As parents, we never compromise when it comes to securing our children’s future. We naturally wish to provide our children the best opportunities in terms of wellbeing, safety, career, marriage, and financial security.
While we are busy working to fulfil our children’s basic necessities, it is equally essential to look into investing a long-term child savings plan.
Here’s why.
It’s not only about hedging against the drastic rate of inflation. We can also support our children better when it comes to healthcare, higher education, marriage and even starting a family.
By planning well and early, a sound child savings plan can help your children to deal with these future expenses without causing any financial strain. It can be a big relief for both you and your children, especially during your absence.
To provide your children the financial help needed in their adulthood, investing in a sound child savings plan is what you can do.
Read on and discover how you can provide your children the best in life. Here are 4 tips to help you decide on the best child savings plan for your little one.
#1 Know Your Goals and Plan As Early As Possible
We understand that supporting our children financially in their adulthood can be extremely costly. Paying the first deposit of their new cars and houses, the expense of their wedding and even spending on their newborns are what you can expect.
The good news is that these big financial milestones are within reach if you plan well. And you can enjoy the advantage of time for your money to grow if you start investing early.
Mum of four, peah_ahmad, shared her views on the importance of starting early with a child savings plan:
Financial literacy always starts from home. While educating our children on how to manage their money wisely, it is equally important for us to support our children financially throughout their life journey. And when we start early, we can reap greater rewards.
Indeed, when you invest early in a child savings plan, you will be able to have sufficient balance for other financial milestones by the time your children are older.
Starting early also means you can get maximum benefits out of a plan.
#2 Choose Plans That Provide High Protection Coverage and Perks
It is essential for you to invest in a savings plan that provides returns that are sufficient to counter inflation in the long run.
Another mum, liyanajafry, added how investing in a sound savings plan can help her enjoy more rewards.
A variety of offers and discount is available to us as the customers. We can enjoy services from gyms, optometrist and education centres at a cheaper price.
Here’s what another mum, ranechin, shared regarding how she selects a plan that can provide sufficient support for her child:
Other than securing your kids’ financial savings, you should opt for a savings plan that provides your children the best protection. Whether it is for the present or the future, look for plans that offer high coverage and protection for your children.
#3 Choose Plans That Allow Additional and Beneficial Riders
On top of this, we should opt for a child savings plan that allows us to provide our children with extra protection. This is made possible with insurance riders.
Riders are additional benefits that you can consider adding to your child’s savings plan. With this, you will be able to customise a policy that will give you comprehensive protection coverage.
Geozo, a mum of two, talked about the perks of including additional riders in her children’s saving plans:
Other than the high coverage of the plan itself, the riders enable me to top up the life coverage up to five times of the initial amount.
Another mum, Azalia Suhaimi, agreed on the importance of securing better protection for her children as well:
A good child savings plan should provide long-term protection and support beyond our children’s higher education. As we never know what may happen in the future, it is great that we can do our part to secure our children’s future aspirations.”
In fact, there are a variety of optional riders provided for the savings plan like accidental death and disability benefit or critical illness rider benefits. You can always consult the professional insurance experts to determine which riders suit the best interest of you and your children.
#4 Choose Plans That Allow Better Investment Options
Another tip is to look into a savings plan in which you can enjoy great long- term investment opportunities. While your child will benefit from the product’s high protection coverage, you can also enjoy high potential returns while having the assurance that your wealth is being protected.
Here’s what Geozo said on having better investment options in her children’s savings plans:
Protecting your wealth is possible by having additional investment through your children’s saving plans. By investing and getting long-term returns from funds managed by professional and well-known fund managers, you can reach your financial goals effortlessly.
Secure Your Children’s Financial Future with AIA’s New Savings and Protection Plan
With thorough financial planning, you and your children can reach your financial goals. By breaking down your goals into smaller, feasible steps, you will be more motivated to invest in your children’s future.
As part of the AIA’s comprehensive Total Wealth Solution, A-Life Wealth Treasure is a savings and protection plan that offers high protection for your children with coverage starting from RM200,000.
You can help prepare for your children’s financial needs from as early as 14-days old. When you plan early, you can be rewarded with up to an additional 12% of your children’s coverage amount. And if you sign up early while they are still young, you can receive the first payout as soon as they turn 25.
If you wish to protect and support your children throughout their life journey, this savings and protection plan is an ideal choice for you. As it is an investment-linked plan, you can also gain exclusive access to global asset managers for potential higher investment returns whilst protecting your wealth.
Additional protection and benefits are also available for you and your children when you sign up for A-Life Wealth Treasure, attach the A-Plus ParentCare plan rider and become an active AIA Vitality member. By making healthy choices for your life, you can unlock cash rewards of up to 0.5% of the rider’s coverage amount, which will be credited into your child’s policy wealth account every year.
Head over to their official website for more information on AIA’s comprehensive Total Health and Wealth Solution for you and your children.
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