Education is an important pillar for our kids but the cost of education has also been on the rise. Being a major financial commitment, as parents we want to prepare with our children as they proceed from kindergarten to tertiary education and eventually, University.
We have specially curated the best plans and compare them for you for your convenience.
They are a type of endowment saving plans that are designed to help you save and grow your wealth for the purpose of children’s education fees. Aside from accumulating your wealth, the difference between saving in a bank and biscuit tin (they accumulate your wealth too) an Endowment plan actually grows your wealth with actual returns higher than a bank account or fixed deposits.
Most savings plans are Capital Guaranteed upon maturity and your savings are protected in the event of death. So you can be sure your wealth will be covered for while growing them.
As a parent if you prefer stability and growth as well as being risk adverse, then Endowment savings plans are a tool you can utilize to help with the financial commitment with children’s education funds. There are also endowment plans that are designed to payout over the tertiary and University years, as well as flexible withdrawal functions or lump sum maturity in as short as 8 years.
In these scenarios, Endowment plans will suit your concerns and needs.
A limited premium term for a maturity sum over up to 25 years or age 99 with a shorter premium term.
Choose from lump sum maturity or do flexible partial/ full withdrawals from your plan, all the way until age 120.
Stable Insurer growth with strong returns for maturity amount as well as flexible cash benefits across University years.
With local Universities costing up to $40k and overseas UK/US Universities above $65k SGD, the future cost of these education loans will be at more than $100k SGD including inflation. This gives a rough estimation of the amount that you need to set aside on how much to save, subsequently deciding which plan to go with.
Considering how long the child have prior to University studies, length of the course and how much does the course cost will aid in your choice.
Our Experienced Advisors compare them daily and have specially curated the best plans and compare them for you so you don’t have to do so.
Simply fill in the simple form to find the coverage best suited to your needs. Our licensed FA advisor will get in touch with you shortly upon your request.
No obligations. No hidden fees and costs. Just professional advice.
The number of years you are saving for affects the returns and should complement the age of your child, before they are too old as the plan needs time to grow and accumulate. Hence earlier commencement of the plan is always advantageous and considering how long the child have prior to University studies, length of the course and how much does the course cost will aid in your choice.
Yes. There are endowment plans that pay out specifically for education years. However that may not be flexible as the child’s age may differ from the actual school admission date. If you are considering small payouts for your child’s education milestones as a reward, some of the education plan has payouts for that. Should you choose not to utilize it, you have the choice to re-invest them.
Best Children Education Plan
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