i have till april next year to decide...

[mac_bolan00]

so, is an educational plan for our two month-old child advisable? here are the conditions:

1. my personal income will adjust in terms of inflation through the years. i can probably set aside Php 60,000 a year for the next five years for her college fund. if my wife went back to work, that'll improve our finances a lot but i'm not counting on it.

2. i don't really intend to assure her of a top-tier private college education (although a UP diploma will be nice --i will be very disappointed if my kid didn't make it to yooops).

3. for her elem-highschool, an acceptable private school int he fairview area will do. i hope she can make it to a science high school. if so, maybe i can save for an exclusive college as an alternative to UP.
***
that being the case, what's a good and safe policy to get? which pre-need company? thank you very much.

daddy_mac

[DELISYUS]

awww..... mac :*)

natutuwa lang po ako sayo.... but i really don't have inputs... aside from pre-need plans not exactly being the rave right now...

[mac_bolan00]

nini thinks i'm back to my usual ways: treating our kid's future like it was an MBA finance problem. still it won't hurt to plan ahead. :)

[CraZyInLuV]

i'm deliberating whether to get an educational plan too. :) can anyone shed some light on these?

i'd ask insurance agents, but once you call them, they'd bug you to death! :mad:

[Ice Burn]

When the kid is that young , educational policies are always at the lowest price. You could get one as a safeguard for the kid's education in the event some disaster strikes that leaves you in a financial bind. Besides tuition increases 15% a year so by that time and in the event your kid doesn't make it to UP or doesn't want to go to UP, that's 16-18 years from now, tuition prices will be really high...

One of my classmates had an educational plan, I think it was the first year for the educational plan. Her parents got it for P5000. Come 16 years later, it paid for the 4 years (almost P250000) tuition in Ateneo.

Anyway, if you find you don't need it, you can always sell the policy at the current market price...

Also you have to worry about elementary and highschool. Unless you decide to send your kid to a public school, you'll be surprised how much private school tuition costs starting from preschool. When my adopted brother went to pre-school, his tuition was P40,000 a year. Now that he's in Claret, his tuition is about P35,000 a year. If you think any private school will do, well think again, even lesser known private schools can cost as much or more than the more known ones. And with the 15% per year tuition increase, let's say in 5 years, that P40,000 tuition fee will be P70,000 a year for your kid's first year in preschool. Ouch isn't it?

(I suppose you could find a job that will pay for your kids gradeschool and highschool education as part of the benefits.)

[Fairy_nd_meadow]

Yes, it is advisable to start paying for an educational plan for your two-month old child, the younger, the better.

I got my daughter's high school plan when she was two years old, hence, now I will not have a prob with her high school educ, even if she goes back to the Philippines. The truth is, all my hard-earned savings went to that plan.... ang hirap mag budget non, but look, I already finished it. And come to think of it, old plan pa yon..... I never even thought we'll be going to Canada and her high school educ will be for free.... I just hope she wants to go back to the Philippines for her high school educ.

Yung sa College naman, pag nag bo bonus ako non sa Pinas, dun ko lang binabayad. Naku po, ang hirap non kasi ang tipid ko pag dating sa Pasko (not naman to the point na hindi ako bumibili kahit ano), pero yung bonus ko nakalaan na don.

Alam mo, no one knows what the future holds. Ako kasi sobra ako mag isip sa future..... that I sacrifice the present just so ma assure ko ang future ng anak ko. Never ka naman magiging talo sa educational plan, basta ba finish paying for it!

So yun lang ang mapapayo ko sa yo.... go for it. Madali kasi ang panahon e, makikita mo na lang, tapos na ang hinuhulugan mo. :)

[Fairy_nd_meadow]

Btw, check out Philamlife. Philam naman is a stable company di ba?

[KuyaDanny]

Are you going to buy plans for college, high school, and elementary, or college only?

I would buy the college plans first, high school next, and elementary last, if at all. If you are protecting against inflation, you must protect first what inflation will hit most, and that is college (because it is the farthest away from today). But you knew that. ;) And your kid will be in college when you are closest to retirement, or maybe already there. You won't be having a regular income and might be living off investments. That's what you should prepare for first.

But you also knew that. ;)

Why didn't you start this thread in another forum? :lol:

[mac_bolan00]

i never thought i'd graduate to the parenting thread. i thought PEX was for juveniles (at heart)! anyway, yes, i'm starting to see the futility of saving for college. i guess i'm going to start shopping for a plan this christmas, when the 12+ monthly paychecks come in.

KuyaDanny
Why didn't you start this thread in another forum? :lol:
ummm... because PEX maidens already conjured visions of a dashing, gallant, forever-available mac_bolan00? ;)

[annielise]

Hi! I have the same dilemma, but I'm in the US. I'm giving birth to my baby boy in October and I want the best educational plan for him right away. Any suggestions as to how to go about it and which plan is good? Thanks a lot :)

[tin28]

you get one now...habang di pa school age ang anak mo...

buti nga now pwede na kasama pati highschool sila na bahala
yung plan ko college lang eh...but it was worth it..

they got the plan for 15000, when i went to college, nabawi na namin agad for the first sem kasi 18000 yung tuition ko..bad trip nga lang coz once u start scouting tatawag ng tatawag yung agent then when you're using it na hassle pumila to get your refund...

[bluemax]

mac,

a lot of my friends swear by the benefits that education plans gave to them. actually, used to think that one could set aside money regularly and just start up a trust plan. however, in reality, something always comes up and the trust plan never gets started up. so an educational plan may help -- forced savings, kung baga.

you said also that your wife is not working? if you are that worried about education, maybe your wife could take a good look at the teaching profession (especially in a good private school). starting pay's pretty good, and a lot of schools offer free education for teachers' kids. just some food for thought.

[mac_bolan00]

that is actually very sound advice. kaso, my wife finished architecture without education units. but she's qualified to tutor though.

[bluemax]

some schools are not that picky about education units (especially for first-time teachers). may iba pa nga, nagbibigay pa ng scholarship para makatapos ng m.a. education ang mga teachers in order to comply with the law. this was exactly what happened to my wife.

however, being an architect and all, your wife may find teaching a bit too . . . constricting, with all its never-ending reports and stuff. still, it's something worth thinking about. good luck!

[pattybee]

I got only a college plan for my daughter. This was upon the advise of the family's insurance agent. She told me that it was going to be too heavy on the pockets to invest in grade school, high school and college plans. Anyway at my age, I'm sure to still be working while my kid is in grade school and high school.

So college nalang daw because by then I could probably be retired or wanting to cut down on working.

[ChiQui]

Planning ahead is ALWAYS good. And besides, educational plans when the baby is 6 months or below is cheaper.