There is a plenty of joy of being a parent, at the same time there comes the duty of securing your kid's future against unexpected life events. Every parent would want to make sure their kid's future turns out to be a perfect one. That is what the prime duty of a parent should be as you no longer have to consider procuring your future but also the future of your kid; as their guardians, it's your responsibility to invest wisely to ensure your children get the best possible facilities that in turn will shape up their careers and prepare them to carry around the world. Apart from providing world class Child Education Plan, Zurich Insurance Dubai also provides Best Life Insurance In Dubai
Many think, and so a strong education is essential to your child's safe future because it's the platform they can utilize to find new avenues and become successful. Education expenses and tuition fees are rising and preparing to get these expenses ready before can help you handle the expenses of raising your kid and securing a bright future. You can also look into the Best Child Education Plan in Dubai to get an Idea of what you should do.
Begin with insuring yourself. No matter how nicely you conserve, insuring yourself from life's unpredictable events is a must. There are many Best Life Insurance In UAEwhich can make you stay secured. Your insurance coverage functions as the next roof for your dependents. Not only may such a strategy would help fulfil your child's educational needs that could otherwise be difficult to cover in the absence of insurance, however some kid plans also provide a fixed sum for higher education once the child attains the age that takes care of his high education expenses. The Term Insurance In UAE also lets you take care of your child’s education apart from other insurances.
To accurately plan your child's education expenses by planning and using a solid investment strategy for investing in your children's education is extremely important, especially Term Insurance In Dubai which takes care of the overall insurance plan. This ensures that if one or more of your investments do not give you the returns that you expected, other investments may outperform and your general investment gives you the returns that you predicted. You can also reduce risk with the help of Term Insurance Plan taking investments away from high-risk products to a safer choice as soon as your long term investment strategies are at the edge of maturity.
“Education is the most powerful weapon which you can change the World” - Nelson Mandela
Savings for your child’s education is one of the biggest investments you can make towards their future
- Planning for your child’s education is a long term financial goal, the best time to start planning for your child’s future needs is when he or she is born, assuming your child will go to college at the age of 18. The effort of compounded growth will allow you to achieve this goal with small monthly contributions.
- Which place or which country your child wants to study – US, UK, CANADA, OR Other countries.
- Which university wants to send your children – Each university have different specialization and cost also various,
- What is the current cost of the university cost today? – have to discuss this detail.
- Cost of education inflation - What will be the inflation when your children start higher education. A good rule of thumb is that tuition rates will increase at about twice the general inflation rate. During any 17-year period from 1958 to 2001, the average annual tuition inflation rate was between 6% and 9%, ranging from 1.2 times general inflation to 2.1 times general inflation. On average, tuition tends to increase about 8% per year. An 8% college inflation rate means that the cost of college doubles every nine years. For a baby born today, this means that college costs will be more than three times current rates when the child matriculates in college. All these benefits amongst many makes us the Best Life Insurance
- Below most information need to consider before start savings plan for Child Education - there 3 different types of investment options are available:
- Guaranteed investment Plans
- Unit linked investment Plans
- Capital protection investment Plans
According to the study, it costs approximately $99,378 or AED365,025 to educate a child from primary school through to university in the UAE.
Following simple steps How to calculate Child Education cost:
Education Cost calculation Planning
Calculation - Child 1
Current Age of the Child A
Year when the child will start Education B
Number of years of Education Planned C
Current Annual Cost D
Total Cost of the Education C*D= E
Inflation rate F
Cost including Inflation in the Year of Fee Payment G
Total current provisions H
SHORTFALL G - H = I
Find below Cost of education in different countries: