Best Child Education Insurance – Education insurance is a service product in the form of an offer that will guarantee future education. Usually, this insurance is aimed at parents to facilitate the educational needs of their children. This is because every year the cost of education has increased.
In Indonesia, the cost of education in 2030 is estimated to reach 915 million for the lecture level. Well, for that education insurance is one of the important things to be prepared early on.
In this case, you also need to be smart in choosing education insurance. If you focus more on the value of education funds, you should choose the type of pure or dual-purpose insurance. This is because there is no risk such as unit link insurance.
For Whizparents who are still confused about choosing children's education insurance, here Whizmin will help from tips on choosing children's education insurance, types of child education insurance, and the best child education insurance. Come on, see the explanation below!
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Tips for Choosing Child Education Insurance
To choose a child's education insurance is not an easy process. All decisions must be carefully considered. For that, here are tips for choosing child education insurance.
1. Think about the funds that can be set aside
You should be able to find out how much money you have to set aside for the cost of your child's education. If you don't think about it carefully, then be careful with your financial condition the next day.
Don't let this be missed or even thought about. For example, you can only set aside IDR 300,000 per month for insurance costs, so make sure you don't choose an insurance product whose premium costs exceed bugdet-your. Surely you don't want your monthly needs to be unfulfilled, right?
2. Start Saving Early
The point is that if the funds you think are still lacking, you should save from the beginning of the marriage. Saving early will make you better prepared to deal with future needs and emergency funds. Including education costs.
3. Smart in Managing Expenses
Estimate some other expenses that can affect the cost of a child's education. That way, you can better reorganize your financial condition. And also you can save more in managing your expenses.
4. Set Goals When Choosing Insurance
To choose education insurance, you can first determine your goals. Instead, adjust your goals with the insurance you choose, so that all your needs can also be met with the insurance.
5. Choose a Clear Credibility
Make sure the education insurance you choose is safe and reliable. Before choosing education insurance, you should first find out the type of insurance by checking its credibility.
Best Type of Education Insurance
After knowing the tips for choosing education insurance, now is the time for you to get to know some of the best types of education insurance. In general, there are two types of insurance that are known by some people, namely link and dual-purpose insurance. However, there are also insurance products from Islamic institutions. Come on, just take a look.
1. Unit Link Insurance
Unit-linked insurance is a type of insurance protection that has similarities to the way investment works. In another sense, there is a profit or profit that can be taken along with the payment of tuition fees. However, there is no guarantee that you will always benefit from the selected insurance.
2. Dual-purpose Insurance
This type of insurance is a combination of an education guarantee system as well as savings. So, the premium paid can be done for a period of time according to the agreement that was set at the beginning. That way, when the time for disbursement arrives, the amount obtained can be quite high.
3. Sharia Insurance
Actually, sharia insurance is the same as the others. However, the form of transactions and agreements between institutions and customers is carried out according to Islamic sharia principles.
5 Best Child Education Insurance
1. Allianz
The first best education insurance is Allianz. Allianz offers insurance with low premiums. In fact, starting from IDR 300,000 per month only.
Why is it cheap? Because this insurance uses a dual system.
Allianz also has the advantage that in the event of a death, the education fund will not be reduced. Funds will still be given to the heirs. This is in accordance with the agreement stated in the insurance policy.
2. Prudential
The type of insurance in the education sector that is the mainstay of prudential is PRUlink Edu Protection. This type of insurance provides protection for your family in one policy. The premiums that need to be paid start from IDR 500,000 per month and have a profit of up to 30 million per policy.
3. Manulife
Manulife Education Protector is an education unit insurance provided by Manulife. The premium paid is around IDR 1 million per month. This insurance can guarantee children's education in the future and also meet your investment needs in several other Manulife products, such as Money Market and Equity Funds.
4. Sequis
Educational insurance offered by Sequis can provide protection as well as life safety. The benefit obtained by customers during premium payments for 10 to 16 years is 200%. Sequis has also set a minimum insurance cost of 20 million according to the selected period.
5. BRI Life
BRI Life has several products that you can choose to prepare for future education funds. Among them are education insurance, sharia education insurance, and education savings.
In a period of 10 years, with a premium of Rp. 5 million, your child will be able to get an education fund plan of up to Rp. 50 million.
The advantage of this insurance is that if the insured dies, the premiums and education funds will still be distributed as promised in the insurance policy.
Read also: 10 Benefit of Health Insurance: A Healthy Body and Pocket!
Well, that's some of the best insurance. But before you choose and use education insurance for children, it's a good idea to improve your financial literacy first, here Whizparents. You can use money management apps to be able to manage and learn financial literacy.
So what are you waiting for? Use immediately money management apps to support the use of insurance for children's education in the future.
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