I am a CAP college education plan holder. My parents invested a sum of money under one of the most popular education plan companies in the Philippines during the early 90s. Sadly, news broke that this insurance company filed for bankruptcy even before I graduated high school. I heard that they invested their money on businesses that didn't earn much coupled with the extreme soaring of tuition fees over the years. It was very frustrating for most people, especially for my parents because it was just a couple of years short from my graduation. To top that off, I graduated high school in 2007, which was also the year where all the UP campuses pushed their TOFI (Tuition Fee and Other Increases), which made the regular tuition fee increase more than 100 percent for some. I had a usual tuition fee of around 20,000 pesos which was supposed to be only somewhere along 7,000 or 8,000 hadn't the TOFI been approved.
However, God, being the great Provider that He is, made a way through the help of my grandparents who funded a portion of my education. I am just really blessed but I keep thinking about those families and aspiring college students who depended on their CAP to provide for their financial needs in education. I even heard this anecdote that there was a man in the CAP office (this was during the time where news of bankruptcy recently broke) who was shouting loud, as in nagwawala, due to the education plan that they won't be able to claim.
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| Credit: http://www.medimanage.com |
That's why I really find insurances traumatizing nowadays, though some people tell me that I should invest in a really good and trusted company. I will, maybe sooner or later but I'm trying to ward off these thoughts in my head, do research and look at the latest news and trends of the insurance company that I will invest on. I guess the lesson to be learned here is know where to invest and invest wisely. I scanned through an article below and it really gave practical tips on choosing a good insurance company:
Are you investing on insurance? Why or why not?
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