Posted on: 18th Jul 2019
If it is unanimous that children are indeed the leaders of tomorrow, then the big question is; what are you doing as a parent to secure your child’s future? These little ones (and even the ones who like to refer to themselves as grownups) need all the help they can get. When you look at your early life and reflect on how tough you (probably) had it, there should be a natural desire to ensure that your children don’t go through those same tough times. However, what’s even worse than leaving their future up to fate is not finding and then employing the best ways to secure their tomorrow.
When we talk about securing the future of your children, what kind of securities come to mind? Money? Education? Assets? Businesses? Well, depending on their age(s), these things and so much more come into play. In our previous article, we discussed how to establish futuristic securities for your children through the creation of estates and trusts and so on. Now, that being said, some of the best ways to secure your children’s future is through life some of African Alliance’s Life Insurance policies. This article aims to review two very useful policies to this effect. They include;
The African Alliance Children Education Plan is specially designed to help you give your children the best education out there with the lifestyle that accompanies it. Imagine a world where you are suddenly no more and your children are left to the mercy of fate all because you failed to seize the opportunity to invest in their future. The Children Education Plan by African Alliance allows you to ensure a befitting amount/an agreed sum which the policyholder then pays up in premiums. This plan has a maturity period which will be specified and agreed upon. When the policy matures, the total insured sum and bonuses accrued are all paid.
The interesting thing about this plan is that if the policyholder passes or loses the ability to fend for his or herself and family, 2% of the agreed total sum is paid monthly to the named beneficiary till the policy expires. This means that, no matter what happens, come what may, your child’s future is protected and sealed both legally and financially.
How about policy loans? This plan dictates that after two (2) years within the duration of the cover, you are entitled to policy loans with this plan. As far as the best way to secure your children’s future goes, this remains one of the most astute ways to go about it.
An alternative to the Children Education Plan is A.S.K (African Alliance Smart Kid) Educational Plan. This plan is quite different from the plan discussed above and has its unique benefits as well.
The Smart Kid Educational Plan is what is called a term life insurance policy. It can be purchased for a period of 5 – 20 years. Also, the minimum sum that can be assured using this policy is N500, 000. However, this plan allows you to dictate the exact amount you want to be allocated to a beneficiary in the event of your death. Nonetheless, this policy which is valid for a specified term ensures that the total amount is paid should you outlive the validity period of the plan. It is a plan that is just as beneficial to your children’s educational future as the Children Education Plan but with a unique set of applications.
Some parents grew up battling some extreme conditions, while some others only had to jump over a few hurdles to achieve their dreams or at least be set in the right path towards destiny. Whatever the case was for you, it remains paramount the need to level the playing field or at least influence the odds of your children’s fate as it borders around their future.
Posted on: 9th Jul 2019
You will not get the immortal privilege of living here on earth forever, it is important to come to terms with this. Hence, as parents, you should certainly go ahead to make formidable and foolproof plans for your loved ones (most especially your children). One of the best ways to ensure that your kids do not lack anything is by intentionally and swiftly setting up assets in the form of estates and trusts.
As if coming to terms with the fact that you won’t get to be around forever isn’t enough, parents go through a lot trying to conceive and then subscribe to the best ways to leave behind assets for their kids.
So how do you set up assets/estates for your children? Some of the ways to do this include;
A will is one of the oldest but most efficient ways to leave assets to your children and divide your estate among them. It is a legally binding document stating how your assets will be shared. Some wills dictate in complete detail how assets will be split to the last penny while others can be very brief and straight to the point. A will exists primarily to manage your assets and assigns them to the parties you intend to benefit off of it. However, a will ultimately caters to young adults or at least children who have already come of age.
For children who are minors, setting up a trust would be more reasonable. Children who aren’t up to an age where they can manage their own finances should have trusts set up to their benefit. You can do this by selecting someone you can trust to handle your money on your children’s behalf. The person who could be a family member (or not) is referred to as the trustee and is meant to manage your estate until your children come of age (18 years) or an age specified by you. A parent(s) can set up trust funds with special clauses such as disbursing varying percentages of monies at different ages of their child/children. This is in order to ensure that children/young adults are not overwhelmed by the amount of money passed down when received in bulk.
