Mariam Nalunkuuma, Manager Corporate Affairs I R A
While education is often viewed as the pathway to a better future, the harsh reality for many parents is that the cost of schooling is becoming increasingly difficult to manage. This financial strain is forcing many children to leave school prematurely, cutting short their educational journey and limiting their potential.
According to the 2016 “Africa Higher Education Student Survey Project”, almost 30% of all students in Uganda, who join university education on various degree programmes from different universities, never finish their courses on time. They literally drop out. The school dropout rate is even higher with about 45% of primary schoolchildren and 30% at secondary.
When students drop out of primary, secondary, or university, it means they are not completing their education. The primary factor behind students dropping out at all levels is often related to financial difficulties.
Many parents find it difficult to pay their children’s secondary and university fees. Whereas students are expected to navigate the waters of wanting to attain good education, needing to afford it, and balancing all the pressures of studying and personal life is daunting for many. The compounding weight of worry over finances coupled with everyday challenges can lead to a harder burden to bear, some getting mental health issues.
Sending a child off to school is an exciting milestone for any parent, especially once the school dues are paid. It represents a sense of accomplishment to a parent fulfilling a cherished dream.
Such dreams can be disrupted by unforeseen circumstances, such as the death or disability of a parent or guardian, which could also jeopardize the student’s aspirations.
A quality education is a shared goal for parents, but many face challenges in figuring out how to begin funding or saving for their children’s education, especially with the rising costs of education. As living standards continue to rise, the costs associated with educating a child-including tuition, textbooks, and other related expenses-are increasing annually. Since education is a crucial investment for both individuals and society, it’s essential to consider all potential risks and uncertainties that may arise. It’s never too late to begin considering your child’s educational future and working toward your dreams as a parent. If you’re looking to plan and save for your child’s education, insurance can be an effective solution to make education more accessible and affordable
Education insurance is a valuable tool that provides the parent or guardian with financial support in case of unforeseen events. It provides protection and a peace of mind to both the parent and student by covering tuition fees, accommodation costs, and other educational expenses, ensuring that the student’s education is not disrupted due to financial constraints. With such a cover there is flexibility on the amount of money you need to contribute regularly for a selected insurance saving plan.
You don’t need to start with a large sum; modest contributions are sufficient and can be gradually increased as your income grows. You can enhance your investment to support even greater dreams for your child, as these policies will provide the sum assured to you or your child when they reach the appropriate age.
With education insurance, you have the option to decide whether your child will pursue their university education locally or abroad. All you need to do is understand the associated costs and save accordingly.
Consider a student whose parent, the sole provider, suddenly passes away. Without education insurance, the student might face difficulties in continuing their studies and could be forced to drop out. However, if an education insurance policy is in place child will be assured of continuing with their education until the agreed time/years stated in the policy document.
Our lives are full of unpredictable, and unforeseen events such as natural disasters, accidents, or pandemics, which many times disrupt the education system. For instance, the recent Kiteezi landfill disaster has significantly impacted students in the area, with many likely facing the risk of dropping out of school.
As we work to enhance our education systems, parents and guardians play a vital role in helping their children achieve their aspirations and dreams. It’s therefore essential for parents and guardians to save and invest in education insurance policies available on the insurance market, as these instruments ensure that adequate funds are set aside for education, protecting our children from being forced to abandon their studies prematurely.
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