Nine years ago, I purchased a pre-need education policy from Sun Life. The policy that I purchased has to be paid for 10 years. I paid for it on a monthly basis. Well, I could only afford to pay it monthly even though I knew I would be able to save by paying annually.
The pre-need education policy is Sun Education Plus. I know it may not be enough to cover the whole expenses during my daughter’s college years. It’s better than not having an education plan at all. Since I only have one child, I can simply add funds during her college years by looking at the benefits I have. Since I am a regular employee, I have 13th month pay and leaves that are convertible to cash.
Now, the only thing that made the expenses bigger is the implementation of Deped’s K-12 program. It added two more years of high school education before entering college.
Because of the sudden change, I decided to fully pay the Sun Education Plus policy this year. I paid it full on January 2018. Where did I get the funds? I took it from my leaves that were convertible to cash. I changed the payment mode to annual to be able to save on the last premium payment. My proof can be seen below.
It’s a nice feeling to have fully paid this education plan. I am free of the premium payments now. I know I made the right decision by purchasing this policy. Aside from being able to fund my daughter’s college education, I will get the contract price in a certain number of years from the last availment in two payouts. It can be used to avail a health insurance plan for me. Now that’s money that has been properly managed.