This works in a very simple way. While you take your time to set up proper and legal forms of estates for your kids, what you can do right away is to assign power of attorney. Power of attorney gives someone expressly appointed by you the power to handle your assets should something happen to you. So whether you are deceased or permanently/temporarily incapacitated, the person assigned with your power of attorney gets to accomplish your bidding and that includes disbursing estates and trusts to your children.
Life insurance is still one of the surest ways of setting up estates for your children. At African Alliance PLC, we have a variety of life insurance policies that encourage setting up estates for your children. These estates are meant to aid your children in all their endeavors and one of such is their education which remains paramount. This is why the Child Education Plan is so important. This plan helps you set aside money for your children’s education (through regular premiums paid) whether you’re alive or not with bonuses guaranteed. Check out this product here: CHILD EDUCATION PLAN.
In setting aside estates for your children, money is always a good place to start. However, assets left in an estate can also include other things like properties, shares and so on and so forth.
Posted on: 8th Jul 2019
Formal education may not be the only way to success, but decades of statistics show that it is still your best bet. Therefore, it is only natural for every parent to desire the best form of education for their children (or wards). However, the reality is that a good education anywhere in the world costs money. Hence, the financial might of a parent(s) is a key contributor when it comes to providing the best education money can buy. This article will explore how life insurance help to mitigate this constraint.
Depending on the school, tuition fees can number from hundreds of thousands to millions. Education may be a necessity for all but the providers of said education also see this sector as a business and hence the usually high-placed fees. In addition, good schools are usually able to match their high fees in value and this doesn’t just come in the quantity or quality of knowledge imparted on the child. These schools also tend to have a solid reputation which can prove to be beneficial when your children eventually graduate and are in need of good jobs to match their good education.
It is not at all uncommon to see or hear parents who wish to award their children with a better education than theirs but as mentioned earlier, this costs money. So how can life insurance help to provide the best education for your children?
Life Insurance and Education.
There is the ‘’how’’ life insurance can be used to secure a good education for your kids, but it is just as pertinent to know the ‘’why’’. We have talked about the need to provide a good education for your children and we have also discussed what it would take – money. But the reason why life insurance is a panacea is simply because of the inevitable. It is a sad truth but it isn’t something we can (and shouldn’t) brush off. We all want to be alive and see our children graduate from the best schools but we cannot rule out the fact that it is possible that you may not be around to witness it. Therefore, without a life insurance policy, all the money you saved up or plan to save up is going to be far from being secure. What this means automatically, is that your children stand a good chance of losing their education should something happen to you.
The Children Education Plan.
The African Alliance Children Education Plan is easily one of the simplest and most straightforward ways to safeguard the education of your children. The big bang about this plan is the fact that not only can you safely plan for your child’s education (by putting money aside in form of premiums), but upon maturity (and while you are still alive) you get paid the accrued bonuses plus the total sum assured. However, in the event of your passing, while the policy is still valid, the beneficiary gets paid 2% of the total sum monthly in addition to the sum assured at the expiration of the policy.
Parents would typically and affectionately seek out the best educational opportunities for their kids. It is quite admirable as this basic parental instinct is more or less a default yearning from deep within. However, as parents, planning for the future also includes planning for a future that may not feature you in it.
Posted on: 10th Apr 2019
One of the things people like to put off until much later is insurance. For either a lack of concrete information, sensitization or some reason yet unknown, they see no immediate need for it and would often procrastinate on getting one for a long period of time. In many cases, folks tend to push back getting insurance as far back as years (not even months). It is quite common to see people who have been thinking (or may have heard about insurance) and yet haven’t found the time or seen the need to get it right away. Some of these people have had insurance pending for as much as a decade or even more.
Nonetheless, we can boldly say that the right time to buy insurance is now! We understand that a lot happens in the life of an individual and people tend to get carried away with their highs and lows, successes and failures, and so on and so forth. However, the importance of getting insured cannot be overemphasized yet this will not hinder us from telling you why you need to get insurance and why you need to get it now.
Why Do You Need Insurance?
Insurance helps you to adequately prepare for the unforeseen. We do not wish that harm will come to you and it is safe to assume that you do not wish such for yourself either. However, life itself is a risk and as much as we all love living, no one can tell when he or she will make an exit. Therefore, you need (life) insurance to (financially) protect the people you love and care for, in case of an accidental loss of life.
