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Education Insurance News
What is Child Education Insurance?
Jun 13, 2018
Frequently Asked Questions
Q: What is Education insurance?
— Education insurance is an insurance product used to ensure your children’s school or education tuition. The insurance policy is issued gradually when your beloved children go to Elementary School, Junior High School, Senior High School, and University.
Q: What is the difference between education insurance and conventional savings?
— The difference between the two is on the interest offered by the education insurance annually, which is higher than the conventional savings. For the education insurance itself, the average numbers of annual interest is 15%, whilst conventional savings only 4%.
Q: How do I count the total policy in education insurance?
— Generally, the calculation procedure for total policy in education insurance is by multiplying the amount of premium with the amount of months in a year and then multiplied it with the insurance interest offered by the insurance company.
Q: When should I purchase education insurance?
— You can purchase education insurance whenever you want as long as your beloved children still go to school. However, it is highly recommended to purchase education insurance before your children enter elementary school.
Q: What insurance companies that offer education insurance?
— They are PT. Asuransi Manulife Philippines, Allianz Philippines, Asuransi Jiwa Bersama (AJB) Bumiputera 1912, Panin Life, PT. BNI Life Insurance, dan PT. Asuransi Jiwasraya, etc.
The Education Insurance gives a life protection benefit by ensuring the risk of your death, such as providing a number of money if you are as the parent has passed away. This face amount is usually given similar with your child’s school tuition as has been agreed upon the policy.
This type of insurance is not only providing you a life protection, but Education Insurance also provide an infestation benefits, for example by managing and infesting some of your insurance premium that has been paid. And for a compensation, the insurance company would give a number of cash fund, which the amount has been agreed upon the policy and the payment period is also scheduled in the policy, in order to be in accordance with the children school season.
Education Insurance is intended to give a protection for the insured with a certain number of money and also compensation for the insured when he/she faces a risky situation that interfere the continuity in paying the education cost or tuition for the insured.
To purchase the insurance, you only have to pick the best insurance plan according to you and answer the necessary questions provided.
Who needs Education insurance and Why?
Everyone who has children needs education insurance for their beloved son and daughter. Because by having education insurance, as parents we have already being able to prepare educational savings for our children. By having education insurance, beside we have set aside some of our income for the children educational savings, at the same time we also get a protection for that fund, and also receive a health insurance in the form of an appropriate treatment from the hospital in case something unwanted happens to our children, for example from illness/accident that requires hospital treatment. Just imagine if we were not ready to face that situation, that would be so sad if that situation could really happen, and we could not do the best for our children.
When does the best time we have to prepare Education Insurance for our beloved children?
The best time to deposit your money is as soon as possible and should be done every month in a regular basis. We as the parents should as soon as possible set aside some of our monthly salary / income on the educational savings for the sake of our children. By starting it as soon as possible, your savings would increase significantly during 10 until 20 years ahead.
Allianz PNB Life Insurance
Asian Life & General Assurance Corporation
BPI-Philam Life Assurance Corporation
Caritas Life Insurance Corporation
1 Cooperative Insurance System of the Philippines
Country Bankers Life Insurance Corporation
First Life Financial Co., Inc.
Manila Bankers Life
Manulife China Bank Life Assurance Corporation
Paramount Life & General Insurance Corporation
Philippines International Life Insurance Company Inc.
Pru Life UK
Sun Life Financial
Sun Life Grepa
United Life Assurance Corporation
Alpha Insurance & Surety Company, Inc.
Alliedbankers Insurance Corporation
Armed Forces & Police General Insurance Corporation
Asia Insurance (Philippines) Corporation
Asia United Insurance, Inc.
Bankers Assurance Corporation
Bethel General Insurance & Surety Corporation
BPI/MS Insurance Corporation
Cibeles Insurance Corporation
Commonwealth Insurance Company
Empire Insurance Company
Fortune General Insurance Corporation
FPG Insurance Company, Inc.
Intra-Strata Assurance Corporation
Liberty Insurance Corporation
MAA General Assurance Phils., Inc.
Malayan Insurance Company
Mapfre Insular Insurance Corporation
Mercantile Insurance Company, Inc.
Milestone Guaranty & Assurance Corporation
National Reinsurance Corporation of the Philippines
Oriental Assurance Corporation
AA Guaranty Assurance Inc.
Pacific Cross Insurance, Inc.
Pacific Union Insurance Company
Perla Compania de Seguros, Inc.
PGA Sompo Insurance, Corporation
Philippine British Assurance Co., Inc.
Philippines First Insurance Company, Inc.
PNB General Insurers Company, Inc.
QBE - Seaboard Insurance (Philippines), Inc.
Reliance Surety & Insurance Company, Inc.
SGI Philippines General Insurance Company, Inc.
Standard Insurance Company, Inc.
Stronghold Insurance Company, Inc.
Travellers Insurance & Surety Corporation
UCPB General Insurance Company, Inc. (UCPB Gen)
Visayan Surety & Insurance Corporation
Western Guaranty Corporation
New India Assurance Company, Ltd.