Education policies can immensely alleviate school fees hurdles Growing up as an ambitious boy one of my dreams from secondary school days was to study in the United States of America after completing my Grade 12.
I was so determined to realise this dream and soon after completing high school I began the process.
I applied to various universities and colleges let alone those organisations who offer scholarships to study in the US.
Further I went on to write SAT exams from Simba School in Ndola and
scored good points.
After pushing so much for a considerable time I had to think twice of the reality of my American dream, which seemed to be slowly fading as
time was fast moving.
Most of the schools were asking me to send some contributions or down payments while those that did not ask for such payments either took
too long or did not respond at all.
As reality dawned on me, I realised that it was not easy to achieve such dreams especially from an economically challenged families like mine.
A few friends who managed to go either had ‘connections’ or were well to do financially.
I had to settle for a local university, Copperbelt University where I successfully applied but before I enrolled I began my insurance career
with only my Grade 12 school certificate.
Reflecting back at my secondary school days I recall how my dad used to work extra hard and sacrifice just to make sure that I went to school.
This compounded by the fact that he lost his job after the company he worked for was privatized and the benefits could not sustain the family for long.
Well, I started building my career as soon as I found a job with my current employer.
Upon realizing that while I found a job my friends enrolled in universities and colleges
I started evening classes at the Zambia
Insurance Business College so that I was not behind academically.
I built my career onwards and to-date I have managed to obtain a few qualifications.
Having worked in the industry for some time now,
I have discovered some very vital insurance products such as education policies that can be taken by parents or guardians for their children.
These policies run for long periods such as five to 10 years and
enable parents to save some reasonable amounts which build overtime and earn interest.
Upon maturity of the policy, the insurance company will pay school fees directly to the selected school or may pay the lump sum to the
assured (the person who buys the policy).
If the assured dies the policy continues to run to maturity and the beneficiary (the child) will access the funds.
If the beneficiary dies before the maturity of the policy another child can be selected as the beneficiary
Taking an example, if a parent wants to buy an education policy for Lumba who is three years today he will have two options.
He would either look at how much he can save per month or estimate how much will be sufficient to take the child to a selected school.
Since Lumba is three years the parent can buy a policy of say ten years so that by the time the child is thirteen years then the policy
will mature and there will be money readily available to pay for the child’s school fees without any pressure.
Whether the parent passes on or leaves employment due to incapacitation Lumba is assured of secondary school education.
Education is a perfect way of leaving an inheritance to our children as scripture says a good father leaves an inheritance to his children’s children.
For me education is the best inheritance because it cannot be taken
away like properties that may be subjected to disputes.
I wonder if anyone had ever marketed this to my father when he was still working but now that he is no more I have resolved to make a
difference to my children.
For this reason my wife and I have taken some education policies.
Deductions are made directly from one’s payroll which is a better method than paying cash.
Alternatively monthly DDAC payments can be arranged with a bank.
On a concluding note just sit down and calculate how much you can save by contributing a hundred kwacha on a monthly basis even without
factoring in interest for ten years?
It can definitely be enough to cater for school fees.
We can make a difference is society by planning the education of our children through these insurance products thereby supplementing
government efforts of providing education to its citizens. Like Nelson
Mandela said “Education is the most powerful weapon which you can use to change the world…” Comments: webster@picz.co.zm or Webster_tj@hotmail.com or on face book search for Insurance Talk-Zambia page or call/text 0977 857 055
[The Author is a Chartered Insurer with more than ten years industry experience]