African Alliance is an authority on all things life insurance. We are professionals at guiding our customers on how to protect the interest of their loved ones in a world where tomorrow is not promised. You need insurance to safeguard the future of your loved ones.
What Can You Insure?
You can take out a “life” insurance cover for yourself and your loved ones. However, there’s are also lots of insurance companies that provide insurance covers for properties and personal items of value. Things such as your car, house, business, disability, health and so on and so forth.
There are even other types of insurance schemes that cover unique items such as body parts (nose, legs, etc), engagement rings, voice, and face and so on. However, African Alliance handles all things regarding and relating to life insurance.
Why Do You Need It Now?
1. As mentioned earlier, no one can foretell what happens hereafter. It is better to secure your family’s future now by getting a life insurance cover (preferably from us here at African Alliance).
2. Getting (life) insurance when you’re much younger is a plus. This is because you’re most likely healthier and you enjoy a significantly lower risk of incurring any health issue. This can help you bargain for better insurance so why not do it now? Note that whatever your age may be right now even as you read this, it is still the best time to get insurance.
The more time you spend procrastinating on getting insurance the more disadvantaged you become. This is evident in the kind of insurance you’re able to get and also in the event that something happens to you without any plan for your loved ones. There is a popular saying; “the right time to plant a tree was 50 years ago, the next best time is now”. This is the exact same principle for getting insurance, the best time to get one is now!
Posted on: 4th Apr 2019
There are some topics of discussion that we’ve either never thought about or haven’t exactly found the time to do research on. One of such topics is how to include your stepchild in your insurance policy. The truth is, your family is all that you’ve got and whether you are related by blood or connected by love, you should want to take care of them the best way that you can. So whether your child is your direct offspring or not, you can always include him or her in your insurance policy.
Here at African Alliance, we have comprehensive insurance covers that cater to your entire family. We’ve made it as simple and as straightforward as possible so that our customers are able to enlist a variety of beneficiaries including their children who aren’t necessarily related to them by blood (stepchild or children). Anyone who would suffer a financial loss due to your demise can be enlisted as a beneficiary to your life insurance coverage provided that all necessary requirements and documentation are met.
So how does one go about this, what are the steps to take in ensuring your stepchild is included in your insurance policy? The four basic things to do are as follows;
There is a procedure or a method for these sort of things and every insurance company has one installed for a case such as this. Therefore, the first step to including your stepchild in your insurance policy is to either place a call, send an email or visit the insurance company to find out what the procedure is to make this happen. Different insurance companies tend to go about situations like this in their own unique way. Call us, email us or visit us today at African Alliance to find out the procedure to get this done.
Getting to know the procedure is great and very necessary as we have explained above. What comes next is the necessary documentation required for the furtherance of this process. Your stepchild is a personality void of your own and hence you will need to present documents supporting your claim and also stating your purpose for doing this. Again, you can reach out to us here at African Alliance to guide you on what to do and what documents you would need.
It is very important to know what you’re enrolling your stepchild for and hence it is only wise to ask about how your insurance policy covers him or her. You also need to request for information regarding whatever costs additional costs you may incur from including your stepchild in your insurance coverage. There may be sums deducted or extra payments to be made and asking about the cover will get you the information that you need. Let us know at African Alliance if you need help with this.
After all, is said and done, make sure you check to confirm that your stepchild has been included in your insurance policy. No one is free from human error and for such a delicate thing as this, it won’t take much to confirm that the changes have been implemented.
Your stepchild shouldn’t suffer financially because they do not bear the same name as you. If you love them and think they should be catered for, you can express this love by including them in your insurance policy.
Posted on: 28th Dec 2018
It’s a bit of an old wives tale to learn that life insurance is still being greatly misunderstood or not understood at all, even in this dispensation. In the midst of the crosshairs lies the debate on the need to take life insurance for your kids when they are still young.
There have been so many disputes concerning this topic and people would often argue that there was simply no need to buy life cover for a young child. This argument is based mostly on the fact that a child who has not yet lived and most likely stands a lower chance of passing away, would not need an insurance plan. This argument seems solid until you hear our reasons why you need to take an insurance plan for your young child and we have as much as three.
