Canada-Based life insurance company Manulife has launched a product intended to provide parents with security for their children’s education, and officials at the firm say they are optimistic about its prospects.
In a press conference, Manulife Cambodia chief executive and general director Robert Elliott said the move was based on long-term marketing research the company had conducted in the educational field after opening its office in Cambodia nine months ago.
“I believe this new product will be popular among users,” Elliott said. “I have high expectations from the public for many reasons.”
Manulife’s research found that even families who were financially struggling would take advantage of opportun-ities to secure funds for their children’s future.
The product was created to help parents set aside money and protect their finances for their children’s higher-level education.
Chan Rotha, a Manulife sales manager, said the product would focus on saving money for children starting at the high-school level, allowing parents to save for their children from the ages of one to 19.
Parents could also insure funds for their children’s university-level education through the age of 22.
If parents passed away or became sick during the savings period, their children would still be able to receive benefits when they reached the specified age.
“I strongly believe the new product will help parents to plan their finances for their children and protect them from other financial crises,” Elliott said.
Two other local companies provide life insurance. Cambodia’s first life-insurance company, Cambodian Life, launched last May, and Prudential Cambodia Life Assurance began operations in the Kingdom in early January.
Infinity Insurance chief executive David Carter told the Post last year the general insurance market in Cambodia was worth $30 million.
Carter said he believed that, because of Cambodia’s economic expansion, the insurance market would grow by 75 to 100 per cent during the next three to five years.