Make sure the plan you're getting for your child has these four key components.
CREATED WITH INSULAR LIFE
As a parent, you have big dreams for your children. You want them to live their best lives and reach their full potential—and that begins with a good education. With the rising cost of tuition in the Philippines, a savings plan is all the more important when you want to give your kids the best education possible.
You’re probably wary of getting an educational plan, but there are other financial packages available that may benefit you more than a regular educational plan will. Do your research—including finding a reputable company that will put you and your family’s needs first—so you can rest assured that your children will reap the benefits of your hard work in the future.
Listed below are some features you may want to consider when investing for your kids' future:
1. Financial protection
Any mom knows that everyday life is full of uncertainty. When unforeseen events happen, insurance coverage will be helpful in protecting your family financially—as one mom realized. Cristina Calata, a registered financial planner and a mom of one, said that “as parents, we need to be protected from life’s risks first before getting other financial plans that can answer for the other needs of the family.”
When she and her husband decided to get an educational plan for their son, Cristina made sure it had a rider that provided additional protection that would “ensure the continuity of the policy if anything happens to me.” “This way, my son will not be deprived of enjoying the education funds meant for him,” she explained.
2. Disciplined savings
Any investment will need some sacrifices on your part, particularly when it comes to your spending. Moms hold the purse strings in the family, and you know how much you can afford to pay on the regular. Look for an investment plan that considers your paying capacity and helps you save monthly, quarterly, semi-annually, or annually. No matter which option you choose, you’ll develop a habit of saving that will help build sufficient funds for your kids’ schooling.
School expenses differ year on year, and additional fees may crop up within this time as well. The plan you choose should allow you to save up for your children’s education and at the same time allow you to withdraw funds when you need it—whether it’s for their high school or college education.
4. Fund growth
This simply means that your money grows over time. Putting your money in an educational plan with an investment component allows you to earn more in the long run. It also helps you achieve your education fund goal in a shorter period of time.
When you get a good educational plan with insurance coverage and other benefits, you’ll have the peace of mind that no matter what happens, your children’s needs are covered—and that the big dreams you have for them can come true.
Secure your child’s future through Insular Life’s Wealth Assure Education and Wealth Secure Education. These investment-linked, life insurance plans benefit both you and your loved ones, while making your money grow. To know more about Insular Life and its products, follow Insular Life on Facebook.
This article was created by Summit StoryLabs in partnership with INSULAR LIFE.