Do you have children under the age of 18 who have full Childcare needs cover?

Young Girl in classroom

This is not “just” education cover to cover school fee’s, but a full childcare needs cover which also gives your child access to a portion of your Dread Disease (up to 20% for Child Severe Illness’s) and your child will also have automatic Trauma benefit. Contact your PBA advisor today if you children do not have cover and we can assist.

Learn more about BrightRock’s cover for childcare needs

BrightRock’s cover for childcare needs offers clients a needs-matched solution should they suffer a serious illness or injury or die before their children can take care of themselves.

We appreciate that providing for their children’s needs is one of the main reasons why parents take out life insurance. We also understand that childcare costs can vary considerably per child, even within the same family. This is why with our childcare cover, policyholders can customise the cover for each child — not just providing for school or tuition fees, but also extra murals, sporting equipment, tours, clothing, pocket money, future costs of a car, cell phone bills, travel, holidays and even groceries.

Policyholders also have access to a unique BrightRock feature, the tertiary education step-up. Education costs typically increase when a child goes from high schools to university. Current products do not make provision for this, which leaves policyholders exposed. To protect against this risk, BrightRock offers the tertiary education step-up. It allows parents to provide for an automatic increase — of 0%, 50%, 200% or 300% — both in cover (pre-claim) and in pay-outs (post-claim) for the education needs of a specific child at the end of the year in which that child reaches the age of 18 years. Once chosen, the step-up in cover is automatic and requires no underwriting.

This not only makes it possible for clients to provide for the expected increase in tuition fees but also for additional costs — for example, for the child’s transport and accommodation at university.

By taking into account the portion of household expenses linked to each child, and adding this to the client’s childcare needs cover, BrightRock is able to offer parents cover that is more appropriate and tailored to their family’s needs.

BrightRock’s cover for childcare needs offers the following key features:

  1. Pay-outs that can continue until the child reaches the specific age at which the parents expect that child to be able to take care of themselves, not just until the age of 18 or 21 years;

  2. More efficiently-priced cover that provides better value and frees up funds for parents to buy more cover where it’s needed. On average, BrightRock clients can buy up to double the cover for the same premium;

  3. Access to the tertiary education step-up, which makes provision for the expected significant increase in education costs when the child starts tertiary education;

  4. The unique ability, at claims stage for permanent expense needs cover and death needs cover, to choose between a lump-sum or recurring pay-out, whichever structure suits the client best at the time of claim. Clients therefore enjoy the best of both worlds;

  5. The ability to convert childcare premiums to premiums for other needs when the childcare cover is no longer required — for example when the child becomes self-sufficient;

  6. When the child turns 18 — if child was on the policy for five or more years — the automatic child additional expense needs cover falls away. However, the child (or parents) can choose to convert the cover into the child’s own BrightRock policy, free of underwriting. Any limits on the cover amount and any exclusions that may have applied to this cover on the original policy will apply to the policy taken out in the child’s own name.

Contact us today and we can assist with your Childcare needs!

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