Your child is your most precious possession and when you’re planning for his/her future, education insurance plays a vital role.
Best education insurance in the Philippines | Image from Freepik
Planning the education
When you become a parent, you ought to think about everything in advance, right from revamping your home to saving for your baby’s future. You want to see your children happy, fulfil all their wishes and educate them well. Providing quality education and supporting them financially at every step requires meticulous planning well ahead of time.
Without proper financial planning, managing your whole family’s expenses amidst the rising inflation and high living costs can completely stress you out. To save money in a well-structured manner over a specific time period, you must consider purchasing education insurance.
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An endowment plan or education insurance offers guaranteed returns on your savings, which can be used during financial emergency or as an income source (for a short period) upon the policy’s maturity. It saves you from unwanted finance-related stress at the eleventh hour.
When you buy an insurance plan from an array of available options, how do you know that you’ve made the right choice?
How to choose the best education insurance for your child?
When you want to buy an education insurance policy, you must look for a range of features and services offered by the policy. Some important features include hassle-free application process, premium duration, additional riders/benefits, flexibility and enhanced coverage (due to illness/death) offered.
Additionally, make sure to check the returns on investment provided, payout age options, added cash benefits and the type of insurance plan.
4 best education insurance in the Philippines
Choosing the perfect education insurance for your child from a host of options can really baffle you. So here’s a list of the best education insurance policies in Philippines carefully shortlisted based on their services:
1. AXA My Life Choice
Why it’s great?
AXA education insurance offers a simple application process. You can actually see what kind of insurance is best for you and your child.
It comes with a flexible savings period, guaranteed scheduled cash payout if you would like to avail of it, and flexible payment structure periods. You can even receive regular payouts upon your child reaching college. This helps as this can be used to pay for things that they will be needing in the duration of their stay in college.
It’s the perfect education insurance for your child.
Features we love
Highlights:
- You can personalize your plan
- It can cover medical expenses too, if you avail of it
- 7 year payment plan
- You can personalize your protection coverage from 7x up to 25x your basic annual premium.
2. Insular Life Educational Insurance
Why it’s great?
With Insular Life Education Insurance, you have a choice of TWO different types you can avail of. One is called the Wealth Assure Education plan and the other the Wealth Secure Education plan. Both are similar in what they offer, but the big difference is in the payment scheme. You can pick which is most comfortable for you and your family.
The Wealth Secure plan is more disciplined with set payment times and ensures that your child’s costs will be paid no matter what. This can be used for high school, college, or even post graduate education costs. The Wealth Assure covers the studies that your child wants to take. It is flexible with what your child needs whether attending junior or senior high school, college, or post-graduate degree. This plan is also faster in achieving your fund
Best education insurance in the Philippines | Image from Freepik
Features we love
Highlights:
- There are 2 paths to choose from
- One is more for a secure academic path, the other for one is giving you the ability to finance the schooling your child may want (example: if they want to go into medical school)
- There are other things you can add to the plan such as hospitalization or accidents
3. Manulife Education Builder
Why it’s great?
It helps you not only prepare for your child’s college life but also provides insurance in general. The option of using this plan for your child’s 4 or even 5 year course is covered.
Your premiums can be waived and your child may even get monetary support until they are 17 years old! A great option of one or both parents may not be in the country.
Features we love
Highlights:
- Payments for premiums are spaced out and flexible
- Payment plans are flexible as well
- Pay outs are flexible and available in case of any accidents should happen
- Hassle-free application (no medical check-ups)
Why it’s Great
Sun Life offers offers the most educational plans in all of the insurance companies that we have looked at. There are 2 in particular that are good to look at. First is SunFlexilink for those with limited budget. This is a good way to watch your funds but ensure that you are making a solid investment for your child’s future.
Sun Dream Achiever is another plan for your child’s education which also has life insurance, flexible payouts, and premium payments that are spread out over about 5 years. “Receive four (4) annual cash payouts that increase by 15% every year, regardless of school or chosen degree. These guaranteed cash benefits, totaling 100% of the insurance coverage, can be used to boost your fund for your child’s education."
Best education insurance in the Philippines | Image from Freepik
Features we love
Highlights:
- Payments for premiums are spaced out and flexible
- Payment plans are flexible as well
- Pay outs are flexible and personalized
- Hassle-free application (no medical check-ups)
Now that you have a list of the top 4 education insurance policies in Philippines, simply browse through their features and choose an endowment plan that’s most ideal for you.
Planning your finances in advance and securing your child’s future has never been so easy!
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