Enterprise Life Investment Plans: Educare vs. Enterprise Life Living Benefit Scheme
Educare is the better choice if your main goal is funding a child’s education, because it combines disciplined education savings with life, disability, and premium-waiver protection. The Living Benefit Scheme is better if your priority is broader family protection and income replacement after death or disability, rather than a structured education payout.
Quick Comparison
| Feature | Educare | Living Benefit Scheme |
|---|---|---|
| Primary purpose | Save for a child’s education while protecting the parent or guardian | Protect family income and provide benefits after death or disability |
| Investment component | Yes—monthly contributions build an investment account | Yes—contributes to an investment fund for life needs such as education or retirement |
| Education payout | Five annual payments in the final five policy years | Not a dedicated education-payout structure |
| Life cover | Pays beneficiary if policyholder dies; future premiums are waived | Pays beneficiary if the life assured dies during cover |
| Disability protection | Total and permanent disability benefit included | Living benefit support after disability or critical illness, depending on plan terms |
| Minimum premium | GH₵15 monthly, plus GH₵0.50 policy fee | Product-specific; confirm current quote |
| Best for | Parents and guardians with a defined education deadline | Breadwinners seeking family income protection |
Enterprise Life Educare
Educare is a term policy with both life cover and an investment component. Policyholders contribute monthly, the money grows in an investment account, and the policy provides five annual benefit payments during the last five years of the term.
The scheduled payouts are:
| Payment year | Percentage of fund value |
|---|---|
| 1st | 25% |
| 2nd | 30% |
| 3rd | 35% |
| 4th | 50% |
| 5th | 100% |
The plan’s classic terms allow entry from age 18 to 60, with cover ceasing at age 70. The minimum term is seven years and the maximum is 18 years. The relaunched Enhanced Educare introduced a minimum five-year term, a higher investment component, retrenchment protection, cash bonuses, and partial withdrawals.
Key Educare Benefits
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Premium waiver: If the policyholder dies, Enterprise Life waives future premiums and covers them under the policy.
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Death and disability protection: The policy includes life cover and total permanent disability protection, helping ensure the child’s education continues if the parent or guardian can no longer contribute.
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Flexible access: Enhanced Educare allows partial withdrawal of up to 50% of the investment after 12 months, with full withdrawal after five years.
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Separate emergency cash account: Policyholders can maintain a separate savings account without disrupting the main education investment.
Educare Costs
The older Educare product lists a minimum monthly premium of GH₵15 and a maximum of GH₵200, excluding a GH₵0.50 policy fee. The Enhanced Educare version lists a minimum premium of GH₵100, with no stated maximum, subject to underwriting and anti-money-laundering limits.
Enterprise Life Living Benefit Scheme
The Living Benefit Scheme is designed to provide financial support when the policyholder experiences a covered living event, such as disability or critical illness, rather than paying only after death. Enterprise Life’s broader Living Plus family includes cover for death, total permanent disability, and critical illness, with optional hospitalisation, retirement, education-support, funeral, and personal-accident benefits.
Unlike Educare, it is not primarily an education-savings vehicle. It is more appropriate for a breadwinner who wants to ensure that a spouse, children, or dependants continue to receive financial support if illness or disability interrupts income.
Key Living Benefit Features
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Living-event protection: Benefits can be triggered by disability or critical illness, depending on the selected plan.
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Family income focus: Designed to replace or supplement income during difficult periods.
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Optional add-ons: Depending on the plan, benefits may include hospitalisation, funeral cover, retirement support, and educational support.
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Investment element: Some Enterprise Life plans combine protection with an investment fund for longer-term needs such as education or retirement.
Which Plan Should You Choose?
| Your situation | Better plan |
|---|---|
| You have a child entering secondary school or university in 5–15 years | Educare |
| You want guaranteed scheduled education payouts | Educare |
| You are the family’s main earner and want disability or critical-illness protection | Living Benefit Scheme |
| You want a plan that pays if you become seriously ill, not only if you die | Living Benefit Scheme |
| You want a simple, disciplined education savings plan | Educare |
| You want broad family protection with optional add-ons | Living Benefit Scheme |
Important Considerations
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Educare is goal-specific. Its five-year payout schedule is designed around education expenses, so it may not be ideal if you need flexible access to all your money.
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Living Benefit cover depends on definitions. Read the policy document carefully to understand which illnesses, disabilities, waiting periods, exclusions, and benefit levels apply.
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Insurance is not a pure investment. Part of your premium pays for protection and administration, so compare the projected investment value against a direct mutual-fund or fixed-income alternative.
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Enhanced Educare has changed. The relaunched version includes a five-year minimum term, retrenchment benefit, cash account, and expanded benefits, so older online descriptions may not reflect the current product.
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Confirm current terms. Enterprise Life has updated several products in 2026, including Enhanced Educare, so request a current quote, benefit illustration, and policy wording before signing.
Key Takeaway
Choose Educare if your objective is to secure your child’s education with a structured savings plan and protection if you die or become disabled. Choose the Living Benefit Scheme if your main concern is protecting your family’s income and lifestyle during a serious illness or disability. For many parents, Educare is the more targeted solution; for a sole breadwinner, a living-benefit plan may be the more essential protection.
