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Children's Education Fund

A child education plan is a product specially designed as a savings tool to provide an amount of money when your child reaches the age for entry into college (18 years and above). The funds can be utilised to partly meet your child’s higher education expenses. Also, if you opt for a payor benefit rider, an education plan provides the assurance that, in the event of an untimely demise of the parents or legal guardian, the child will have access to funds to help finance his/her education expenses.

The cost of higher education is increasing, either due to inflation or some other economic factors. The increasing cost can result in financial strain for parents/legal guardians when their children begin higher education. Therefore, it is important to plan early to provide adequately for their higher education. The earlier you begin, the more time you give your money to grow and compound to better finance your child’s higher education. There is more flexibility on the amount of money you need to contribute regularly into the chosen savings or investment plan, i.e. you can begin with modest amounts and increase the amounts gradually as your salary increases. It is important that you choose a policy that provides flexibility to increase the amount of savings in the future.

The first step in determining the amount of coverage is to 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 – abroad or locally? If abroad, what is the likely country of choice and related costs of living?
  • Level of qualification – diploma or degree?
  • University of choice? – A top-notch university usually will cost more.
  • Field of study? – Courses in the medical field usually involve higher costs than others.
  • Length of study? Working through these factors will help you figure out the expected costs.

As a guide, you may add the annual course fees to the expected living expenses and multiply this by the number of years of study. This will give you an indication of how much it would cost you today. Since the education costs will be incurred in the future, you need to also account for inflation. Once you have factored in 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.

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