A Dead Lift is what insurance is. It takes
hold where others leave off. It is the strength
of years of plenty applied to the weakness of
years of want. - Benjamin David King
If your child is smart enough to qualify for university, will you be smart enough to provide for it?
Obviously, your child got his/her genes from you. It will be far too late for you to wait till the day he/she gets her results for you to make provisions. Five to ten years before they are due for university is a good time to start savings plan to accumulate the funds.
The situation may also arise where your child prefers to pursue a certain course of study not available at home and must go overseas. Getting into university is one thing, getting into one's preferred course of study may be another. Being able to provide for what your child chooses to study (for they usually study best what they like the most) is foresight par excellence.
A friend in Kuala Lumpur, Malaysia told me that he spent close to MYR$300,000 for his daughter's education in the USA. If the daughter were to repay the father at the rate of MYR$1,000 per month, how long would it take her? If she were 25 years old now, she would be at least 50 before she has paid off that debt!
But what if after you have provided, your children do not get a place in any university? In that unlikely event, you can cash the policy and go for a long holiday. You deserve it if they don't.
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