In addition to being a springboard for further education, these critical years also teach young people how to work hard, respect discipline, manage time and, ultimately, help them to gain access to better opportunities in the job market. That’s why most parents do everything they can to give their children the best education they can afford. Every child’s educational journey, from pre-school to tertiary education, forms the foundation from which to launch the rest of their lives. It’s also why we have created the EduCator Xtra benefit within our Lifestyle Protector offering. A benefit that pays for a child’s education should the client pass away, become permanently disabled or critically ill. EduCator Xtra is ideal for anyone who wants to provide for their children’s education when they no longer can.
Features of the EduCator Xtra benefit:
• It’s a standalone benefit: there is no requirement for a core risk benefit to be taken.
• There is a cashback included in the benefit that will pay back all premiums paid if there is no claim, and if there is a claim.
• The cashback is paid as a once-off cash lump sum amount based on the premiums relating to the child beneficiary, paid under the benefit from inception to the first anniversary date following the child beneficiary’s 18th birthday.
• If there is a claim or the early death of the child beneficiary, clients will receive all premiums paid up to the date of claim.
An education-focused benefit
• Liberty adjusts the EduCator Xtra benefit every year to keep up with education inflation, protecting clients against the potential rising costs of education.
• It provides the peace of mind of knowing that the money will be used for its intended purpose. On claim, EduCator Xtra pays the educational institution directly, removing the administrative burden and risk of the money being diverted for other purposes.
• EduCator Xtra will pay for a child’s school fees from pre-primary, through primary, secondary school and up to their tertiary education (until completion of the first undergraduate degree, diploma or certificate).
• EduCator Xtra promotes early childhood development through an allowance which helps cover the costs of nursery schools, day care or similar institutions.
• EduCator Xtra covers up to 8 children considered financially dependent on the Life Assured. This broad definition includes a biological or legally adopted child, or a nominated child, who is living with or depends on the Life Assured for the payment of education costs.
• EduCator Xtra gives children the opportunity to study at an approved international tertiary education institution through our prestigious university list. If the EduGlobal feature is taken out, then a child can attend an international institution that is part of ENIC NARIC network, covered at three times the rand limit.
Flexible for differing client needs
• Access to Gap Years provides added flexibility that children may take two years off after finishing high shool and before starting their tertiary education.
• Clients have the freedom to choose whether they want to cover their children’s education at a Public, Independent, or a Prime category institution. If they opt in for the Prime Institution category, their child will have access to top-end high schools with higher benefit limits.
• EduCator Xtra will also pay for home-schooling where the educational institution is registered with the appropriate governing body in South Africa.
Plenty of embedded features
• EduCator Xtra includes an achievement allowance that rewards children should they achieve provincial or national colours in a sport or cultural activity, subject to various qualifying conditions.
• If children emigrate while in claim, EduCator Xtra will continue to cover their tuition costs at primary, secondary or tertiary schooling level, up to the applicable Rand limits.
Disclaimer: The information contained in this article does not constitute advice by Liberty. Any legal, technical, or product information contained in this document is subject to change from time to time. This document is a summary of the features of Lifestyle Protector as at the time of publication. If there are any discrepancies between this document and the contractual terms and conditions the latter will prevail. Any recommendations made by your Financial Adviser or Broker must take into consideration your specific needs and unique circumstances. For more details about benefits, definitions, guarantees, fees, tax, limitations, charges, premiums or other conditions and associated risks, please speak to a Liberty Financial Adviser or your Broker. Liberty Group Ltd is the licensed Life Insurer of Lifestyle Protector and an Authorised Financial Services Provider (no. 2409). Terms and Conditions, risks and limitations apply.