It is a dream of every Filipino parent to see their children receive their college diploma, a piece of paper that opens a lot of doors for better job opportunities in the country and abroad. Many parents work hard and spend a fortune just to send their children to college because they believe that education is the key for brighter future and of course success. They also believe that unlike material possessions, education cannot be stolen away.
But with the increasing cost of education, it is becoming harder for parents to send their children to college. Tuition fees and miscellaneous fees increasing every year not to mention the increasing cost of basic goods and services. Unfortunately, parents’ salary could not catch up with increasing cost of living and education. Private education is very expensive while public education is also getting costly with little government subsidy and scarce number of scholarship grants.
As a parent, you want to send your children to college. In order to this, you need to plan ahead. You need to have an educational or college plan for your kids. The best time to get an educational plan is when your kids are still young. This is for you to have more time to save money for their education. Let us say, your baby is just 1 year old, if you get him/her an educational plan today, you will have 16-18 years to save or invest money for his/her education.
There are many insurance companies that offer educational plans in the Philippines. The good thing about these educational plans is that they have life insurance feature. If something will happen to the payer (parent), the premium or payment will be waived which means the dependents don’t need to pay anymore but the plan is still active. So even if the Lord will get you early, you are assured that your children have funds for college.
Shocking Cost of Education
Every year, colleges and universities increase their tuition fees to as high as 10%. Assuming that schools increase their fees at this rate every year, you will be shocked how much it will cost you to send your sons and daughters to college few years from now. Let us get sample calculation. For example, your child is still a baby right now, how much would be his/her tuition fee when he/she will be in college or after 18 years.
Ateneo de Manila University
Estimated Current Annual Tuition Fee: Php 144,000
Estimated Tuition Fee After 18 Years (10% annual increase): Php 804,525
De La Salle University
Estimated Current Annual Tuition Fee: Php 188,881
Estimated Tuition Fee After 18 Years (10% annual increase): Php 1,050,162
University of Santo Tomas
Estimated Current Annual Tuition Fee: Php 89,041
Estimated Tuition Fee After 18 Years (10% annual increase): Php 495,063
University of the Philippines
Estimated Current Annual Tuition Fee: Php 49,000
Estimated Tuition Fee After 18 Years (10% annual increase): Php 272,435
Although the data above are just projections, they give you an idea on how much money you are going to shell out in the future to enroll your kids in school. Take note that miscellaneous fees and the usual “baon” + project/assignment expenses are not yet included in the calculation. I do not guarantee the accuracy of the data presented above and they may change from time to time.
Variable Universal Life Plan as an Educational Plan
A variable universal life plan is a life insurance plan with investment feature. This can be used as an educational plan for your kids. You are going to save a specific amount every year, for 5 or 10 years to an insurance company (like Sun Life Financial) and in return the insurance company will give you life insurance coverage and invest a portion of your yearly saving to an investment fund of your choice: equity fund, bond fund, balanced fund or money market fund. The investment fund will have the potential to grow through the years or until your child will enroll to college. If your child will not be able to use the college fund for various reasons (like the availability of scholarship), you have the option to let your money stay with Sun Life and grow even more.
How Much Is the Educational Plan?
Well, the higher is your saving/investment, the higher will be your child’s college/educational fund. You can start for as low as 2000 pesos per month depending on your age and goals. If you get an educational plan early (say in your 20s), the lower would be your monthly contribution because age is a big big factor in determining your premium or regular payment. If you want to send your kids to big and famous universities, of course you need to have higher contributions. Request a quote or proposal in this page and don’t forget to indicate your kid’s age in the “message section.” It is FREE to request a quote/proposal, no obligation in your part, just the time you will invest in reading and understanding the proposal.
Insurance Plans For College Funding Needs
5 years to pay life insurance plan with educational fund and other benefits. (Recommended if your child is more than 5 years old)
10 years to pay life insurance plan with educational fund and other benefits (Recommended of your child is less than 5 years old.)
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Carlos says
Great info!
I’m actually looking for education plans right now. Do you know of other companies with education plans? Sorry, I know you’re affiliated with sun life, but I just have to ask. 🙂
And also, does sun life have a stand alone education plan? Or one with just life insurance?
gil valdez says
Sir,
just want to get a quotation for an educational plan, my son will be 6 this year, i’m 39 non-smoker, working abroad.
