The cost of education at the tertiary level has been on the rise and parents are faced with the challenge of being able to afford to send their children to university or college.

The costs associated are being constantly increased and as such it is imperative for parents to start planning early for their children's education. Recent statistics have shown that:

• A four year full time Bachelor of Engineering (B. Eng.) in Electrical Engineering programme from the University of Technology, Jamaica costs J$296,880 per annum (an increase of approximately 14% over the previous year).
• The current annual tuition for a full time undergraduate degree in the Faculty of Law at the University of the West Indies, Mona is J$182,737.00 (an increase of approximately 9.5% over the previous year).
• The average published tuition and fees in the private four year colleges in the US for 2008-09 is US$25,143 (an increase of approximately 6% over the previous year). This does not include room and board charges.

It is extremely expensive to send these students especially since costs do not include books, meals, housing and a host of other expenses. Whether students study locally or overseas, tertiary education is an expensive initiative. Many parents wait until it is time for their children to enter university or college to start thinking about the funding of this expensive phase of their lives. The panic and stress which some parents undergo can be avoided. You don't have to become overwhelmed.

Start planning today for your child's tertiary level education. OMNI Educator, offered by NCB Insurance Company Limited (NCBIC) is a unique long term education savings plan and a vehicle through which parents and family members can plan and save towards their children's tertiary education. The defining feature of OMNI Educator is the payment of an Education Grant; an amount equal to 20% of the policy's Accumulated Value that results from the eligible premiums.

All you will need to do is set a target investment goal to fund your child's education, pay your contractual premiums regularly and watch your investment grow. Once your child is enrolled in an accredited tertiary institution, the Education Grant is calculated and paid directly to the institution for education fees and other related expenses. The plan must be held for five years before the grant can be paid and as reinforced by Oliver Tomlinson, Manager Retail Services at NCBIC, "this year (2009) the company should start making its first set of grant payments to persons who bought the policy when it was first launched in 2004".

For further information on how to plan and save for your child's tertiary level education, please call 1-888-MY-NEEDS (696-3337), and one of our knowledgeable advisors will be happy to introduce you to OMNI Educator. and NCB Insurance's other attractive insurance products.

* Conditions apply