Education Insurance Awareness among Parents in Sibu Region, Sarawak

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Research Proposal
Achang Anak Sumbang
Teo Tai Wang
Cornnelius Nasan
Corporate Master Business Administration
Centre of Graduate Studies
Universiti Malaysia Sarawak

Research Topic
Education Insurance Awareness Among Parents in Sibu Region, Sarawak.


An Overview 4
Introduction to Child Education Insurance Policy4
Type of Child Education Policies in Life Insurance Market5 Research Background6
Research Objective7
General Objective7
Specific Objective7
Research Objective7
Problem Statement8-9
The Breakdown of Schooling Expenditure10-11


Theoretical Framework 15
Research Hypothesis 16
Significant of Study 16
Limitation of Study16


Research Design 17
Research Participants18
Sampling and Sample Size18-20
Research Team Composition21
Quality Control Mechanism21

Data Processing and Data Entry22
Analysis and Report Writing23
Ethical Considerations23
Plan & Timeline Table24
Gantt Chart 25



6.1Research Questionnaires 28-32
6.2Insurance Key Indicators (table 1.1) 33-36
6.3Life Insurance Growth and Socio-economic
Indicator (table 2.17)37
6.4The Rates of Mortality for Duration of Two or
More years (table 2.18)38

An Overview
In 1965, Yarri proposed the use of life insurance to insure against lifetime uncertainty resulting for the mortality risk of individuals. Premature death of a family head can bring serious financial consequences for the surviving family members because the family head’s earnings are lost forever leaving unfulfilled financial obligations, such as dependents to support, children to educate, and a mortgage to repay. Life insurance allows individuals and families to share the risk of premature death with many others and to alleviate the financial loss from the premature death of the primary wage earner (Garman & Forgue, 2006). The purchase of life insurance is one of the most important purchasing decisions for individuals and families (Anderson & Nevin, 1975) and it is a critical component of a long-term financial plan (Devaney & Keaton, 1994).

2). Introduction to Child Education Insurance Policy
A child education policy is a life insurance product specially designed as a savings tool to provide an amount of money when a child reaches the age for entry into college normally 18 years old and above. The funds can be utilised to partly meet a child's higher education expenses. Also, if purchaser opts for a payor benefit rider, an education policy provides the assurance that, in the event of an untimely demise of the parents or legal guardian, the child will have access to funds to help finance his or her education expenses. Under a child education policy, the child is the life assured, while the parent or legal guardian is the policy owner.

3). Types of child education policies available in life insurance market. There are two main types, i.e. an endowment or investment-linked policy. The difference between the two lies in the structure as well as the nature of investments. 3.1) Endowment policy is an endowment policy combines a savings component with protection coverage. Endowment policy may be either participating or non-participating. As the name implies, non-participating policy do not participate in the life insurance fund's profits but all insurance benefits are fully guaranteed. On the other hand, for participating policy, a portion of insurance benefits are guaranteed. However, the ultimate amount of benefits at maturity is not guaranteed as these depend on the performance of the insurance company's...
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