Thank you
Jinny Chee Kee says
June 2, 2013
Sir,
I would like to ask for a quotation for an educational plan, how much is the discount when paid in full or 2 payments. My bf is asking me to look and inquire, he will be giving 2 scholarships for 2 kids who are 9 years old.
Thank you.
Raymund Camat says
Hi MIss Jinny,
It depends on how much educational fund you are willing to give each child. 1 Million educational fund? 2 Million?
michelle enad says
just want to get a quotation for an educational plan, my son is 6 this years old,wr residing @ cebu city.. his lola who is in norway will be the one to pay the plan..pls email me the quotation and requirements @ michellebatiforra@aol.com..thanks and god bless
Katherine jimenez says
Hi
I would like to ask for a proposal of educational plan for my 1 yr. old baby. Kindly please send it to my email
Thanks a lot
Kyra says
Hello Sir,
I just want to ask for quotation. My son is 6 years old and I am 26. I am planning on getting an educational plan for him. I am a call center agent.
Please do send me a reply at akierrah@gmail.com. Thanks.
dhiren says
dear,
I’m non Philipino, me and my girlfriend have 7 months old baby girl. I would like to have education plan, please help me.
regards
Cerel Nieva says
My oldest daughter turn 5years old next year feb.
the youngest turn 2years old this dec.just want to know
The quotation. Ty.
Bing says
Please give a quotation for Educational plan the child is now 2 years old.
Bing says
my email is belledxb@hotmail.com thanks.
Abie says
Hi Sir,
I would like to ask for a quotation for an educational plan. I am 24 and my baby is 2 years old.
emalyn says
Hi, would like also to request for a quotation educational plan for my son who is 3years old. kindly send to my email provided here. Thank you
Marie says
Hi I would like to get a quotation, for educational plan and retirement plan package, educational plan. My daughter is 11 months old, I’m 24 years old. Thank you
Elizabeth Mae Duran says
I would like to ask for a quotation for an educational plan. I am 21 with my unborn child at 5 months, will turn 22 once she’s born.
Nonilo V. Arce Jr. says
Please send me quotations or payment modes for sun life educational plans? How much for an educational plan and how many years do I have to pay for it. I have a 4 year old and a 3 year old daughter. Thank you!
Romeo Bautista Jr says
Hello there,
I would like to get a quotation, for educational plan and retirement plan package
My son is 4 yrs old and i’m 40 YO non-smoker working abroad (me and my wife).
Hoping your feedback.
Thank you,
Romeo
Raymund Camat says
Hi Sir,
You will receive email from us asap. Thank your for your inquiry.
maj says
Please send me quotations or payment modes for sun life educational plans? How much for an educational plan and how many years do I have to pay for it. having a new born child this march…thanks in advance
arlyn says
I would like to get a qoutation for educational plan. Im 2 months pregnant 39 years old working abroad.
And what is the best product that you can recommend both for me and the baby.
Thank you,
Arlyn
jeannie baroro says
Sir,please send me a quotation for this educational plan.thanks
Raymund Camat says
Hi, May I know your age, current location, smoker?, gender, and age of your kid.
Edwin S. Agustin says
My son is 8 yrs old what is the best for me and my son?
Raymund Camat says
You get an insurance plan po and you open a mutual fund account for your son’s college plan. Thanks
hasmin says
Sir, is there a life insurance + educational plan program? I am 30yrs old and my daughter is 4yrs old. and please do send me a quotation.Thank you.
Raymund Camat says
I emailed you Maam,.
mark vincent martinez says
Hi sir,
My name is Mark 27 years old i am an OFW and looking for educational plan for my 4 children, my 2 elder is 7 years old, the next to my elder is 4 years old, and the younger one is 2 years old, can you give me a sample of quotation so i can review.
Regards
Raymund Camat says
I emailed you Sir,
cindy anne says
Hello!
I would like to know if there is a plan out there that best suits with my financial status. I am 35 year old non smoking single mother of an 8 year old lil fellow. I can only afford of P2000 monthly payment for an educational plan of my kid. Do we have that kind? what is your suggestion? Please Thank you.
melinda chua says
hello im a single mom of a 3yr old boy..im an ofw..can u send me the quotation or the mode of payment for educatioal plan?tnx.