Like most Filipinos, many of us believe that education is the ticket to a brighter future. Finishing college comes with the hope of getting better opportunities that can lift our families out of poverty. Parents usually strive to be a good provider. However, the rising cost of tuition as well as additional expenses like books, uniforms, transportation, allowances, and school supplies can put a strain on the budget, especially if there are many children in the family.
Fortunately, insurance and savings plans with guaranteed education benefits can help ease the common financial concerns of parents and providers. The money we put in these programs will grow over the years and can be used to fund our children’s school expenses in the future. In fact, the earlier we plan for educational funding, the better, providing us time to prepare, save more money, and take advantage of lower premiums.
To convince you further, here are some reasons why you must get an insurance plan with guaranteed education benefits in the Philippines.
Sidestep the rising cost of tuition. Tuition fees at all school levels are expensive. As parents, getting an insurance plan with education benefits will give us peace of mind by knowing we can provide for the education expenses of our kids.
How? The money invested in buying education insurance will be secured and may even grow over time. This helps parents build the necessary funds to finance their children’s schooling, from preparatory levels all the way to college. With education insurance, we can set aside money and be prepared to meet the rising cost of tuition.
Create better professional opportunities through higher education. Graduating from college opens many doors of opportunities. Aside from job offers and better income, a college degree can give children better chances to create the future they envison for themselves.
As parents, we want to provide a bright future for our children. We can do this by sending them to a good school that can teach the kids and hone their skills for a successful future. Parents can achieve the goal of giving quality education to children until they finish school through education insurance in the Philippines.
Cover tuition fees through unforeseen events, like income loss for parents. One of our greatest concerns as parents is becoming incapable of supporting our children’s education due to unexpected circumstances such as unemployment, sickness, accident, or untimely passing.
This is why education insurance in the Philippines is very essential. It can cover children’s future educational needs like tuition fees should anything happen to the parents. Children will still have the opportunity to study because education insurance can provide financial support.
Sun Life Philippines offers Sun Dream Achiever which is a life insurance and savings plan that is ideal to fund for a child’s education while providing financial security for the entire family. Its increasing guaranteed cash benefits ensure that there are available school funds for the child no matter what happens to the parents. Supplemental benefits can be added to give extra protection for unforeseen life events such as accidents and disability.
Invested in funds where you can withdraw when necessary. The best education insurance in the Philippines allows you to withdraw funds when the need arises. The premiums invested is expected to grow over the years, which may come in handy when parents require funds to pay for college tuition fees and other educational expenses in the future.
Sun MaxiLink Bright is an investment-linked life insurance plan can help parents prepare for a child’s education needs. Together with the insurance coverage, it also offers investment options that can make the money grow over time. It enables the insured to build funds for at least 5 years and offers an option to add more to what was initially saved. This ensures that a child’s school expenses will be met no matter what happens. It allows partial fund withdrawal in case of an emergency.
Sun Life Philippines also offers SUN Smarter Life Elite which is a protection and savings plan that provides double life insurance coverage throughout an insured’s lifetime. It also gives additional cash benefits that can be used to fund a child’s education needs. Supplemental benefits may also be added to give extra protection in cases of accidents, disability, and illnesses.
Getting education insurance in the Philippines as early as possible reduces the worries of parents as it brings the financial growth needed to cover school expenses in the future. It ensures sufficient funds for children to continue going to school until they finish college even when unexpected life events happen in the family.
Want to know how much is needed to prepare for a child’s university education cost in the future? Check out using Sun Life Philippines' Education Budget Calculator to find out how much you must save.
Need to know how to create a plan on how to prepare for a child’s college education despite the increasing cost of tuition? Talk to one of our financial advisors today.