One of Nigeria’s leading Insurance Company, Cornerstone Insurance limited, recently launched the School Fees Guarantee Plan (SFG) which they believe will go a long way in supporting a child’s early academics journey.
According to the Head Product Development and Channel Innovation, Tunde Lawuyi, “Cornerstone SFG is a term life assurance product with an unemployment benefit extension. It is targeted at parents who want to ensure that the education of their children is not interrupted or curtailed by either their death or temporary unemployment.”
Giving a clearer explanation to its potential clients, the insurance company stated that there two benefits in the plan which are, “1st benefit is naturally a life insurance benefit. This is money you want to set aside for your child’s education in case you pass on earlier than expected.
“You get to decide what amount this is but it should be an amount that will guarantee your child’s education for a number of years, typically, till the end of primary or secondary school.
“The great feature of this benefit is that the money set aside is paid directly to the school as we receive invoices for your child’s education.
“So if say you decide to buy N5m life insurance benefit, if you are no longer in the picture, Cornerstone ‘ll pay the N1m to the school on your behalf as we receive invoices for tuition, uniforms, books, transportation or even excursions until the N5m is exhausted.”
They insurance company further disclosed that the “2nd benefit is unemployment benefit. If you lose your job during the term of the policy, Cornerstone will pay the fees for the next academic term for your child, thus easing the financial burden on you. Those are the two benefits in a nutshell.”
“It’s a great product that needs to be part of the financial plan of every parent. It’s a much needed safety net that guarantees that your children ‘ll continue to receive the education you desire even if you’re no longer in their lives or if you suddenly lose your job,” they added.