Education is probably one of the greatest legacies we can give to our children. It requires a lot of hard work and money just to make sure they will have the right foundation so they can fulfill what they aspire for in the future.
Along with this legacy is also a challenge how to have a sustainable saving to fund our child’s education. And according to the Commission on Higher Education (CHED), private schools increase their tuition fees on an average of 6% to 10%.
Therefore, the education of our children needs preparation and sufficient funding to avoid interruption of their studies. Their future depends on us that sending them to the best schools can definitely an edge for them.
So, how do we really start saving for our child’s education fund?
For one, start as early as the child was born. Saving money in a bank can be of help and is secured, but may not be enough once your child is about to enter college.
Investing your money can be one of the best ways you can do to save up for your child’s future.
Nowadays, parents are becoming more interested with VUL as it includes insurance and investment component that they can use to fund their child’s education in college.
READ: Sun Fit and Well: The Comprehensive Health Insurance You Need
With Sun Life, Sun Maxilink Prime (at least 10 years to pay) and Sun Maxilink Bright (at least 5 years to pay) can be every parent’s partner on saving up for their child’s education.
Take a look at the sample projected fund value below when Juan Dela Cruz decided to get Sun Maxilink Prime as early as his son, Junior, was born.
On the other hand, below is also a sample projected fund value of Sun Maxilink Bright when Pedro decided to also get a plan for his daughter, Mary.
Possible scenarios might arise to parents while investing in this plan including sickness, disability, or worst case, death. The good thing with this plan, a benefit of Waiver of Premium upon Death or Disability of Initial Owner (WDD) can be included. So whatever happens to the owner, his child’s education is still secured and invested.
Please take note that parents should also have an adequate insurance coverage before getting this plan for the child as they are still the primary source of the fund which needs protection. (Looking for affordable insurance coverage? Check here.)
So the challenge here now is…
When will you start saving for your child’s education?
The difference between our dreams and reality is called ACTION. So if your dream is to make sure your child will have a good education, start TAKING ACTION now.
Want to get a plan already?
Christine Caranyagan is a Certified Investment Solicitor (CIS), Associate Wealth Planner (AWP), Estate Planner (AEPP), and Agency Leader of the Philippines (AALP). She’s a 2019-2020 Macaulay Club Awardee, and a 5x Medallion Qualifier as a Licensed Financial Advisor.
Her mission is to help fellow Filipino people achieve lifetime financial security & healthier lives.
If you want to learn more about financial planning, you can contact her thru her personal contact number 0935 7368 619, or send her a message here.
