“Education is the most powerful weapon which you can use to change the world.” – Nelson Mandela
It’s a universal truth that parents want the best for their children. This resonates with me when I became a parent. One of the big parts of bringing a brighter future for my kid is preparing for his education. Let's talk about preparing for a brighter future for your kids and your family.
I am telling you, I am not a pro when I say I want to help you because I was just starting building my own family, but at least I will be able to share the startup then we can go along with some of the important factors in separate blogs.
First of all, when we talk about a brighter future for kids I was referring to their future education such as the school where we will be sending them or the course will they be taking to name a few factors. And so as a start-up let's see below some of the factors we are going to consider in creating this brighter future.
Schools and Tuition fees
Let's take a look at the below list of schools and their tuition fees. While the government can control the rising education cost per year. We can see also the rising cost of education by 10% per year according to the Commission on Higher Education. In the illustration below we can see an average tuition fee per unit.
Therefore, looking at the above illustration if we have an average of 15 units per semester by P 214 we are getting at P3,210.00 from the cheapest school in the Metro Manila area. Ugfff! You better be prepared.
Let us take a look at the list below. This is a comparison of the cheapest and top expensive schools to prepare for your kid's educational plan.
What do we have to do?
What do we do now? Because of these increasing tuition fees and a possible influx of rates, if we factor these fees in the next 10 years it's going to be huge. That is why every family is doubling time in saving for their kids. So we are here to help you grow your potential in saving up your kids' education plus ensuring that they will not stop their education in an event that you will be taken out of the picture in the family.
Let see how the Insurance Plan with Investment can help you resolve this dilemma. At the age of 25, I started my personal Life Insurance plan with Investment which is called VUL. During this time, I pretty much hage less expenses since I was not married back then. Today, I am almost over my 10-year plan for that policy and I have a pretty comfortable investment I can use to fund the education of my first child. The few P100,000 fund value of my policy can be used to sustain if not start up my first child education. If we factor the P100K in the next 10-year with an average of 6% interest rate the amount of fund I would have would be a comfortable P180K. I think this would be a good startup to fund his schooling. Continually I am still working on funding the account until I reach the right amount of funds while still preparing my second plan for my second child.
Life Insurance: Educational Plans
You see these plans that I took is just a sample plan you can get if you have not made any additional investment so far. But you can still get other plans to sustain your family's needs. Because the question is always to ask yourself, what if i was taken out of the picture in the family will they be able to continue their studies? Take note that the plan I took was life insurance, the life insurance plan let say P1M is desirably the amount that will help them continue their lifestyle when I am gone.
Additionally, enjoy maximum life coverage that protects the life of the insured Parent or Payor for the entire duration of the policy. With this, your children can pursue their education and fulfill the dreams you yearn for them no matter what happens.
Also, you may add supplemental benefits or riders to provide additional protection for contingencies such as accidents and disability.
If you want to learn more about how to start your own personal life insurance to provide a brighter future for your kids, don't hesitate in contacting me on the below details.
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