Source: Allianz, 9 September 2020
Education is getting increasingly expensive and competitive as Malaysian parents spare no cost on private tuition, sending their children to enrichment classes or third or fourth language studies, and even place their children in International schools just to give them an extra edge. The Value of Education, a consumer research commissioned in 2017, showed how 93 percent of Malaysian parents contribute towards their university or college education and spend an average of US$25,479 (RM107,920) from primary to undergraduate level.
So, as the race for the best transcript either for admission into an international school, prestigious foreign university or Ivy league college heats up, parents are burdened to ensure that their child is prepped and ready for the finest education the world has to offer. Chief Sales Officer of Allianz Life Insurance Malaysia Berhad, Ong Pin Hean acknowledges the struggle parents go through nowadays to make sure their children receive the best education money can buy. “Any parent would want the best for their children. Some even go above and beyond by securing loans to pay tuition fees that are way out of their household income budget. Many parents who have children in public schools also lament how the cost of extra classes and work books has been increasing with each passing year,” said Ong.
“As a father I know what it is like to have to worry about money. I have a mortgage, my loan repayments, and my child’s education to consider and that is why I started financial planning early on in my career. Being part of the insurance industry gives me an added advantage in understanding alternative investment schemes that can function as a financial safety net for my family’s needs should something unexpected happen to me. The best advice I can share is start early, plan for inflation, and insure yourself,” added Ong.
The Allianz PremierLink Series, an Investment Link product, offers policyholders an affordable life protection plan from as low as RM100 per month. This plan offers a high death and Total and Permanent Disability (TPD) coverage and extends customers the peace of mind in knowing that they have an avenue for extra savings, and that they will be financially protected from life’s unexpected events.
Additional benefits with this plan include the ability to partially withdraw the funds in the policyholder’s investment account if the need arises as well as switching between funds to suit your investment needs or goals.