Will I have enough to send my kid to school?
A child’s education is probably the biggest worry of any parent. According to experts, tuition fees in the Philippines increase by an average of 10% every year. So, if you think schooling is expensive now, imagine how much you’ll be spending by the time your child reaches college.
Insurance may offer better returns
Your money may not be growing enough in traditional savings accounts to cover your longer-term needs, such as tomorrow's tuition fees. Insurance, on the other hand, allows you to invest your money for the long-term, which can yield much higher returns to keep up with inflation and tuition fee increases.
Insurance keeps working even if you no longer do
If you are no longer able to provide for your family due to age, a personal injury or a health problem, insurance makes sure you have the funds so your child can continue his/her studies.
Insurance may provide cash payouts
Some insurance plans may provide annual cash payouts which you can use (1) for your family’s immediate needs or (2) to re-invest to grow your money even more.
Insurance helps you while you still live
Before, insurance was perceived as an unnecessary expense where your family benefits only after you pass away. Today, insurance serves you while you are still alive. It is a valuable investment designed to help fulfill life goals, such as a child’s schooling.
I'm Adulting. Should I Get Life Insurance?
If you want to start investing in yourself through life insurance but have no idea how, here’s a guide on life insurance in the Philippines. Read more.
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