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What happens to education insurance if a child dies? Education insurance is one of the main protections that parents can provide to their children.
This article will discuss this case and what to pay attention to when buying education insurance.
Plan Children’s Education Early on
For those of you who already have children, planning the cost of education is something that must be done early on. The reason, education is a cost that must be spent.
Not only that, the cost of education continues to increase every year. Not even the savings interest rate can cover the increased costs.
One thing parents can do is to buy education insurance.
With education insurance, your child can go to school and get a proper education until he is independent.
Education insurance in addition to acting as protection, can also act as an investment in the future for children. Education insurance also helps parents to plan their child’s education.
Due to the large increase in education, parents should buy education insurance from an early age. Cheaper insurance premiums to the flexibility in managing finances are the reasons for the need for insurance from an early age.
Choosing the Right Education Insurance
Each insurance product must have different terms and policies. There are educational insurance policies that provide investment opportunities. There are also those who provide protection for the health of the policy owner (parents) and the insured (children).
Although the additional benefits are different, all of these insurance products have the same goal, namely so that children can receive a proper and good education.
However, how to choose the right insurance? Below are several ways to choose the right education insurance so that education insurance can be used to the fullest.
According to the Insured’s Needs
What is important in education insurance is the child. For that, do not choose education insurance that only benefits you. The education insurance coverage must be sufficient for the educational needs of the child.
The sum insured that is too little will only make insurance a protection that is not optimal. On the other hand, too much insurance will increase the premium burden.
Along with Children’s Desire
Many parents force their desire for their children to go to high school regardless of the child’s wishes. There are children who do not fit in academically. There are also those who want to go to high school.
No matter what type of child you are, the most important thing is to adjust education insurance to their liking. Don’t force your will.
Before buying education insurance, make sure that you have consulted with them.
According to Ability
Parents must pay insurance premiums so that children can enjoy the benefits of insurance. Some of these premiums are expensive, some are cheap and depend on the type and insurance coverage you choose.
However, in choosing education insurance, make sure that the premium you pay does not add to the financial burden. If so, maybe the sum insured you take is too high.
Reorganize the education insurance and adjust it to your financial capabilities. Insurance that is protection should not be used as a financial burden.
Ensuring You Receive Benefits
In addition to choosing the right insurance, when buying insurance, you must also do the following. The following things you should do to ensure that you and your child receive the benefits of insurance.
Knowing the Rights and Responsibilities in Insurance
Buying insurance means that you have bound yourself with the contents of the contract provided by the insurance company.
In the contract, the rights and obligations will be written between you as the insured and the insurance company as the insurer.
Understanding the contents of the policy
The insurance policy contains all the coverage you get which is adjusted to the premium you pay. In addition, in the insurance policy there are exceptions as well as all cases where education insurance applies or not.
Therefore, understand the contents of the policy well. You can contact the insurance agent to explain the contents of the policy or find the information yourself.
Insurance policies must also be kept in a safe place because these documents are legal evidence in the eyes of the law.
Informing Children
Education insurance benefits are for children. Therefore, children should also know the existence of insurance and the benefits they get. You can explain briefly.
This method can be used as a precaution if something happens to you, such as death. Children will feel better
I feel comfortable and at ease knowing the existence of the insurance.
What will happen to education insurance if a child dies?
As mentioned above, an insurance will maximize its benefits if you as the owner of an insurance policy clearly know the contents and intent of the insurance policy.
In the case of an insured child dies, usually each insurance company has a different policy. But one thing is certain, the policy regarding the case will be written in the insurance policy.
Usually education insurance also includes life insurance for children and parents, some even include health insurance.
In general cases, usually the insurance company will provide compensation for death.
This compensation is usually in cash and the amount has been determined at the beginning of the agreement and written in the policy. Again, understanding the contents of the policy well is something that should not be underestimated.
This compensation can be considered as life insurance money. In addition, there are also insurance companies that disburse all the funds that have been deposited through premiums in full without any deductions.
In some cases, insurance companies provide an alternative for parents to pass the insurance on to their other children. All of these policies will be written in the insurance policy so you must understand carefully.
If you want to know this clearly, it never hurts to ask your insurance agent about this when you choose and buy insurance.
Make sure that the explanation given by the agent matches the insurance benefit you want to choose. Things like this should be known at the beginning of the policy so that you can prepare for it.
