There is no doubt that you always want the best for your child. That is why you provide them with shelter, healthy food, and unforgettable experience that will help their development.
It's also a given that you want to provide your child with a great future. You can achieve this by sending them to a reputable school where they have the chance to get the education they need to succeed in the future. However, quality education does not come cheap.
Nowadays, sending your child to a private school means that you need to prepare for rising tuition costs. Depending on where you're living or the school you've chosen, you need at least 25,000 pesos per year to allow your child to study in a private school.
During your child's grade school years, you need to prepare 25,000 to 100,000 pesos annually. The tuition fee may vary depending on the school's facilities and location as well.
Once your child graduates grade school, you will need to prepare 40,000 to 150,000 pesos every year. You will have to do this for at least six years until your child finishes senior high school.
When your child enters college, their educational cost may almost double. To send your child to a private college or university for a four- or five-year course, you need to prepare 70,000 to 250,000 every year.
These estimations only include your child's tuition fees, books, laboratory fees, uniforms, and miscellaneous fees. They do not account for the other expenses you may encounter, such as your child's school supplies, projects, allowances, transportation, and accommodation fees.
You also need to consider that tuition fees in the Philippines increase by around 10% per annum. Given this, you can only imagine how much your child's tuition fee may cost by the time they reach college.
To give your child a chance at a bright future, you need to prepare for the cost of their education. However, it's not easy to save at least half a million pesos to fund your child's education.
Although you can always look for scholarships that can help you with the costs, there is no guarantee that they will be enough to cover your child's educational expenses until they graduate college. Instead, you should consider preparing for the cost of your child's education by getting a good educational plan.
An educational plan is an insurance plan that allows you to save money for your child's educational expenses in the future. The money you invest in an educational plan will grow over time, which you can use to pay for your child's tuition fees, books, and other school-related expenses.
Most educational plans in the Philippines have a term of 10 to 20 years. During this time, you will need to pay premiums into your child's policy.
As discussed above, sending your child to a private school and giving them a chance at getting quality education is not cheap. You would spend tens of thousands of pesos to ensure that your child receives the training they need to succeed later in life.
With an education insurance plan in the Philippines, you won't have to worry too much about where you'll get the money to fund your child's education in the future. This type of insurance plan allows you to set aside money for your child's tuition costs to ensure they get the education they deserve, no matter what happens to you.
Another reason why parents need an education plan for their child is to protect them from unexpected circumstances. This is possible because an educational plan often comes with life insurance coverage.
Therefore, you can have peace of mind knowing that your child will still have the chance to study in a private school should anything happen to you. Your child's education plan will serve as the safety net in case you're no longer around to support them financially.
Most educational plans allow you to customize your child's insurance coverage. Doing so will allow you to set how much coverage you want your child to have and what additional benefits you want them to enjoy.
Some of the riders you can add to your child's insurance coverage are accidental death, dismemberment, and critical illness benefits. These riders will help ensure that your child is protected from financial burden in case you suffer from an accident or a critical illness.
Investing in an educational plan for your child allows you to grow your money apart from having the ability to add health protection. This can happen because some educational plans in the Philippines use your premiums as an investment.
This means that you can grow your money as you're saving for your child's future educational expenses. Your investments are also handled by professional managers to allow you to enjoy a greater earning potential.
Your child's education is not something that you should take lightly. It's important that you start planning for their future as early as possible to ensure that they get the best education possible.
To help you secure your child's future, turn to us at Allianz PNB Life. We offer the AZpire Wiz policy, a unit-linked, regular-pay educational plan that gives your child a better chance at having a bright future. Talk to us to learn more.
