South African families are once again feeling the pinch as education costs continue to climb. According to Statistics South Africa (Stats SA), the education price index rose by 6.4% in March 2024. School fees increased by 6.6%, while tertiary education costs rose by 5.9%, reflecting the growing financial pressure on households.
While the slowdown in increases may offer some relief, the reality is that education remains one of the most significant and growing expenses for families. Recognising this challenge, FNB Life has introduced the new Education Protector benefit — a life insurance feature designed to ensure that, in the event of a parent’s death, their children’s education expenses are covered, helping secure their future even in the face of life’s uncertainties.
“Every parent wants to give their child the best possible future, and for most, that starts with a good education,” says Matthew Green, Head of FNB Underwritten Life Products. “But with education costs rising year after year, planning for that future can feel overwhelming. That’s why we’ve created a solution that ensures your child’s education is covered, right through to university graduation.”
The FNB Education Protector is structured to absorb rising education costs, with tailored options for public, private, and even international education paths. It covers both tuition and ongoing education-related expenses, such as uniforms, books, transport, and devices. Importantly, fees are paid directly to the institution, ensuring that children’s education continues uninterrupted.
“This isn’t just about financial protection,” says Deepesh Desai, CEO of FNB Life Assurance. “It’s about giving families peace of mind and helping children stay on track. The cover supports one repeat school year, one gap year, and even extends to honours degrees provided education continues without interruption.”
The Education Cover is available on the FNB App and can be taken as additional benefit on an FNB Life Customised policy, or as a standalone benefit, making it accessible to a wider range of South Africans. The product is designed to be flexible and inclusive across income levels and life stages.
“At FNB, we’re committed to providing help that changes everything,” adds Green. “This isn’t just insurance it’s a promise to parents and their children that their dreams don’t have to end, even if the worst happens.”
DID YOU KNOW?
*The FNB Education Protector separates funding into two components – tuition and ongoing education-related expenses. School and university fees are paid directly to the institution, making sure that the child’s fees are always covered. Then, an additional cash allowance is provided every year to the surviving parent or guardian, which is aimed at helping to cover the cost of uniforms, books, transport, stationery, devices, aftercare and any other unexpected learning needs.
The Education Cover is available as part of FNB Life Customised policy. However, for families who want to prepare responsibly for their children’s education but can’t afford the bundled insurance products, the Education Protector can be taken as a standalone benefit. The benefit offers flexibility and is available on digitally making it accessible to most South Africans across income levels and life stages.
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