How does a college fund work to secure my children’s higher education?

Having good financial support to ensure education and the future has been one of the lessons left by the pandemic. Above all, now that the face-to-face classesafter two years of attending virtually.

Precisely, the return to the classroom reflects the interest in children and young people receiving a quality education, and products such as the college fund they guarantee that their future is not at risk, while having this support provides peace of mind to the family. This is a product that can be purchased by parents, legal guardians or grandparents, and can be contracted from the time the minor is born.

According to Seguros Pacífico, this would generate savings that will be profitable and, at the end of the period, from 10 to 18 years depending on what was chosen, it will be used to finance the young person’s higher education.

The entity indicates that one of the benefits is that, by having a life insurance component, if the contracting party dies or suffers some type of disability that prevents him from continuing with his contribution before the end of the contracted period, this would not generate any problem for the child, since the pending installments will be automatically assumed by the insurance, thus the fund will not be interrupted and the agreed amount will be delivered to the minor as planned.

“Whether the person who hired him dies or suffers from (some type of) disability, this will not affect the minor, because he will receive the fund at the end of the hiring period and may choose to receive the money in one, three or five installments. annual. The good thing about receiving it in installments is that, while the company is paying, the balance of the fund continues to be profitable while the beneficiary studies the career he chose,” explains Aguilar, manager of Life Insurance and Pensions at Pacífico Seguros.