In the event of your death, disability or terminal illness while your child is between the ages of 5 and 22, we’ll pay a fixed annual benefit based on their age. Benefits will payout to the designated guardian or directly to your child’s education provider.
The benefit will be sufficient to cover a good public school and will increase annually in line with education CPI.
| Child Age | Annual Benefit |
|---|---|
| 5 – 13 | R 42 840 |
| 14 – 18 | R 53 550 |
| 19 – 22 | R 80 325 |
When you sign up for Futurewise Education Insurance cover, you specify a beneficiary who will receive the annual benefit and will be responsible for using it towards your child’s education costs.
The beneficiary can be the other parent or legal guardian of your child, or you can select Fundi to manage the funds on your child’s behalf.
FundiCapital (Pty) Ltd is South Africa's leading education finance and fund management specialist and provides end-to-end bursary fund administration solutions, ensuring that bursary funds are spent as intended. Fundi has been operating for more than 25 years.
We have partnered with Fundi to administer the settlement of claims in two ways: they will pay tuition fees directly to the academic institution your child is enrolled in and they will provide access to funds through a FundiCard – Fundi’s game-changing wallet that can be used at education institutions or on non-tuition education expenses at over 2570 retail outlets (think stationary, technology devices, school uniforms).
Our partnership with Fundi means that you can choose to ensure that the entire benefit is used towards your child’s life-long learning journey.
Learn more about Fundi and why you can trust them to administer your child’s education funds at www.fundi.co.za
Should you get retrenched, Futurewise will waive your risk premiums for up to 6 months, with no impact on your cover. This benefit is available to policyholders who are permanently employed at the time the policy starts.
For every 5 years you are part of the Futurewise community, we'll pay 10% of your premiums back into your bank account.
Terms and conditions apply. View the full terms here.
We're all about flexible options - you decide how much to contribute each month. We also understand that life happens, so Futurewise allows you to withdraw from your savings fund once a year.
In creating a gateway to prosperity, our philosophy is to preserve your savings whilst making sure that they grow to keep up with the rising costs of education. Through our partnership with Nedbank, your savings will be invested directly into low risk assets. These assets provide you the ability to withdraw your funds if you urgently need to pay for your child’s education expenses.
Manage your Savings Fund online via self-service. Your Savings Balance is updated to reflect returns earned at the beginning of each month.