Five Reasons Why College Education is Important

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“Education is what remains after one has forgotten what one has learned in school.” -Albert Einstein

 

One of the sentiments that is echoed all over the world when it comes to education is that it is that one thing that cannot be stolen from you. In fact, so many adages have been written which extols the necessity of education in our lives and in the lives of our children.

In a sense, education is the best gift we can give to our children if we want to secure their futures as it is that sole aspect in life which would prepare them for what lies ahead. It shapes their dreams and helps them mold their plans of what they want to be.

Unfortunately, getting a degree and having your children finish college is not as affordable as we wish it to be. For this reason, parents would often send their kids to school but would forego sending them to college as they see it as an unnecessary expense.

However, with wise financial planning, parents can actually prepare for their children’s college education. In fact, there are innumerable policies in insurance Philippines that would offer extensive educational plans. If you are thinking of sending your kids to college, here are some of the motivating factors that might convince you and fortify your decision to enroll them:

1.) Learning how to learn

In the Philippines, most employers would require at least a college degree from any course of their potential hires. Others might find this a bit discriminating, but there is an apparent reason for this.

Employers tend to have a preference for college graduates because these are individuals who understand and appreciate the learning process. New jobs mean new responsibilities and new environment which is why it is essential for potential hires to have the willingness to learn.

2.) Dealing with adversity

Regardless of whether the economy is performing well or not, degree holders tend to find jobs better and easier. It is without a doubt that they are more in demand than those individuals without degrees.

Furthermore, they can better deal with career adversity and they have a multitude of resources should they want to get back on their feet.

3.) Better earning potential

Education is an investment, and you will see how true that would be once you apply for your first job. People with degrees tend to earn more than those without as it is reasonable to expect a certain skill set, talent or expertise from you seeing as you have successfully hurdled through a two or four-year college course.

It matters not whether you only get as far as a two-year degree, you would still have a better chance of landing a job and out-earning someone who only holds a high school diploma.

4.) Learn skills before employment

Your college education will inevitably teach you some skills where you would learn abilities that can be useful for your future employment. College courses are career oriented in a manner that they prepare students for what it would be like in the actual working field. These are not just ordinary classroom lectures either, but in depth explorations of what you would go through should you ever be employed by the industry you choose to study in.

As a result, your potential employers do not only reasonably expect theoretical knowledge from you, but also that you would be able to perform well beyond your classroom experiences.

5.) Personal Satisfaction

Holding your college diploma and earning that degree is a major life goal and a milestone for many. If you have survived your college years in trying to earn that diploma, it will bring you a great deal of personal satisfaction—one which you can relish for years to come.

After all, pushing through college and making it through all the lectures, classes and internships are no easy tasks. Indeed, accomplishing such a goal is an achievement—one that empowers you. Along with this sense of empowerment comes a feeling of confidence—the confidence to step and take on the world and feeling like you are ready for anything.

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Insurance Philippines: Importance of Insurance to Filipino Families

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“If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance.” -Suze Orman

The Filipino family is considered as the basic unit of society. In fact, the family is such an integral part of the community that individuals should take the necessary measures and precautions in order to make sure that the family is adequately protected. Unfortunately, when it comes to the guarantee of the future and better welfare for the most important persons in our lives, we often fall short in securing just that. Our first brush with insurance may be when a relative or a friend would approach us to propose selling a coverage plan for our families.

More often than not, most individuals would see this as another encumbrance on their finances and an unnecessary addition to mounting expenses that they would decline without giving it a second thought. Or if we do, we shop for policies and coverages we do not fully comprehend. We buy because we want to accommodate without truly understanding its value.

Life insurance is a pivotal financial product that safeguards the family from pecuniary ruin should anything happen to you in the event of your untimely death. Unfortunately, death and sound investment do not really present an optimistic sentence, and as a consequence, it is a sensitive topic to discuss. Indeed, life insurance may be one of the products hardest to sell among Filipinos, but that should not be so.

Insuring yourself carries a lot of benefits to your family and would protect their future as well. But before scouring the market for the best life insurance in the Philippines, it might be wiser to know why your Filipino family would need it:

1.) Income Replacement

While you might take all the necessary measures to guarantee your safety in your everyday life, you can never entirely prevent an accident or sickness from happening. In the event that this happens, your family would not only grieve over the loss but would also experience the significant financial impact of losing what you have been providing them.

