Originally published at: https://www.mawazna.com/blog/best-ways-to-fund-your-kids-education/
We all think about how we are going to give our children the best start in life but when it comes the education of your child, it is important that you get it right. A good education will set them up for life and help them along their chosen path but how will you fund it? If you plan ahead, especially when your child is young enough, you can open a savings account that has a high interest and pay a fixed amount into there each month.
As the years go by, you can compare bank accounts to see which has the best interest rate and then move accordingly. You can always choose to increase and decrease the amounts to suit your needs and financial situation at a specific moment in time.
Another potential way to support the continuous best education for your kids is to buy a Life Insurance plan that offers support for children education (investment plans). All you will need is to pay an annual premium plan until your child reaches to a certain age matching with your policy agreement, and then you can receive a lump sum (even in case of unfortunate death of insured) or regular fund to help with paying fees for your child education. A number of leading Life Insurance Providers (listed below) are currently offering these products in Pakistan.
1- EFU Life Insurance
2- Jubilee Life Insurance (By using Orbis Loyalty rewards such as 100% waivers on kids education fees and cashback offers up to university level etc.)
3- Adamjee Life Insurance
4- IGI Life Insurance
5- Pak Qatar Family Takaful
6- State Life Insurance
Very few of us know existence of such plans however these plans can really help us and our family in a time of need. You can compare life insurance plans including the ones that can help you with kids education at Mawazna.com.
Just remember, that the more time you give yourself, the less you have to save each month and that can make life easier for you.
“Mawazna Karein Apne Liye, Apno key Liye”