Kids insurance -education plans

[daddy2007]

kaitlynangelica:

my child (gal ) is 8 this year. When she was about 6, I bought this plan from NTUC called \"Pay My Uni\". I think monthly premiums is about $157 a month. By the time she is 19, should get about $30K.

The $30k is the guaranteed sum or inclusive of non-guaranteed sum?

[Alexis27]

daddy2007:

kaitlynangelica:

my child (gal ) is 8 this year. When she was about 6, I bought this plan from NTUC called \"Pay My Uni\". I think monthly premiums is about $157 a month. By the time she is 19, should get about $30K.

The $30k is the guaranteed sum or inclusive of non-guaranteed sum?

Shud be inclusive of non-guranteed also.

Try to explore into Single Premium endowment, the returns is approx 100% over 20 years. I will be consider this for my ger~! :lol:

[daddy2007]

Alexis27:

daddy2007:

[quote=\"kaitlynangelica\"]
my child (gal ) is 8 this year. When she was about 6, I bought this plan from NTUC called \"Pay My Uni\". I think monthly premiums is about $157 a month. By the time she is 19, should get about $30K.

The $30k is the guaranteed sum or inclusive of non-guaranteed sum?

Shud be inclusive of non-guranteed also.[/quote]Then not worth it. The risk is there considering this is an endownment plan

[Angelight]

daddy2007:

kaitlynangelica:

my child (gal ) is 8 this year. When she was about 6, I bought this plan from NTUC called \"Pay My Uni\". I think monthly premiums is about $157 a month. By the time she is 19, should get about $30K.

The $30k is the guaranteed sum or inclusive of non-guaranteed sum?

I think $30K is not sufficient to fund 4 yrs of university if you factor in inflation. Right now, NUS is charging $7K in annual tuition fees for most courses. 4 yrs = $28K.
However in 11 yrs time, annual tuition fees won't be $7K, it will likely be $10K-11K.

[starlight1968sg]

Angelight:

I think $30K is not sufficient to fund 4 yrs of university if you factor in inflation. Right now, NUS is charging $7K in annual tuition fees for most courses. 4 yrs = $28K.

However in 11 yrs time, annual tuition fees won't be $7K, it will likely be $10K-11K.

I would think 10k per year for a local U is more realistic for our kids.
One has to take into a/c of transport, living expenses, inflation etc.

[pupilview]

starlight1968sg:

Angelight:

I think $30K is not sufficient to fund 4 yrs of university if you factor in inflation. Right now, NUS is charging $7K in annual tuition fees for most courses. 4 yrs = $28K.

However in 11 yrs time, annual tuition fees won't be $7K, it will likely be $10K-11K.

I would think 10k per year for a local U is more realistic for our kids.
One has to take into a/c of transport, living expenses, inflation etc.

I got Manulife scholar for my girl.It woudn't cover the fees for all the years at a local university but at atleast some part of it.

[micollh]

i bought Pay my Uni for my two kids too when they were born(kiasu mah)… the sum is guaranteed. but 30k is not enough, after factor in the inflation. even for local U u need more. the premium is just as assistance for their tertiary education, if they decide to go overseas. the 30k may just cover 1 year fees.

[matrix0405]

micollh:

i bought Pay my Uni for my two kids too when they were born(kiasu mah).. the sum is guaranteed. but 30k is not enough, after factor in the inflation. even for local U u need more. the premium is just as assistance for their tertiary education, if they decide to go overseas. the 30k may just cover 1 year fees.

30K shd be enough. Ask your kids to take interest-free study loans which allow them to pay-off when they started working. Insurance company are profit making companies, they like to ask you to buy more and more of their products. The more you buy the more they earn from you.

[micollh]

matrix0405:

micollh:

i bought Pay my Uni for my two kids too when they were born(kiasu mah).. the sum is guaranteed. but 30k is not enough, after factor in the inflation. even for local U u need more. the premium is just as assistance for their tertiary education, if they decide to go overseas. the 30k may just cover 1 year fees.

30K shd be enough. Ask your kids to take interest-free study loans which allow them to pay-off when they started working. Insurance company are profit making companies, they like to ask you to buy more and more of their products. The more you buy the more they earn from you.

i paid my study loan myself (my aunt paid upfront, so interest free), after i started working, i paid her monthly, which reduce my savings. my hubby tertiary fees are paid by his parents, so he no need to pay back. and he save more. thus, we decided to help our kids to pay their education fees until tertiary, we do not want them to go thru wat i went thru. insurance company, depends on what policy u buy, such endowment and savinsg plan benefits parents.. and it discipline us to save. my opinion.

there are many ways to save and for our kids to pay their study loan, to each its own. so long parents find a comfortable means to assist them.

[eurostar]

private hospitalisation plan is a MUST

next is term insurance
limited premium also can sondier if u have spare cash…treat it as a gift to ur kids…i bought 1 for my boy ,think pay 15 yr cover for rest of his life
endownment …have reservation…really pathetic as compare to 20 yrs back…agent always show us the projected column…but of cos can treat it as "force-saving"