If your family gets by without your income, they will face innumerable financial problems such as wondering where to get the money to pay for a myriad of bills. With insurance, you can alleviate the financial blow to your family as they grieve and commence practicing proper financial management.

2.) Educational Fund

If there is one thing Filipinos firmly believe, it is that education is the best and greatest inheritance they can give to their children. Considering as it is one thing that cannot be taken away from you, Filipino breadwinners ensure that their children get the necessary education to get by in the future.

Unfortunately, if breadwinners can no longer finance a dependent’s education, what would happen to them? Education in the Philippines is not exactly affordable, and in the event of an untimely death, this could bring serious repercussions. One way to address this is to have an educational plan as with this, children are guaranteed the financial backing to finish school and can look forward to a brighter future.

3.) Medical and Funeral Expenses

In the event of your untimely death, your family would not only have to suffer through the brunt of losing you, but they would also be left with the responsibility of defraying funeral and medical expenses. At a time of grieving, this can be incredibly stressful and at times, would not have adequate funds to pay for it. They might be constrained to used college funds or savings just to finance these expenses.

In the Philippines, death is expensive and the financial blow your family will experience can be detrimental. With this in mind, it would make great sense to at least be prepared financially.

4.) Emergency Fund

You will never know when an emergency strikes and when it does, it is best when you are financially prepared. Some life insurance plans would allow you to withdraw from the accumulated cash values and dividends should any emergency occur.

You might want to think of your insurance policy as a secondary savings plan or a forced emergency saving—much like the ones you have in the bank. Seeing as this is not as readily accessible as the ones you have in the bank, it cannot be easily touched and would only be used for emergencies.

You should not wait around for the unexpected to happen. After all, there is no better time to be insured than now. Be financially prepared and get yourself insured today.

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Education is Expensive – Get a College Educational Plan NOW

To continue with my previous post about educational plans, I strongly believe that even when our previous experience was not a good one there is still a virtue in preparing for your child’s future. That’s why my husband and I decided that it is time for our elder daughter to get her own educational plan.

Come the time that she needs to go to college, we might have to shed at least ₱100,000 per year. Really, education is so expensive here in the Philippines. In 2014 alone, the Commission on Higher Education (CHED) approved 6 to 14% increase per unit for 287 private colleges and universities.

We have so many choices, but based on what we’ve read, there is no best educational plan. It’s up to you what you deemed best for your child and for us, that’s Paramount Direct with its Dream College Plan. Its plan includes Plan 100, Plan 300, Plan 500 and Plan 1000. I think the basic differences of these plans are the monthly premiums and, of course, the benefits. More on this below.

We chose the Plan 100. Good thing you can apply online because we have no time going to the office and talking to an agent. Here’s how it looks.

apply online paramount direct

Beneath the ‘Apply Now’ button are fields where you can choose the product and the plan and input your birthdate (mm/dd/yyyy). Next, click the ‘Check Premium‘ button.

Below is another version where you only need to choose the product and the plan before clicking the Apply Now button. Don’t be confused, though; they are basically the same. This is just for the sake of showing you two ways to apply through the site. We used the second version.

second version online application paramount direct

So, again, we chose the Dream College Plan (product) and Plan 100 (plan). There are about four pages to fill out. The first page is the Personal Information of Payor.

first page online application college plan paramount direct

The second page is the Contact Information.

second page online application college plan paramount direct

The third page is the Employment Information.

third page online application college plan paramount direct

The fourth page is the Other Information. This includes the Personal Information of Scholar, Beneficiaries, Non-Forfeiture Options, Health/Medical Information, Declaration on Existing Policy(ies) and Additional Benefits.

fourth page college plan paramount direct

Click the ‘Submit Application‘ button.