Taking out an insurance plan for a young child might seem pointless but only when you’re thinking of the ‘now’. You need to be able to see how subscribing to an insurance plan will benefit your young children financially when they eventually become young adults and even older. It’s a financial safety net for important life needs of the child. Things as essential as tuition for school and other financial needs can be settled by taking a life cover for that very young child. It’s really as simple as imagining the kind of future you want for that child, especially as he or she would not remain a child forever.
Your young child who possesses a life cover is a very strong candidate for a better one when he or she is much older. The quality of that life insurance is also stepped up by virtue of the fact that your child has a history of life insurance. All your kids need to do when they are of age, is to apply for a cover that better suits their needs as the case may be. For them when older, it’s a matter of stepping up a good deal to a great one.
Some people would like to be sentimental or sometimes even emotional and claim that they won’t lose their children. Others just see it as a very low probability. But can you really say? Of course, nobody wishes an unfortunate thing as such for his or her kid(s), but wouldn’t you rather be prepared? Wouldn’t you rather have a life insurance plan to take care of all the financial commitments that would arise as a result of their passing, while you are left alone to properly handle your grief? Think about it. This life cover can also serve as a provision for you and your family should you even need to take time off work.
This article started with strong arguments, but having listed these reasons why you should take up an insurance plan for your young child, you can see that this is clearly a matter of reality and facts. The reality is what it is – uncertain, but the fact also remains, that you can always be better prepared when you get your young child a life insurance plan.
Posted on: 27th Dec 2018
Nigerians are critical people. They are ruled by values decades old and still make decisions based on fractured information even in these modern times. You would think that at least with the emergence of the internet, everybody could cure themselves of any misconceptions or myths but sadly, this is hasn’t proved sufficient. Even in this present day, it will shock you to discover the alarming number of misconceptions that Nigerians hold towards certain things, one of which is life insurance.
For reasons yet unfathomable, many Nigerians have subscribed to misguided notions concerning life insurance. Whether it’s a lack of information that stems from an unwillingness to make their own research or something more profound, these misconceptions have ruled the Nigerian populace for far too long.
We have been able to put together five (5) of the most common misconceptions about life insurance that wax stronger with each day amongst unassuming Nigerians.
Nigerians cannot be blamed for having trust issues when it comes to pay-outs. They are more or less used to getting hoodwinked in these kinds of situations. Hence, they have naturally grown a resistance to trusting organizations that make promises to pay claims whether legally binding or not.
Nonetheless, Nigerians must know that this is a myth, an untrue tale peddled as facts, that life insurance companies such as African Alliance, do not pay claims. But on the contrary, each year life insurance companies, African Alliance included payout billions of naira in claims to Nigerians via various insurance policies.
This particular misconception has to be the chief reason many Nigerians and in fact, many people around the world, hesitate to subscribe for life insurance. No one knows when or how or even why this rumor is all over the place, but if you ask any random person why they are yet to take out a life insurance policy, they are most likely to state that it’s just too expensive.
Some people have overshot the price of life insurance by as much as 200-300% the original amount due to a general misconception. Life insurance is actually quite affordable and depends on factors like gender, age, health status and so on. Plus there are different plans to suit your needs and requirements.
People often assume that only the person making the most money should take out a life insurance policy and this is not true. The truth is, whatever financial aid the other spouse is able to provide with what little income he or she makes, may prove difficult to sustain should anything happen to them or their source of income.
This refers to people who feel taking out a life insurance policy is a one-off affair. The terms of your life insurance plan as at when initiated were tailored to cater for your needs at the time. Time passes and your lifestyle changes, meaning your life insurance plan has to follow the same trend. You could’ve gotten married, had kids or even bought a car or two and this means you’d need to update your life insurance plan to fit into your new lifestyle. You simply cannot do it once and be done with it.
There’s no such thing as being way too young to get life insurance. As a matter of fact, the earlier the better. As a young chap, you are most likely in the healthiest state of your life and life insurance at such a time happens to be way cheaper. Do it now, just do it.
Life insurance policies are made to attend to your needs and to secure a financial future for your family. Do not procrastinate or be swallowed up my fabricated myths and misconceptions that don’t hold water.
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