Guaranteed Sum & Growth Potential
There are endowment policies and there are investment-linked policies. An endowment policy resembles a savings account with insurance benefits that promises a guaranteed sum upon plan maturity, while investment-linked policies come with long-term growth potential that will ultimately result in you getting more money upon maturity. A quality education insurance plan should be a harmony of both endowment and investment-linked policies. In the Philippines, one of the education insurance plans that has the best of both worlds is AIA Philippines’ Future Scholar. It’s an investment and life insurance plan that gives you guaranteed education benefits and long-term growth potential. In other words, you might get more than what you’ve been promised.
Plan Continuation Benefits
In insurance terms, plan continuation benefit means that the plan coverage will continue until maturity at no additional cost even when you’re unable to continue paying because of death or total and permanent disability.
Flexible Payment Terms
An insurance plan that contributes to your child’s education fund, much like other insurance plans, requires you to commit to a predetermined payment period. To some, this might make a child education savings plan unattractive altogether. However, there are always exceptions. In the Philippines, one of the education insurance plans famed for its flexibility in payment terms is AIA Philippines’ Future Scholar, with the options to compress the premium into a short term of 5 years, or to pay regularly until the child reaches 17 years of age.