Upon clicking the button, you will a confirmation that your application is already received.

confirmation email from paramount direct

An email will be also sent to you, which you also need to confirm.

another confirmation email from paramount direct

The email you will receive details the application. It will also include information on the Schedule of Benefits. See below.

schedule of benefits college plan paramount direct

As promised above, these benefits are for the Plan 100 with the monthly premium of ₱1,245.95. Multiply it by 3 for Plan 300 (₱3,735.95), by 5 for Plan 500 (₱6,225.95) and by 10 for Plan 1000 (₱12,450.95). It’s not exactly that amount, but these will put things in perspective.

For the record, we are still in Step 1. But, we will proceed to Steps 2 and 3 in the coming days. Anyhow, at the second version of the online application, there’s a note below saying, “We will mail the Policy Contract for your review after a few days. If everything is in order upon reviewing, you can complete your application by paying your initial premium so we can activate your policy as soon as possible.”

What I like about this company is it offers various methods for paying your monthly premiums. Here they are:

  • Mail – check or postal money order, the official receipt (OR) will be sent to your address
  • Branch offices – premium billing notice, you will be issued a provision receipt (PR), the OR will be sent to your address
  • Any BDO branch – cash through bills payment slip, you will receive a validation slip
  • Any LBC, bayad center or SM Bills Payment – premium billing notice, you must ask the teller a copy of the notice and receipt aside from the validation slip
  • Credit card – you must fill out and send the Credit Card Authorization Form back to Paramount through email or fax (TeleFAX Number +632 772-9264)
  • Post-dated check – post-dated check with the name and policy number at the back, you will be issued an acknowledgment letter and the OR will be sent to your address

How convenient! With all these, you have no excuse not to pay for your monthly premium.

Of course, while paying for the monthly premium, you still have to save. You shouldn’t think of having a college educational plan as a way to slack, thinking that your child’s education is covered. Well, we are just talking about the tuition fees and there are many other expenses. The price of each book alone, depending on the chosen course, can go as high as ₱1,000.

So, being prepared is the best way to combat the surge of educational expenses in the future especially if you have more than one child.

Educational Plan – What Is It

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When I learned that I am pregnant, the very first thing that came into my mind is – Will we (my husband and I) able to give our child the future that he or she deserves? Well, I guess, parents always think a bright future for their kids including sending him or her to the best school possible. That’s the dilemma we had to carry until we see our sons and daughters graduating.

In the Philippines, however, quality education doesn’t come cheap. The worse, the cost of schooling is bound to increase in the coming years, compromising our plans of sending our kids to the best schools like Ateneo, La Salle, UP or UST. The annual tuition fees of these institutions range from Php50,000 to Php200,000. What more 10 to 20 years from now?

I kept on hearing about educational plans. Could it be the answer? I want to know, too.

A look into educational plans provision

Educational plans are guaranteed cash benefits. The money can be used for covering the costs of tuition fees, textbooks and other learning materials. Educational plans usually offer flexible payment terms such as 5, 10, 15 or 20 years which you will choose from. The guaranteed cash can be obtained annually.

Some educational plan providers even provide another guaranteed cash upon the graduation of the beneficiary (colloquially known as the policy bearer). The policy payor is the parent or guardian paying for the monthly contribution.

One good thing about these policies is the life insurance feature. For instance, the payor suddenly met demise, the educational plan will still be active without the need to pay for the remaining years of your chosen term. This means that even without you around, your kid may still have access to guaranteed cash to fund and finish his or her education.

Obtaining an educational plan for kids not yet attending school is possible. Parents can apply for more than one educational plan. The amount of the monthly contribution will depend on your capacity to pay although there is a minimum. The minimum is usually below Php2,000. Of course, if you want you send your kids to the premium universities, you need to pay higher than usual.

Experts say that the best time to start applying for an educational plan is even before your child had his or her first birthday. From the looks of it, an educational plan can be the best solution to the rising cost of education in the country. Nonetheless, it would be best to talk to the real experts. Don’t worry because there are several insurance providers in the Philippines, almost all of which provides an in-house Investment Coach or Counselor.

So, if you are a parent like me, you might as well approach a provider and ask about their educational policies. Just make sure that you are dealing with a reliable provider. Remember that it is your child’s future at stake here. Making a mistake in choosing the right provider will only further compromise your child’s future and definitely, your hard-earned money.

Image credit: PinayMommyOnline.com