My mom is a single mom and we are six siblings, so she can’t support all our financial needs especially our studies. But I’m still blessed because my Tita Nanin(my mom’s eldest sister) supported my studies. I am really lucky to have her and I owe my success to her. I still support the studies of my younger sisters even I have my own family now. Not because I don’t have a choice but because I want them to have a good life and career also. So, even before Cyler was born education is my top priority. I want to secure his future, and I want to give him a better and brighter future. We all know that education is the greatest thing that we can give to our child but we also got overwhelmed by increasing tuition costs. So, Cj and I decided to get a college educational plan for Cyler. I asked my friends, office mates ,and even my boss about this. They say that when your kid is still a baby, it is the best time to get started and save for his education.
Educational insurance on a child is not for everyone. However, it is one option that can be considered when planning for your child’s college education. After reading, listening, and studying about educational insurance, finally we decided to get an educational plan for Cyler. Cyler was six months old then when we bought his educational policy. Most parents and insurance experts says the best time to save for your kid’s education is NOW. My office mate Anna recommended her insurance Broker to me. The Broker’s name is Reggie, she explained everything to us and I want it to share with you in case you want to learn about educational plan.
So here it goes:
- Why do you need to plan early for your childs education? The cost of higher education is increasing, due to inflation or some other economic factors. The increasing cost can result in financial strain for parents/guardians when they begin higher education. Therefore, it is important to plan early to prepare adequately for their higher education.
- How much coverage do you need? The first step in determining the amount is to have a goal in mind. Here are the factors you may need to consider in determining the level of coverage:
- Place of study
- Level of qualification
- University of choice
- Field of study
- Length of study
Tips when buying an educational plan:
- Ensure that you opt for the payor benefit rider. Look for a policy that waves premium payment in the event the parent/legal guardian can no longer pay for the policy. By opting for the payor benefit rider, your child’s educational fund will be taken care of should anything happen to you- reality check.
- Make sure that the premium is affordable. It is a long term process and therefore, you need to be realistic in estimating how much you can afford based on your current income and expenses.
- Do not add unnecessary coverage. Be careful about adding too much insurance coverage as the costs will eat the amount of savings.
- Make sure that the Insurance Company is stable. Ensure that you are getting the right one because investing your money into something is no joke at all. Remember, you are saving for your child’s future.
So, these are the important things that I learned from our insurance broker. Btw, we avail Manulife educational insurance for Cyler, they are top life insurance firm in the country.
Ensuring our child’s future is one of the best thing that we can do with them. Securing your child’s future is your responsibility as a parent and that makes a huge difference in your childs life. I know that no matter what happen to us, his future is secure. Remember, the best time to save for your kid’s education is now. Heavy education costs can not be borne without proper planning, so start saving for your children’s education today. It will provide a brighter future for them tomorrow. 🙂