The Yuletide season is a time people and families exchange gifts with one another, friends, colleagues, well wishers, etc, expressing love and appreciation for different reasons.
As a season known for shopping for different gift items, give a gift that would inspire and motivate those you care about this period.
Consider what an insurance policy that takes care of the education of a new baby will do to a young family even if it’s for a stipulated period of years. Most of us have close families that seem to have everything but it’s always a challenge getting appropriate gifts that will “wow” them.
This is that gift! It will be a memorable gift for years to come. Your insurance gift will be the much-talked about gift throughout the season. But how does this work?
You can start with payment of premium of the first one or two years for the child’s education policy and encourage the parents to continue paying for subsequent years. With this, you have laid a memorable foundation for that child which will continue to be remembered by generations to come.
According to Justus Urnata, managing director, Niger Insurance plc, “One of your most important responsibilities as a parent is to ensure that your child gets the best education that can be provided.”
He stated that insurance companies offer a wide portfolio of education insurance plans that are designed to provide peace of mind to parents, one that will guarantee a child’s education in future. These plans, he noted, ensure that money is made available at the crucial junctures in a child’s education, graduation and post-graduation - to fund crucial commitments for the child’s future.
To Rotimi Olukorede, Equity Assurance Company Limited, Ghana, such education insurance ensures that in the unfortunate event of death of a parent, the child’s education will continue unhampered.
He maintained that planning for a child’s education isn’t as simple as it used to be years ago, not with increasing challenges in the economy and the cost of education rising every year, the keys to funding your child’s education are to plan early and invest shrewdly.
“Depending on family income and other factors, it’s important to make these decisions as early in the child’s life as possible,” Olukorede noted.
According to him, “the cost of private schools both at primary and secondary levels or tertiary expenses can be a burden even to the most affluent of families. The best way to help meet these costs is to create a college funding strategy and choose an option that best suits your family,” he said.
So, take a good look at your insurance coverage now that your child is here, and remember that someone’s entire life now depends on you, your earnings and how much provision you have made for him/her
