Currently there are several types of insurance to cover the different needs of each person or family, one of them focuses on education. Which is an alternative that has the purpose of foreseeing the future of your children in this aspect, it is an investment that will guarantee the educational development of the smallest of the home.
Education is vital for the personal and professional development of each person, in this sense for Mexican mothers and fathers it has become essential to ensure that their children can attend university, in case you are thinking of hiring one for your children, here we tell you what you should consider before doing so.
Education is vital for personal and professional development. Photo: Pixabay
1. Evaluate your budget
Before acquiring a policy it is important that you review the family finances, because educational insurance is an expense that you will have for several years depending on the age of your children, since regularly the saving in this area lasts approximately between 12 and 22 years.
2. Analyze in what type of money you are going to save
Some companies offer you the opportunity to save in pesos, dollars or investment units. This is an aspect that you should consider since it will depend on the amount that will be obtained at the end of the investment.
3. Take into account that the premium increases under certain conditions
Educational insurance works the same as life insurance, so it is important that you consider that some insurers take into account risk factors, if this is your case you should be aware that the premium tends to increase significantly.
4. You make the quotes in advance
When you go to select a financial instrument of this type, it is recommended that you make the quotes in advance. Because a cheaper policy probably won’t give you the same coverage as a higher-cost one.
You should also consider that the coverage of this insurance varies according to the policy and the established premium.
5. Consider the benefits or drawbacks of the pay period
In this type of insurance premium payments can be made in a monthly, quarterly or annual period; But you must take into account that if you make the installment in the first three term options, you will be charged interest.
6. Avoid interrupting your premium payments
Another substantial aspect that you have to know is that if you stop paying the premiums and also cancel the insurance, the total insured resource will not be delivered, but the amount that you have saved up to that moment.
Seeing the future of your children’s education is important, before hiring insurance it is best that you plan the expenses that are required and analyze the different options that there are so that you choose the most convenient one.
For you to continue being informed about this and other related topics, we suggest you visit our Insurance section.