Whose got one of this and how wise is it getting one, preferably education for my kid??
All this sales people tell you is the interest you’ll earn on your target amount guess to entice, but is there something they dont tell…??
Kindly anyone who knows anything bout them educate…
There is nothing to tell… Its basically a savings account
Just ask the salesman what he will receive in commission when you sign the papers. He is legally required to let you know.
Usually 20℅ of your policy for 2 years. That is why they are very persistent and will swear it is the best thing under the sun
That part isnt important though… What it comes down to is the projected figures and how solid the insurance company is. Also what your exit clauses are in case you decide you dont want to pay any more. Or are unable to… Do you get back your cash?
If you are disciplined you can buy bonds with the monthly contribution and you will beat the promised amount
I covered my kid with an education policy. It’s not a bad idea though I haven’t eaten any divided yet.
I did the one for 15years
more info plz
Thanks…Thats in my bucket list…Bills though…Why do you prefer Bonds over Bills??
Like mine; the sales person was telling me i’ll start earning interest after 3yrs. Savings Extends to 13th year for a kid whose 8yrs for my first cheque to pay fees. Options given were wait till he joins secondary school or uni…
They have higher return although longer maturities
Wacha nikimbize order mahali,naja na jibu baadae
in most cases there are things they dont tell. insurance being a hard thing to sell,haja ya wengi is just to make a sale alipwe a commision ukilipa.
so,
[INDENT]1. those who will sell you an education policy just based on the interest you will earn wont tell you about inflation.
2. those who sell to you just in the name of saving wont tell you what happens if you miss a number of payments. this is not like a bank account where you deposit & withdraw as you wish.hapa financial discipline lazima.
3. most wont walk you through the terms and conditions of the policy agreement,which may vary from policy to policy,company to company. education policy za britam sio the same na za jubilee e.t.c[/INDENT]
the main and intended benefit of an insurance cover is to compensate you accordingly should there be a loss incurred due to unavoidable circumstances. in this case,with life insurance where the education policies fall under, if you happen to loose your life,even though you are no longer there to continue with the payments,the insurance company italipia mtoto school fees in your absence in accordance to the terms of that cover/policy you took. if you don’t happen to pass on during the term you had been paying the money,then you can claim it all after the paying period is over then usomeshe mtoto nayo. with some companies, you can request them to pay the fees directly.
this education policies are ideal for parents with risky careers like race drivers,miners,recce squad,watu wa cash in transit,people working in dangerous environs like Somalia. especially if you are the sole provider of your family. bibi asibaki akiteseka na major expenses za school fees incase you die. some people opt to take the policies just for the peace of mind
Haki ya nani sijawahi sikia hii part.:mad: Thanks mblo.
Thanks @Afro …So among the Insurance Co’s you’ve come across, which one did you find good for the same policy?? Would love the Education Policy just for the peace of mind like you stated but again if the terms aren’t favourable there’s no need…
Higher return, longer maturities but i think with Bills for the same period of time the returns are almost the same…No??
N
No, short term securities normally have lower rates, although kuna exceptions to this like towards the end of 2015 short term bills had higher rates
For education policy, which company would you recommend?
its been a while since i dealt with these policies na zilikua za Jubilee pekee. i cant quite remember how exactly they compare. But if you can afford ya jubilee and you find the terms are favorable, go for it. if they haven’t changed anything about,then policy inaitwa ‘Career Life’ minimum period you can sign up for ni five years but the more the better since you pay higher payments for short term policies than for long term policies towards a minimum payout of Ksh250,000. it favors young parents with young kids(N.B even an unborn child)who are saving towards future education kama high school ama uni.
for example.
if you have a 3yrs old girl,na ataingia highschool after 12 years,na unaona hio fees ya 4yrs maybe itakua around 400k, you can take a policy ya 12 years where you opt to pay monthly,quarterly or annually for those 12yrs.
the savings part of it ni ati after those 12 years you will take your 400k plus some bonuses. you can request the entire sum ama in installments usomeshe mtoto nayo. wazazi wengine wakiteta kwa news serekali saidia fees ya kuingiza mtoto form one ni mingi wewe ulijipanga kitambo.
the insurance part of it ni ati if you happen to die withing the 12 years you chose for the policy, as long as you hadnt defaulted on the policy,even though you are no longer there,the policy will still mature as intended after the 12yrs na bibi atapatiwa hio 400k plus the bonuses asomeshe nayo mtoto. so hatashindwa kusomesha mtoto if you were the bread winner. it gets better since hataambiwa aendelee kulipa hizo payments ulikua unalipa(whether zilikua monthly,quarterly ama annually) but pesa bado atapata after zile 12yrs.
now,if your death was a sudden accidental death (e.g afisa @pamba apigwe risasi in the line of duty…accident ya gari…etc.),then bibi kwanza atapatiwa the 4ook na hataambiwa aendeleze zile payments ulikua unalipa. and still, at the end of the 12 years bado atapatiwa the 400k plus bonuses as planned.