The Global Education Protector

[blunomore]

We took out the Global Education Protector from Discovery for our daughter.

In one of the Discovery brochures it is mentioned that The Global Education Protector will continue the education payments made by the policy holder before his death, disability or severe illness. This benefit works on an indemnity basis.

What if the child has not yet started education, i.e. no education payments have been made yet? Does this in actual fact mean the policy only starts functioning when the child starts school?

 

[DerpiesFreud]

We took out the Global Education Protector from Discovery for our daughter.

In one of the Discovery brochures it is mentioned that The Global Education Protector will continue the education payments made by the policy holder before his death, disability or severe illness. This benefit works on an indemnity basis.

What if the child has not yet started education, i.e. no education payments have been made yet? Does this in actual fact mean the policy only starts functioning when the child starts school?

Continue Payments.... Requires a payment to continue from I think...
Does kindergarden count as paying towards education?

 

[PsyWulf]

You're wasting a ton of cash and also putting the education of your child in the hand of a Corporation when you die,policies like these only really benefit the seller who gets a fat commission. Start a savings policy that'll pay out at 18/21

 

[themba990]

Read the T&C on the actual policy document since you've already taken the offer. It should clearly state there when cover starts and all that.
Interesting product. On a separate note; assuming that you have life cover, why not just increase that amount to cover your daughter's education costs?

 

[themba990]

You're wasting a ton of cash and also putting the education of your child in the hand of a Corporation when you die,policies like these only really benefit the seller who gets a fat commission. Start a savings policy that'll pay out at 18/21

There is the risk that you die before your child reaches those ages and the amount you've saved by the time of your death might not be enough to cover the education costs

 

[PsyWulf]

There is the risk that you die before your child reaches those ages and the amount you've saved by the time of your death might not be enough to cover the education costs

That's why you'd adjust your life policy with the amount you saved from not paying a helluva commission

 

[blunomore]

Continue Payments.... Requires a payment to continue from I think...
Does kindergarden count as paying towards education?

That seems very skelm of them if that is indeed the case. So my daughter is not in school and not even in a creche/nursery. So this means if my husband were to die, this policy would not kick in because there are no payments to CONTINUE, since none has been made by us thus far. Sounds very skelm to me. Why would our financial advisor then tell us to take it out when the child is still far from going to school?

 

[Azbubu]

You took the product BEFORE reading about it?

 

[blunomore]

You took the product BEFORE reading about it?

Husband took it out on the advice of a financial advisor who sketched it in rose coloured terms. Only later did I read the policy terms.

 

[Azbubu]

Husban took it out on the advice of a financial advisor who sketched it in rose coloured terms. Only later did I read the policy terms.

eish.

 

[Freshy-ZN]

Discovery......

 

[guest2013-1]

IMO those policies are bull****, I'd start a type of trust fund (savings) specifically for education for the kid the minute I find out my pretend SO is pregnant. By the time they enter school there should be enough in there to do the whole private school thing and/or even varsity.

When I die, a chunk of my life insurance is dedicated to the kids. Regardless of how old they are. That money is theirs and for their needs, mom won't be able to touch it other than pay school, buy clothes, pay for their ****. Then there'd be a chunk dedicated to my pretend SO which will be able to live off of it in luxury and be able to provide at least food for the kids. House will be paid off by the rest and any money that might have been owed.

The chunks will pay out in monthly "salaries" until a certain point. Mr. Lawyer will take care of justification/inflation etc