BASIC MINIMUM INSURANCE FOR A MARRIED MAN WITH CHILDREN

MINIMUM BASIC INSURANCES TO BE ARRANGED BY A MARRID PERSON BLESSED WITH CHILDREN

A)   Educational provision for the children: No child is worth bringing to life without adequate education. Though many people do all kinds of things with the hope of securing the education of the child. Some people claim they have built or bought a house so that the rent that is generated from it can be used to pay for the education of the child. Some buy bus or buses so that income that come from them can be used to secure the education of the children yet another set of people buy stocks and bonds to secure the education of the children. On the other hand some open bank account to ‘save ‘money for the children education. However when you equate any of the so called protection for children education to life’s major contingencies like disability and death they all fail woefully!

House

In case of permanent disability you may most likely sale the house to bring back the health of the man, In case of death you have left what the child should have to protect other than what would protect the child; that is if the house is not even sold to fight for the man’s life before eventual death. IN Africa here it is not unlikely that family members may seize your property from your hapless widow and children.

BUSES

It is evident that vehicles driven with mouth rarely use fuel. Transportation business is full of uncertainties that some who really invested real money into it have a bloody nose more often than anticipated before they leave the business; you can imagine what would happen to some one with one or two buses. One or two accidents or  even a police or LATSMA trouble would get your little transport tower tumbling into a ready quick sand and would effectively knock out your supposed income from transport business to the wild wind even in short time  not to talk of on a long time.

STOCKS and BONDS

The feet with which most of our stock bigots come out of the murky water of stock crash is still fresh, it is simply a highly risky venture. Though if you are lucky you can make some quick money out of your stock in a short interval but to think that you would use stock to secure the education of your children that would take at least 15 years would be taking you luck too far out of range incase of disability. Most likely your stocks would be melted away to save your life and the same thing in case of untimely death. In fact it may even be sold to do funeral! So where does the education of the child lie in this?

SAVINDS IN BANK

This is the most hopeless to use the current need bank savings to ‘secure’ the education of a child that would span 15 to 18 years! Can you honestly pin-point one man who has ran a savings account diligently for five years without one single unavoidable withdrawal? If you cant for such a short period of 5 years how then do you hope you would use your savings account to plan for the education of your children that would last a long time. It is no doubt that it is the savings accounts that actually go first when disability or death come calling!

EDUCATIONAL INSURANCE

There is no doubt that the only one safe secured and sure way to secure the education of your children is EDUCATIONAL ASSURANCE POLICY. This unique arrangement satisfies the law of successful thrift, successful accumulation and adequate time that inevitably yield the strategic needed income. ST+ SA + AT = NI. Besides it licks the contingency of disability by paying for itself (Self Sustenance) in case of disability. In case of Death it automatically provides the entire insured amount to train the child irrespective of the number of installments you have paid!

B PAY YOURSELF

Every other thing you are expending your money on while going through life, you are paying others; but you would definitely be learning from other people’s mistake by opting to pay yourself by your self. This is because if you allow other people to pay you, you may definitely not be too far from untold sorrow.

What do I mean? While paying everybody else keep some for the old man you would be someday’ if you do not intend to go begging to children, your appointed succeeding manager and others when you are supposed to play big daddy! Pay yourself by organizing an executive retirement plan for your self and spouse alone. No other investment mentioned in A above can help you absolutely to have a retired future other than your EXECUTIVE RETIREMENT PLAN

With these two, though there are some other good ones ypou have a firm foundation on your financial security.

IGWEGBE LAWRENCE