For Parents Who Care To Secure Their Child’s Educational Future, Here Is A Plan

Jul 13, 2017

One of the best ways a parent can mould a desirable future for a child is through a sound education. This, however, comes at a cost. Without a doubt, though securing your child’s educational future could be a top priority to you as a parent, with the present state of the economy, it is one of the things that could occasion worries.

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In Nigeria, compulsory education begins at the primary level and ends at the junior secondary level, amounting to 9 years of compulsory education. The National Educational Data Survey 2015 shows that, annually, a Nigerian household typically spends an average of N7, 763 per child in a government owned primary school and N32, 296 per child in a private owned primary school, while an average of N17, 229 is spent per child in a public junior secondary school and N50, 379 for a child in a privately owned school. Considering other vital points of expenditure like shelter, feeding and clothing, these costs are barely considered to be affordable in a country where the minimum wage is N20, 000 per month.

So, how does a parent who desires quality education for his/her child achieve this, given the current economic realities? We recommend that you start a disciplined savings approach now. Thinking of your children’s education may seem like a distant responsibility, especially if they are still babies or toddlers. However, the key to successful planning of a child’s future is in saving early. For most parents who are just beginning to gather assets, this may be a challenge and a di‑cult commitment to meet.

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Nevertheless, there is no better time than now to start saving towards your child’s educational future. Even if your children are older and you haven’t been saving towards their education, you can start now. It is also worthy to note that the amount you currently earn should not deter you from taking this bold step towards having a savings for them, as this is a step that will ease the burden of an uncertain future.

Once a parent has committed to taking this step, it is critical to seek out and work with a proven financial institution that will guide and protect your investment decision. In this vein, we are certain that Leadway Assurance Company Limited is perfectly positioned to help provide your children with a quality start for the bright future they deserve. The Leadway Educational Target Plan was designed with this objective in mind.

The Leadway Educational Target Plan helps you save towards the cost of your children’s education, while providing a lump sum payment to secure their future if the worst should happen to you. In other words, it provides a savings opportunity that equips you for a future where you can aff­ord to pay for their dream education, whilst also protecting that dream in the event of a sudden illness or death, which naturally could have derailed that plan. The protection comes as a life cover which ensures that your target sum is paid out if death occurs before the plan expires. For an additional sum, the Leadway Educational Target Plan can be extended to cover certain illnesses or permanent disability caused by an accident.

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In addition, this policy is flexible, as it allows you decide the target sum you want the plan to save up by the end of the term, and also decide how long you want to save for (subject to a 5-year minimum term). Furthermore, you may decide the frequency of premium payment – either monthly, quarterly, half-yearly or annually, with a guaranteed tax free pay out on your target sum at the end of the plan’s term, as long as you pay premiums in full and on time.

For more information on this savings plans or enquiries on other insurance policies, please call Leadway Assurance on our customer care lines (01) 2800700, (01)2800701 and 08129997139 or send an email to Lcs@leadway.com for more details.

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