Yesterday, I paid the last payment on our educational plan and I was quite happy that we are finished with the plan. Then, I applied for another one, now a little higher than the first and I am quite pleased with the program PhilAm has in store for its clients.
One is the fact that after 6th or 7th year, your plan will earn dividends (which was not included on our first educational plan - this is a new program of PhilAm) and you have the option to accumulate it by getting the dividends together with the maturity benefit or you can get the dividends on a yearly basis. For me, I'd rather get all of it one time, but I still have the option to get the dividends as long as I inform them if I want or need any changes.
And then, I'm planning to enroll myself and hubby to their Aspire (educational is under Prodigy) plan which is some kind of a forced savings that you will get by the time you reach the maturity age (for him its 32 (his age) plus 18 (the maximum years applicable for maturity) = 50). Of course, I am wanting to avail two high amounts (hahah, ambitious)...my reasons? I do not want to reach old age and we have nothing but everyday expenses. Other than having a pension plan, it's a back-up for whatever we will be doing when we reach that age. And I wanted us to have a secure life not something that lives on a daily basis. I never want to wonder what we did with whatever money we have, or what happened (the way I wonder about those street peeps who have nothing and nobody, lounging wherever their feet take them, so sad - everytime I see those kind of people, I question their lives - and I cannot imagine that happening to me).
Second, I do not want us to depend on our children, I wanted hubby and I to reach old age not depending on anybody for whatever needs or pleasures we wanted to expend or keep. Well, it's all hardwork for now, and by that time, I will become a jetsetter...haha.