Nairobi, July 20 -- This is the kind of question that comes up over a cup of tea with parents, usually right after someone mentions how fast school fees are increasing.

Should you take out an education insurance policy for your child, or would you be better off investing that same money and drawing on it when fees are due?

There isn't a one-size-fits-all answer, but there are useful ways to think about the trade-offs.

Most education insurance policies in the Kenyan market combine two things: a savings element that grows over the years, and a set of additional protection features that allows parents to build a fund for future school fees while ensuring that the child's education can continue if the insured parent dies or suffers a cover...