How to Save for Up Your Child's College Tuition
How to Save for Up Your Child's College Tuition
As parents, seeing your children off to college is one of the most exciting milestones you anticipate. But it is also the most nerve-wracking. Apart from the stressful decision of helping your child decide on their college degree and university, there’s also the additional (and very overwhelming) stress of thinking about all the expenses that come with putting a child through college. Of course, you don’t want to send your child to just any college. You want them to go to the best one possible. With tuition fees constantly rising at an estimated 7- 12% and the relative slower rate of increase in employee salaries, finding where to secure college funds is a dilemma that is faced by many Filipino households.
Luckily, InLife provides several college education plans in the Philippines to help you save the money you need for your child’s college tuition fee.
InLife has two educational plans available.
The Wealth Assure Education plan is a life insurance plan that is investment-linked. First you will be asked to determine where you intend to send your child to school and compute for possible increase in tuition fees. This will be the education fund. This plan will then help you set up the funds by helping you save up regularly through either annual, semi-annual, quarterly, or monthly payments. But the good thing about this plan is that it offers flexibility. You can also avail of it for your child’s junior or senior high school tuition fee, or even for their post-graduate degree.
It also offers faster fund growth as compared to the usual savings instrument and offers financial protection to ensure that your child’s protection will be funded no matter what. You also have the option to add riders should anything unfortunate happen to you.
Just like the Wealth Assure plan, the Wealth Secure Education Plan is a life insurance plan that is investment-linked. This plan also helps you save up for your child’s education fund through either annual, semi-annual, quarterly, or monthly payments. This plan also offers flexibility. You can avail of it for your child’s junior or senior high school tuition fee, or even for their post-graduate degree.
It also offers faster fund growth as compared to the usual savings instrument and offers financial protection to ensure that your child’s protection will be funded no matter what. You also have the option to add riders should anything unfortunate happen to you.
The main difference between the Wealth Assure Education plan and the Wealth Secure Education plan is that the Secure plan allows you to withdraw parts of your fund at any time for any school-related expenses.
Don’t wait until your child reaches secondary school to start saving for their college tuition. Start investing in their college fund as early as possible for your peace of mind!
InLife has provided its clients with 109 years of uninterrupted service. We expertly offer you financial advice and protection plans to help you make confident decisions for you and your loved ones, even as your priorities change. Find out how much you need to put away with our educational plan calculator.
