1. Funding Education
Financing College Education in
Barbados

2.  Introductions
 Quick look at Education in Barbados
 Options for post-Secondary Education
 True cost of Post university education in Barbados
 Can I Afford it?
 Planning and Realising Your children’s dreams
 Recap & Questions
Objectives

3.  Dean St. Hill – Life Agent with Pan American Life
 A life of community service – Queen’s Scout, active
with the Credit Union movement last 10 years
 Trained Broadcaster and Communications
Professional with 20 years experience.
 Volunteer and former worker with the regional Red
Cross Movement
 5 Year Old Daughter – Danielle
Introduction

4.  Over 100 years old Insurer based in New Orleans USA
 1,400 employees, in 22 markets in Americas
 Acquired MetLife in 2013: 13 Caribbean countries
including Trinidad, Netherland Antilles and Barbados
 Over US$3 Billion in assets
 Over 1 million customers: Latin America, Caribbean
and Hispanic Americans
 Individual & Group Life, Accident, Health
 STRONG Financial performance & Balance Sheet
Pan American Life
Your Partner for LIFE

5.  A.M. Best Rating: A (Excellent)
 “…The ratings reflect the group’s solid consolidated risk-adjusted
capitalisation, well-performing fixed-income investment portfolio, and a
positive net operating performance.”
 Fitch Ratings: A (Strong)
 “…The rating affirmation reflects [Pan American Life’s] continued very
strong capitalisations, relatively low risk liability profile, improved
operating performance, and conservative financial management”
Ratings as of August 2013 (Fitch) and October 2013 (A.M. Best)
Pan American Life
Excellence worth celebrating – Ratings Matter

6. To meet the life, accident and
health insurance needs of
individuals and businesses in
the Americas to ensure
financial security and peace of
mind.
Pan American Life
Our Mission

7. To build on the company’s 100-
year heritage of financial
strength, commitment and
trusted financial security, and to
improve our policyholders’ sense
of well being, while becoming
the leading insurance carrier in
the Americas.
Pan American Life
Our Vision

8.  Formal education dates back to 1680 but the present
system developed out of the 1890 Education Act.
 Education is provided free of charge and is
compulsory between the ages of 5 and 16.
 Changing lifestyle has seen increased need for and
use of private nursery and day-care operations.
 Private and Public Primary Schools
 Pay for: Books, Uniforms, Lessons & Snacks
 Private & Public Secondary Schools
 Pay for: Uniforms, Lessons, Lunch
 University Students now required to pay tuition fees
at UWI
Education in Barbados
A Few Facts

9.  Within both the Private and Public Sector
more jobs require a Bachelors degree; many
require a Masters
 Several studies show that an individual with
a University degree will earn significantly
more than a non-graduate.
 The best paying jobs will require a degree or
professional certification (IT, Accounting,
Finance, Internal Audit, Engineering, Law,
Medicine)

Education in Barbados
University Education

10. Barbados Community College
Samual Jackman Prescod
Polytechnic
Erdiston Teacher Training College
University of the West Indies
International Universities
On-line training
Options for post-Secondary
Education

11. UWI Costs
“Effective academic year 2014-15 Barbadian citizens pursuing studies at
campuses of the UWI will be required to pay tuition fees…”
Faculty Total Tuition & University Fees
Humanities & Education $6, 645
Science & Technology $6,645
Social Sciences $6,645
Law $9,828
Medical Sciences $11,020
Engineering (St. Augustine) $25 000

12. International University Costs
Faculty Total Tuition & University Fees
Florida International $160,000
Howard $400,000
McGill $500,000
Dalhousie (Architecture) $200,000
Sheffield – (typical UK) $180, 000

13. Can you write that cheque right
now?
Can you afford not to send your
child to University?
What if something were to
happen to you or your spouse?
What then?
Questions to consider…

14.  Determine how much needed. Divide by
number of months, determine a
monthly figure to save
 Discipline to make the monthly
commitment
 If something happens to parent – what
then?
Saving: Bank or Credit Union

15.  Guarantees you meet your goal
 Guarantees the savings once monthly
payments are made.
 If parent becomes disabled or dies the
full amount of the plan will be paid
and…
Educational Security Plan

16.  …Child’s legal guardian will receive 1% of
ESP’s face value monthly as a Monthly
Income Benefit (in addition to the final
payout at maturity.
 Additional MIB can be purchased for a
nominal amount providing 2% or 3%
 Monthly saving is deducted at source or
through bank debit – easy to save!!!
Educational Security Plan

17. “…WHICH PLAN WILL YOU
IMPLEMENT? BANK? OR PAN-
AMERICAN’S EDUCATIONAL
SECURITY PLAN?”
Big Question

18. QUESTIONS?