ADVERTISEMENT

Saving for your children’s education in Ghana using insurance – why it makes sense

Every child in Ghana has dreams, including yours. Right from when they start having thoughts, they will start planning a great future and might want to conquer the whole world. And all you have to do is to make sure they keep doing what they want to do. But without quality education, there is no bright future. 

Saving for your children's education in Ghana

There are several reasons why you would want to purchase an insurance package towards your child’s education now. But here are some key reasons you need to buy education plan in Ghana right away; 

If you have gone through education in Ghana, you already know how expensive it is. And from the look of things, education will only keep getting more expensive in the future. The average cost of a good university education in Ghana is around $3,000 per semester, and unless you’re in the upper echelons of society, that can be a huge amount to cough up.

ADVERTISEMENT

For most parents in Ghana, the commonest way to arrange funds for to pay expensive school fees of their wards, is to take up a loan. There are even special loan facilities called “educational loans”, but the catch for these loans is paying a high interest on the amount you took. If you’re a young parent in Ghana, you are most probably already paying for your own education, why take up additional liability? That is the time when your insurance plan for your child will kick in to alleviate the “fees” burden most parents face. 

With an insurance plan for child education in Ghana, you get the dual benefits of insurance and investments. The craze in Ghana now is all about “investments” and putting your money in the right places, especially with the proliferation of investment scams in Ghana. If you buy an insurance with a great provider, no future premiums need to be paid in your absence. Even if something were to happen to you, your child’s dreams would not come to an end. It will help you in keeping the promise intact. Your children can go to whichever country and opt for whatever education they want.

There is a price for being unprepared for your children’s education in Ghana, and the best way to not pay this price is to take steps to secure your future (and your child’s) right now. Take right steps at right time, be the parent who is prepared for the future. Invest in the right plans that help in securing your child's future, in your presence and even in your absence.

ADVERTISEMENT

So how do you choose a suitable education insurance plan for your child in Ghana?

Even after you decide to use insurance to save up for your child’s education, it can be mind-boggling choosing the right plan for this purpose. A good way to start is to understand the available plans based on when your child is expected to begin tertiary education. You can then choose a suitable plan that is designed to start paying out the education fund at the appropriate time.

Start by downloading this guide to education insurance in Ghana to help you select a suitable plan based on your child’s years to tertiary education.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh

ADVERTISEMENT