Choosing an Education Plan
Consider how much money you want to set aside for your child’s education.
Make sure that the premium is affordable.
Choose a policy that gives you flexibility so you can gradually increase the savings in the future.
Ensure that you opt for the Policy Owner benefit rider.
How Much Cover My Child Needs
Have a goal in mind. What are your goals for your child's education? The following are some of the factors you may need to consider in determining the level of coverage:
Place of Study: Studying locally or abroad? If abroad, is there a likelihood that it would cost more? Where would that be?
University of Choice: A top-notch university will cost more;
Length of Study: The longer duration, the higher the incidental expenses.
Education Investment Guide
Working through the above factors will help you figure out the expected education costs and investment. As a guide, you may try to calculate an example of how much you’ll need.
Take current annual fees.
Expected living expenses.
Plus number of years of study.
Since the education costs will be incurred in the future, you need to also account for inflation.
You may end up with an amount you find difficult to afford. However, the good news is that by wisely putting your money to work through a savings or investment plan, the returns from such investment or savings can be accumulated over the years to help cover the costs.
