiary education. 2 Cash payouts will be accumulated at the company’s prevailing interest rate, subject to change without notice. 3 Limited to S$200,000 or 200% of sum assured of the existing Supreme Education plan, whichever is lower. Other terms apply. 4 As a reducing term rider, the Sum Assured will reduce over the term of the rider.
The above is for general information only. It is not a contract of insurance. The precise terms and conditions of this insurance plan are specified in the policy contract.
Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable may be less than the total premiums paid. It is usually detrimental to replace an existing accident and health plan with a new one. A penalty may be imposed for early plan termination and the new plan may cost more, or have less benefits at the same cost.
These plans are protected under the Policy Owners’ Protection Scheme, which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).
Information correct as on 11 November 2014
The Great Eastern Life Assurance Company Limited (Reg No. 1908 00011G)
1 Pickering Street, #13-01 Great Eastern Centre, Singapore 048659