Almost all parents place children's education in priority over their lives. But the effort to provide quality education now has a challenge that is not light. From year to year, the cost increases fantastically.
Just imagine, according to data from the Central Bureau of Statistics (2013), the average increase in tuition fees in Indonesia reaches 20 each year. A national media even reported the cost of education in Private Higher Education averaged 40 percent per year.
Not to mention the phenomenon, the better the teaching system and the more complete the facilities provided, the higher the cost of education for children.
So do not be surprised if many parents pontang-panting looking for debt to cover the cost of education of his son. Not even a few who enter the trap dug hole close the hole. Or even stuck in high-interest debt. Under these conditions, it makes perfect sense for almost anyone to think about preparing a child's education fund as early as possible.
One of the strategies that many parents take now is join insurance education or educational savings. Because the demand is large, the two instruments are also the products most often offered by banks and financial companies.
Each of these financial products has pluses minus. In financial planning, you can choose anywhere that fits the circumstances and needs. Whatever the choice, make sure you get the best education or insurance savings for your baby's future.
Best Insurance for Children's Education?
Although at first glance, the education savings are different from the education insurance, especially in terms of the characteristics and the level of risks. Most importantly, education savings are more functioning as investments, while insurance is a tool of protection.
Among housewives, children's educational savings products are very popular because they are considered more secure. These instruments are usually offered by banks through a routine savings scheme with a choice of number and periods specified.
These savings are then locked (locked) by the bank and will be disbursed for a certain period. The disbursement period is usually adjusted to the time the child enters school.
Parents who still lay in general insurance tend to choose the education savings because of the many conveniences in the process. Moreover, the interest of educational savings is also tempting. Usually higher than regular savings, can even compete with interest on deposits. On average about 5 percent-6 percent per year (before tax).
But the problem, the interest is still not able to pursue the increase in education costs of children who reach 20 percent each year.
If what you want is to have funds that can reduce inflation in the cost of child education, education insurance is worth considering. The following discussion will present some rational reasons why educational insurance deserves to be the primary choice.
1. Best Insurance Solutions Right for Education Fund
The insurance owner is the father or mother who is the main breadwinner in the family. By paying a premium in a certain amount and time according to choice, insurance customers do not have to bother every time their sons and daughters enter a new level of education.
Through the premiums that he paid regularly, the insurance company has set up fresh funds for the entrance fee of elementary, junior high, high school or college.
Insurance funds are still provided if the owner dies without paying a premium again. The profit is still coupled with the money from the investment value depends on the success of the management of the insurance.
Thus, education insurance offers a relatively more complete solution than educational savings. Availability of protection (including life protection), assurance of the value of education funds, and the availability of cash benefits. As an investment product, the growth in the value of money in education insurance can also offset the rate of inflation.
2. Choose Best Insurance for Children's Education
In general, there are currently two types of child education insurance developed by the banking industry. First, endowment insurance and insurance unitlink education insurance. Both are different from the interest or investment returns.
Endowment and unitlink type of endowment education insurance serves as the provision of life protection to the backbone of the family. Endowment education insurance is a combination of traditional life insurance coupled with savings (deposits).
While unitlink insurance insurance is a combination of traditional life insurance coupled with investment (similar to mutual funds). Estimate Educational Needs Before Determining the Best Insurance
Before choosing an insurance product, at least you should take into account the base money which is usually called building money and paid when the child first entered school. After that enter the SPP component every month, from start to school until graduation.
Third, the survey also needs books (textbooks, notebooks and exercise books - LKS), transportation costs (including fuel costs for pickup or ride public transport), plus child pocket money. Include a cost estimate for extracurricular activities that also need a separate budget.
After knowing the approximate amount of funds needed, also calculate the amount of premium you can afford. Do not exceed the limits of ability, so that family financial conditions remain stable and premium payments are not stuck in the middle of the road because of objections.
If it turns out the estimated cost of schooling is greater than the ability to pay premiums, you have to be realistic. Enter the child to a school whose cost estimate is lighter. For example, to schools that do not charge money, a free school SPP, or a location closer to home to save transportation costs.
After all the calculation estimates are completed, then you can choose an educational insurance provider that suits your needs and abilities. Choose carefully so as not to regret in the future.
3. Best Insurance Have Good Footage Record
In terms of credibility, many prospective customers choose long-standing insurance. The assumption is not too wrong because the track record is more easily traced. But that does not mean the new insurance company can not be trusted. To check the credibility of the insurance company, you can find the information in the Financial Services Authority (OJK).
You should also consult with friends who have become insurance customers. Look for info as much as possible, especially in terms of service. Encourage him to tell the sweet bitter experience as a customer of the insurance.
If you have trouble finding information directly, you can take advantage of internet. Join an online forum or social media group discussing the insurance you want to select.
4. Best Insurance Agent Listed in AAUI
In the past, insurance agents often get a bad image, especially in holding customers' trust. A good insurance agent should place the client's needs first priority and have an in-depth knowledge of the insurance policy and the coverage of the protection it offers.
Insurance agents should be able to convince clients that they will receive the best service quality and coverage coverage.
If you purchased an insurance policy through an agent, make sure he is registered as a member of the insurance association and has an AAUI card (General Insurance Association of Indonesia). Meanwhile, if you take sharia insurance make sure the insurance agent is registered as a member of the insurance association and has AASI card (Association of Indonesian Sharia Insurance).
If the insurance agents have a membership card of the insurance association, they are professional agents. Ignore it if it turns out he is not registered and does not have a membership card of the insurance association. Look for another professional insurance agent for your safety and comfort.
So, do not be in a hurry to make a decision. Remember, education insurance is a type of long term insurance. You can never withdraw, unless you give up the already paid premium.
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