May and June are important months for us parents, as schools, colleges and universities are open after the summer holidays. So this is a good opportunity to take a closer look at our responsibility of providing education to our children.
It's easy to see the importance of education. We have all experienced how it can help one survive and advance in life. To help children prosper in an ever-more competitive world, education is the most valuable asset you can give them.
But it costs money. Based on figures from the Stock Exchange of Thailand, the average cost of education for a child in government institutions, from kindergarten to university, is around Bt257,000. For private institutions that figure increases more than four times, to Bt1.3 million. Meanwhile, sending a child through international school and university costs Bt8 million-plus.
Financing good education for their children is high on most parents' priority list. Life, however, is full of uncertainties.
To ensure that your children are well equipped to cope with times ahead, even when you are no longer there, education plans offered by life insurers are a good option.
The plans secure children's education until they finish their bachelor's or even master's degree. Having such a plan in force requires discipline in putting aside an amount of money on a regular basis, but offers the peace of mind that you have fulfilled your role as a responsible parent.
One feature that makes such a plan a good solution is the option to buy a "payor benefit rider". In the event of your death or disability, this rider ensures that premiums will continue to be paid on your behalf so that your children will still be entitled to the benefits if the worst should happen.
Although you may have several alternatives for saving your money, as a parent I would like to advise readers to ensure that they have, among them, an education plan of a good life insurance company which directly addresses your concern over your children's education.
Stephen Appleyard is president of Ayudhya Allianz CP.