Manila, Philippines – Filipino Parents understand that quality education is the best way to pave a better life for their children. However, college tuition fees are expensive and continue to increase annually. To make sure there is money when it’s needed, they need to start building an education fund as early as possible. Singlife Philippines developed Cash for Goals (Education) to help parents prepare for education expenses.
Helping parents provide for their children
Cash for Goals (Education) helps parents save and grow their money so they can afford their child’s college tuition fees. Singlife makes this hassle-free by making the product available on GCash, which is accessible anytime, anywhere through any mobile device. The purchase experience is designed to be informative, user-friendly, and transparent so that parents can learn how the product works and make a purchase in just a few minutes.
Singlife has made investing for a child’s college fund budget-friendly. Initial investment starts low at only Php 2,500 and additional investments can be as low as Php 500/month. And it’s easy to stay consistent with monthly investing as funds are automatically deducted from the parent’s GCash account for convenience.
Through Cash for Goals, the parent’s money is invested in the Singlife Smart Investment Fund - a peso-denominated investment-linked fund that aims to earn more than traditional savings accounts by primarily investing in a mix of Philippine fixed-income and equity classes. The fund is managed by ATRAM, one of the country’s leading asset management companies.
On top of helping parents save and grow their money, Cash for Goals (Education) also ensures that the child has money for college in case anything unfortunate happens to his/her parents. If the parent investing in the child’s college fund passes away, Singlife will ensure that the target amount is available for the child by the time he/she enters college.
Singlife provides a better way
What makes Cash for Goals (Education) better than the run-of-the-mill investment-linked insurance product is that 100% of the parents’ money is invested, as compared to other products that charge very high entry fees. For parents, this translates to their investments earning more than 50% versus other products in the market, especially during the early years.
The product’s low cash out makes saving for education budget-friendly for every-Juan (and Maria). Cash for Goals (education) is available for as low as Php 500/month after a one-time initial investment of just Php 2,500. And when things get tight and parents need to withdraw funds for emergencies, they can do so without any fees or charges at any given time.
“As parents, we want to provide all we can for our children to help them reach their big ambitions and education is key to that. It is better to start as early as possible to avoid being confronted with the high cost of education when the need is already there and when our budgets might be constrained. To help parents be ready, we created ‘Cash for Goals (Education)’ and give them a better way to plan, save and grow funds for their child’s education,” says Rien Hermans, Singlife’s CEO.
Cash for Goals (Education) is the first unit-linked investment product offered by Singlife Philippines. The company develops products that help customers plan, save, and invest for their financial future.
ABOUT SINGLIFE PHILIPPINES
Singlife Philippines is a mobile-first savings and protection company with headquarters in Singapore, Asia’s technology hub.
As a start-up in the long-standing insurance industry, we provide a better way to plan, save and protect your financial future. Through technology, we provide insight, guidance and fulfilment on your phone to support you with financial solutions that fit your needs and budget to ensure there is money when it’s needed: for everyday emergencies, loss of income, to pay for high medical expenses, or to fund future spending for education, retirement or any other wish that can be fulfilled.
Singlife Philippines secured its license to operate from the country’s Insurance Commission in February 2020 and sealed a partnership with the country’s leading e-wallet Gcash in May 2020.To learn more about Singlife Philippines visit www.singlife.com.ph.