Looking for educational plan? Sun Maxilink Bright might be the best plan to fund your kid’s education when he/she is about to enter college.
The future of our children depends on parents. As a future one (in God’s guidance), I want the best for my child. I want to give him the best education he could have that could maximize his potential. And if I can send him to one of the best schools in the country, I would do it.
According to Commission on Higher Education (CHED), increase in tuition fee falls on an average of 12% every year.
And schools like Ateneo, La Salle, and UST offers tuition fee of more than P100,000 per school year. So in case you want to send them in those schools, you will need more that P400,000 plus inflation* rate factor that you need to consider for your child’s college fund.
*Inflation is the continual increase in the price of goods and services.
Take note, that amount only covers tuition fee. What about his meal allowances? Transportation allowance? Project allowance? And a lot more.
Education of a child needs preparation and sufficient funding so that his education won’t be interrupted. As much as possible, we need to avoid letting him to get a degree that is just enough from the budget which limits his potential. We should believe that every child can do more.
There are 3 key points that you must take note when building your child’s college fund.
- Time – start saving as early as you can. I highly recommend that get a plan for your kid as early as he was born.
- Money – save as much as you can. The higher amount you invest for your kid’s college fund, the higher the possibility of meeting your target fund for his education.
- Interest – find better-than-inflation interest rates.
So here’s a good news for you! You can actually prepare for your child’s college education by making your money work through Sun Maxilink Bright. 🙂
Sun Maxilink Bright is a VUL plan that gives you an insurance coverage and provide you funds that can be used upon retirement or when your kid enters college (investment). This plan is at least 5 years to pay and you also have the option to add additional benefits like total disability benefit, accidental death benefit, critical illness benefit and hospital income benefit.
How does Sun Maxilink Bright work?
Let’s take up this scenario:
Mr. Investor decided to get Sun Maxilink Bright for the purpose of building an education fund for his new born daughter.
Mr. Investor, 30 y/o, non-smoker. Premium is P32,644 per year for a total of P163,220 for 5 years. That’s around P2,721 only per month.
He will get:
- P400,000 Life Insurance Coverage until age 88
- Total Disability Benefit – in case Mr. Investor be totally disabled and can’t get back to work to pay premiums, SunLife will waive it for him and pay for the remaining pay period
- Accidental Death Benefit – in case Mr. Investor died due to accident, his loved ones will receive an additional amount of P200,000.
- Investment benefits of course! By just setting aside P32,644 for 5 years, he can have a fund value of P583,244* that can be used when his daughter reaches 18 y/o and enters college already. (*assuming at 10% interest)
- Mr. Investor also has an option to add Critical Illness Benefit and Hospital Income Benefit.
Having a certain amount of P583,244 when your child enters college is way way better than having nothing at all and not knowing where to get funds when that time comes. If you think this amount is not enough for your child’s college fund, try to set aside more to meet your target fund. After all, the bigger amount you can set aside, the higher fund value you can get.
What if my purpose is for retirement and I don’t want to pay longer than 5 years, will Sun Maxilink Bright suits me?
Definitely YES! Using the scenario above, when Mr. Investor reaches 60 y/o, assuming at 10% interest, he will already have a fund value of 1.8million that he can use for daily expenses upon retirement. If this fund is not enough and he thinks he could afford more, why not go for it, right?
Can I increase my coverage of P400,000 to P1million?
Yes. The actual face amount from the scenario is P200,000 which is the lowest coverage that you can get for Sun Maxilink Bright. One feature of it is that it will give your beneficiaries 200% of the face amount in case untimely death of the insured occurs making it P400,000.
What if I die after paying 5 years for the plan, what will happen to my goal of building education fund for my child?
Nothing to worry because the plan will give you the guaranteed amount of P400,000 plus any fund value accumulated at the time of claim.
Ready to build your child’s educational fund? Fill up the form below and let us secure your kid’s future. Let’s set an appointment to further discuss the plan!
I truly believe that…
“Education begins at home and I applaud the parents who recognize that they – not someone else – must take responsibility to assure that their children are well educated.” – Ernest Istook
Have a brighter future!
Your financial advisor for life,
PS. Can’t afford P32,000 per year but willing to invest longer like 10 years? Try our Sun Maxilink Prime!
Christine Caranyagan is a Licensed Financial Advisor, a Certified Investment Solicitor (CIS), Associate Wealth Planner (AWP), and Associate Estate Planner of the Philippines (AEPP).
Her mission is to help fellow Filipino people achieve lifetime financial security & healthier lives.
If you want to learn more about financial planning, she conducts it for FREE. Her office is located at 15F Frabelle Business Center 111 Rada Street, Legaspi Village Makati City.
Or you can just reach her thru this number: 0935 7368 619 or send her a message here.
It will be her pleasure to be your Financial Advisor for Life.