It’s “Back-to-school” Time But How Far With The Expenses?
The summer break is coming to an end and with it the “back- to-school” syndrome normally having a daunting bag of financial demands: fees, textbooks, new uniforms and shoes. If your child is a boarder, there are additional costs like accommodation, healthcare and provisions to also consider. All in all, the expenses just seem to mount up, making this time of the year unduly stressful especially if you lack an insurance plan to fall back on.
Such a plan is all the more imperative given today’s uncertainties in the economy, there has never been a better time to add an insurance component to your financial profile, thereby guaranteeing that your children continue to enjoy the quality education that will secure their future. As the popular Chinese proverb has it: ‘The best time to plant a tree was twenty years ago; the second best time is now.’
This is where the Leadway Assurance Education Savings Plan (ESP) comes in. By allowing you to make occasional withdrawals, it ensures that your child’s education continues uninterrupted. As a Leadway ESP holder, you are entitled to make a maximum of one withdrawal in a year from the account, excluding the first twelve months of signing up to it. The withdrawal amount should be a minimum of N50,000 and not exceed 25% of your account balance. Unsurprisingly, most of these withdrawals are actually used to pay school fees or meet other educational expenses. Moreover, you can also enjoy the bene t of a loan on your savings account after two years at the competitive Leadway interest rate.
The ESP has two components: Savings and Risks. The Risks Component insures you if you suffer a critical illness or permanent disability or death for a minimum cover of N250,000.00. However, due to the obvious importance of this component, the premium is deducted directly from your savings account in the event of a late payment to avoid the cover being compromised. This is subject to a total deduction of 25% of the account balance beyond which the risk cover will cease.
Going forward, you might want to consider the minimum five-year saving tenure – or longer if you prefer – for a minimum of N7,500 monthly, which can be paid quarterly, half-yearly or annually. With this in place, your child is guaranteed a hassle-free education while you enjoy peace of mind. The dreaded ”back-to-school” syndrome will be a thing of the past. Indeed, you’ll wonder what took you so long!
Under this policy, a statement of account is sent to you annually although you can request for one anytime you desire. You also have the exibility of managing your plan online through Leadway’s mobile app. As an added bonus, the policy qualifies for tax relief, leaving you to enjoy the interest accrued on any earnings from your savings. Whichever way you look at it, you simply can’t lose.
At the end of the five-year policy period, you will receive full payment on your accrued savings – with interest – which you can then use to fund your children’s education. In other words, although you may not have started 20 years ago, as the Chinese proverb recommends, you can do the next best thing by planting that education savings’ tree right now and begin to reap from it earlier than you might think.
Simply put, there is no better partner than Leadway Assurance. With over 45 years of underwriting life and general insurance, we pride ourselves on our track record of reliability, integrity and service. With our well-earned reputation for the prompt payment of claims, Leadway Assurance boasts of satis ed customers nation-wide.
So don’t delay. Insure your children’s future today by partnering with Leadway Assurance. For more details on how to secure your children’s education, call our customer care service on: (01) 2800 700 or 2800 701; or send an email to: Lcs@leadway.com or firstname.lastname@example.org. With your cover in place, you can say goodbye once and for all to the otherwise dreaded “back-to- school” syndrome that used to weigh you down.