When you take out of insurance for education (the insurance coverage of education ) or the education fund so you can breathe easily, because your savings are automatically protected. General protection given by insurance usually only death insurance. So, if his death, you do not have to worry about set up education funds for education will automatically direct funds can be liquidated.
For example, you buy the insurance coverage of education with the money amounting to $1000. The premiums should you spend is only $ 50 / six months for five years. But just three years to deposit, you die, then the company will directly provide funds to $1000 to heirs who would receive it.
Others again when you buy a savings fund education. You can determine the savings you want. You should adjust to the needs of education funding in the future. If there is a risk, then there are banks that only continue the savings that you do during the time period you set previously. There is also a bank which provides reimbursement of up to 300 times the monthly savings. In general, the replacement only happens when you die.
But if you plan to save money on their own, then you should consider the risks that might occur that might impact on not achieving the desired goals of education funds as well if you have an education savings and insurance education. Some of the risks that should be considered, namely layoffs, illness, accident, permanent disability, even death.
The economic crisis has not passed, this impact to the company's declining performance and productivity. No wonder, if many companies go bankrupt. As a result, many employees were threatened with termination of employment (FLE), or in the other word LAYOFF.
If your spouse, both husband and wife get laid off, then your savings deposits continued difficulties. With the cessation of regular income it will be very difficult for you to be able to allocate for education savings, daily for just very difficult.
Therefore, if you just prepare the education fund by saving periodically per month in the bank or in the form of other investments (which should have a high level of liquidity), then you can stop the advance of education funds until you return to work. However, it should be remembered, by stopping the funding of education for several months will result in not achieving the expected target.
That's because, after working again you must increase the amount of savings, so as to cover the shortfall due to the delay savings due to layoffs. If you have insurance with cash value, then you can borrow a maximum of 80 percent of the cash has been raised. With these funds you can continue saving until you return to work, or if very urgent you can use the mortgage services as a means of short-term loans.
Once again, the above is not necessarily the right applied to all families, for example, many employees are laid off get a sizable severance pay. Well, we can take advantage of severance pay to finance their daily needs as well as children's education savings accounts to pay the deposit. Of course, while we look for another job.
Seeing the risk of layoffs as mentioned above, we strongly recommend that you have an Emergency Savings Fund or Emergency Fund. Savings serve as a fortress of defense in charge of keeping the family economy from sudden attack. Benefits that can be drawn from these savings is if there is interference with the source of funds, as her husband laid off, then these savings can cover the daily needs, including paying the deposit fund children's education.
The amount of emergency funds is around three to six times the salary of every month. So if a family have a turnover of 5 millions rupiah ($500) per month, the Emergency Fund to be owned by the family for about 15-60 million rupiah ($1500-$6000). These funds should be placed in the form of investment with high liquidity levels.
However, do not forget, the Emergency Fund can only cover financial needs in the short term (short-term needs), which is about 3-6 months.Being Supposed that in that time period you can find a new job with a regular income
If you buy both insurance for education and education savings (education fund), directly you will be protected against the risk of death. In general, the protection is based on the sum insured for insurance and mortgage-month education for education savings.
But if you save money on their own education, you should take life insurance coverage who have money in such a way, so if there is a risk of death, the spouse or heirs can get the sum assured from the insurer in accordance with needs. Then how much the nominal of The Total Sum Insured should we take?
Total Sum Insured (SI) that is suitable can be calculated based on the two options. First, by taking the sum of total education funding requirements. Suppose the total education funding needs to complete the S-1 (Bachelor Degree) is 200 million rupiah ($20000)in Indonesia . Then you can buy term insurance with The Total Sum Insured is 200 million rupiah ($20000). Adjusting for the length of term of your savings.
While the second option, by looking at the needs of the monthly savings should be invested. Suppose that to achieve the goal of education fund of 200 million rupiah for 10 years, you have to save about 980000 rupiah per month (by assuming 10 percent interest).
Based on this, you can take money for 120 million rupiah. In the event of the disaster dies, then the families left behind will get funds amounting to 120 million rupiah, and these funds are placed on monthly deposits that provide interest sekiatar 10 percent / year, then you can continue the funding requirements of the savings deposit interest monthly.
When you save money on their own so our advice is buy term insurance, because insurance provides great coverage with a cheaper premium.
If you already have insurance education then you can add a rider that provides benefits if there is risk of total or partial disability. But if you have an education savings then this is not possible. Because the underlying educational savings is a type of savings rather than insurance. If you have other insurance protection then you can add a total or partial disability rider as an extra.
One other important thing is the risk of critical illness or accident. Both of these can weigh heavily on your finances and family. If you have insurance you can certainly allocate education to increase coverage, such as accidents or critical illnes
That way when an accident or you are diagnosed with critical illness then you can continue saving for your child's education fund. But if you have an education savings then this is not possible. Because the underlying educational savings is a type of savings rather than insurance.
Viewed from a variety of protection needs due to various risks above, the one thing that must be observed by both the amount of money should you spend for all needs protection. Do not get all the funds that you can set aside just to cover all the above, but you ignore other goal you have.
Therefore need a comprehensive plan, to be able to see all the funding requirements for the purpose of future funding needs protection to keep the risks that might occur. Because of the complexity of a comprehensive family financial planning, you can request a consultation assistance from financial planners who have a family. That way you can see your family finances in a wider sense, not only to the extent of planning education fund for your children.
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