There is no right or wrong to purchase an education plan. As always said, insurance products is not a place for sky high returns. The only beneficial purpose of an education plan is there WILL be a guaranteed sum of money when you need it (no guarantee how high it will be) should anything happens to the payor (or parents). This is main function of an insurance education policy.

So if you want returns, turn your head to mutual funds and invest regularly - dollar cost averaging.

If you want peace of mind, with guaranteed cash payout to child on regardless what will happen in the future, here are 2 choices for you:
1. Get an education policy with a waiver cover
2. Get a life insurance for yourself with big coverage, and in case any mishap happens to you, this money will be given to your child, but make sure your estate planning issues are done well by doing so.

Hope this helps.