Education Protector

Parents work hard to provide for their children and ensure that they receive a good education, thus protecting their future.

Education Protector Insurance

Parents work hard to provide for their children and ensure that they receive a good education, thus protecting their future. Education Protector seeks to take care of the policyholder’s children’s education costs when they are no longer there or cannot earn an income due to a disability, resulting in them being unable to pay for their child’s education.

What does it offer?

Education Protector is a comprehensive solution which offers clients death and disability cover. The benefit also includes a child funeral benefit, as well as a cashback benefit paid at the end of the policy term and a critical illness rider.

  • Death / Physical Impairment of Parent - a fixed lump sum determined at outset in the event of death or physical impairment of the parent is payable. The benefit is for covering the costs of the child’s education. 
  • Child Funeral Benefit - should the child pass away before the insured parent then a lump sum equal to the benefit option will be paid. This is to help pay for any funeral expenses for the child. 
  • Parent Payback Benefit - at the end of the contract term, if the policyholder (parent) is still alive, a lump sum benefit will be paid that is equal to 10% of the death sum assured and the policy will cease. 
  • Critical Illness rider benefit for parents - this benefit pays out 30% of the sum assured on first diagnosis of any one of the following conditions: cancer, heart attack, stroke, major organ transplant, Coronary Artery Bypass Graft (CABG) & end stage renal failure. 
  • No medical Underwriting - For sum assured up to Kes 7,000,000

What does one need to apply?

  •  Copy of ID or passport of Parent
  • PIN certificate of the main member
  • Birth certificate of Child(ren)
  • A filled Proposal form
  • Bank details (For contribution remittance)

 

Contact Us

Email [email protected]. Telephone contacts +254 711068888 / 732113888 or +254 (20) 3268888/3269999

 

 Education Protector Plan - Frequently Asked Questions (FAQs)

1. What does Education Protector Plan offer? 

The Plan offers protection cover against death and physical impairment of the main member by paying a lump sum amount to cater for education of the child before age 22. There is also a child funeral benefit paid in the unfortunate event that the child covered passes on.

If the main member survives to expiry of the policy, a cashback benefit is paid equivalent to 10% of the sum assured.

2. How are the benefit options of Education Protector structured? 

The main member has a choice of five benefit options. The face value of benefit options 1 – 4 give an indication of the annual cost of school fees that the main member pays for their child. The full sum assured is then the benefit option multiplied by the term of the policy i.e. number of schools going years left for the child. 

Benefit option 5 is an open cover where the main member specifies the level of cover (Max Kes 7m) and term of cover that they desire. This benefit option is also suitable for clients who do not have children but desire protection cover.

These five benefit options are presented below

Benefits details

Option 1

Option 2

Option 3

Option 4

Option 5

Core benefit

100,000

200,000

300,000

400,000

Open ended

Child funeral benefit

100,000

200,000

300,000

400,000

200,000

 3. Please provide an illustration of the structure of benefits above.

A parent would like to take up an Education Protector cover to cater for the education of their child in case they die or are physically impaired. The child is now aged 12 years old and the cost of school fees is approximately KES 300,000 per year in the foreseeable future.

The term of the policy is calculated as: 22 less current age of the child i.e. 22 – 12 = 10 years. (22 is used since it is the average age at which children complete their first degree)

Therefore, the level of cover taken out by the parent will be:

300,000 * 10 = KES 3,000,000

4. What other benefits are included in the Education Protector Plan? 

The Plan offers critical illness benefit as a rider to the main cover. This benefit pays out 30% of the sum assured on first diagnosis of any one of the following conditions:

 Cancer;

 Heart attack;

 Stroke;

 Major organ transplant;

 Coronary Artery Bypass Graft (CABG);

 End stage renal failure.

 5. Does Education Protector Plan have a waiting Period?

There is no waiting period applicable for death out of accidental/unnatural causes. However, a 6-month waiting period applies for deaths out of natural occurrences. The 6-month waiting period also applies for the first diagnosis of a critical illness.

There is also a 6-month deferred period which needs to elapse before a disability claim is paid out.

6. How do I pay my premiums?

 Premiums can be paid monthly, quarterly, half-yearly or annually. You can pay through a Direct Debit Order, Standing Order from your bank account, or cheque/cash.

 7. How do I lodge a claim? 

In case of a death, the nominated beneficiary/guardian must go to the nearest Stanbic branch to lodge a claim.

Documents needed to lodge a death claim include:

 Completed claim form

 Certified copy of death certificate

 Copy of police report if death was unnatural

 Completed claims signed by nominated beneficiary

 Certified copy of identity document of deceased

 Certified copy of identity document of beneficiary

 Proof of banking

 Documents needed to lodge a child funeral claim include:

 Completed claim form

 Certified copy of birth certificate

 Claimant’s certified copy of ID

 Certified copy of burial permit

 Proof of banking

 Documents needed to lodge a critical illness claim include:

 Cancer:

 - Medical specialist report

- Histology report

 Heart attack:

 - Medical specialist report

- ECG tracing

- Blood test results

 CABG:

 - Medical specialist report

- Surgery report

 Stroke:

 - Neurologist report

- CT or MRI scan

organ  Major transplant:

 - Medical specialist report

- Surgery report

 End stage renal failure:

 - Medical specialist report

 - Blood test results

Documents needed to process the cashback benefit at the end of the policy term include:

 Completed claim form

 Policyholder’s certified copy of ID

 Proof of banking

 8. What conditions are covered under physical impairment? 

The following conditions qualify for a benefit pay-out equal to the death benefit:

 Permanent loss of sight in both eyes

 Permanent loss of hearing in both ears

 Permanent loss of speech

 Loss of or loss of use of two limbs

 Major burns

 Inability to perform at least 4 out of 6 Activities of Daily Living (ADLs)

 

9. How long does it take for a claim to be paid? 

Claims are paid within 48 hours after all required claim documents have been submitted to Liberty Life.

10. When will the claim not be valid?

 Invasion or act of foreign enemy

 Hostilities (whether war is declared or not)

 Involvement in criminal activity

 Suicide or self-inflicted injuries within the first 24 months following the commencement date

 The effects of radioactivity or nuclear explosion

 Accidental Death as a result of riot, private flying, hazardous sports or any illegal acts where the deceased was directly involved

 Non-compliance to medical treatment

 A 6 month / 12-month pre-existing condition clause. A claim will not be paid within the first 12 months of a policy if a claim arises directly or indirectly as a result of a condition or injury that the policyholder was aware of or sought medical advice for during the 6 months prior to policy inception

 11. How can I change my beneficiaries? 

Visit any of our offices with the Original Contract Document, ID, Passport or Birth Certificate of the newly nominated beneficiary and the proof of identification of the policy holder i.e. the ID or Passport you used to sign up for the policy.

12. How do I update my contact details? 

Contact details can be updated by visiting any of our branches and speaking to one of our staff about the change.


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