What's the best gift to give a child?

Having a child is one of life’s biggest decisions. When you decide to have a child, not only do you sign up for a cute little bundle of joy; but you also sign up for many years of careful planning and saving in order to provide for your child’s basic needs and secure their future. Upon starting a family of your own, one of the first steps to take is to avail of a life insurance policy. Protect your loved ones from financial strain and provide them with stability, no matter what happens. Furthermore, one of the lesser-known benefits of getting a life insurance is its potential to help you set your child up for a bright and promising future --- by securing a good education.

Providing your child with a quality education is one of the greatest gifts you could ever give them. No matter where life takes them, a good education will equip them with the necessary skills they need to succeed and follow their dreams. However, saving for a child’s education that will take them through primary education to college is no easy feat as it requires years of preparation. Invest in your child’s education by securing a life insurance policy that can help you set aside a fund for their studies. Discover the benefits of saving for your child’s education with the help of an insurance policy!

Earn compounding finances through investments?

Aside from protecting you and your loved ones, one of the best advantages of securing a life insurance policy is the opportunity to invest in funds. Explore a variety of investment options like an investment-linked life insurance plan specifically geared towards growing your funds and saving for your child’s education. Whatever policy you decide to choose, a life insurance provides you with financial security while giving you the flexibility to withdraw cash to use for urgent payments like tuition fees and unexpected school expenses. Investing in a life insurance provides long-term returns and benefits—making it a good choice for an investment that spans roughly twenty years of your child’s life

Experience disciplined financial management?

When it comes to your child’s education, it should never be about saving the bare minimum. Your child’s education is a top priority, so having a policy that ensures regular savings for your child’s future will be a big help to guarantee its consistent growth. Grow your finances consistently and at an increased rate with a policy that cultivates wealth for education.

Guarantee your child’s future, no matter what it holds?

Any parent would want to guarantee a bright future for their child, no matter what happens. While ordinary savings in a bank can be freely used and withdrawn, the peace of mind that an education policy geared towards education provides you with the certainty that the finances you have saved through the years will go directly towards their educational fund. In the event of unplanned emergencies and unfortunate events, you can rest easy knowing that the financial protection over the savings you have amassed for your child’s education will remain.?

Example of an education plan with figures

Let's say Ms. B is 35 years old and has a 1-year-old daughter. She wants an education plan to take care of her daughter's University expenses. If she wants a K500,000.00 in 17 years time when her daughter will be 18 years old, she will be paying a monthly contribution of K1,237.67. In 17 years she would have made a total contribution of K252,484.00 but still receive the entire K500,000 due to the maturity bonus provided by the insurance company.

In addition, a 17% interest of the K500,000, in this case, K85,000 is added to make it a total payout of K585,000 to Ms. B in 17 years time.

If you want to give your child every advantage for a bright future but worry if you can afford it, consider an education policy that puts their education as the priority. Turn your dream of giving your child a quality education into a reality!

You may also want to read

About Luyako Nsamba

Luyako Nsamba has been a full-time wealth consultant since March 2022, with a focus on life insurance, education financing, investments & retirement planning. You can also follow him on socials, Facebook, Twitter, Instagram, YouTube and TikTok.

Schedule a FREE consultation session with me here