It’s The Second Quarter Of 2018; How Far with Your Money Goals?
It seems like a few days ago when we were in a celebratory mood and wishing each other a happy New Year. At the start of the year, many of us made resolutions and set various goals, especially financial goals. Whether your goal is saving towards your dream home, saving for your children’s education or building up an emergency fund, these goals emerged from our motivation and commitment to do better in the New Year. Now, we are in the fourth month of 2018, and it is obvious the year is not so new anymore. So, how are you doing on those goals you set for the year?
[i] Research has it that approximately 80% of New Year resolutions end up failing by the second week of February. So, if you are still on track with your goals, you’ve done well; you fall into the 20 percent exemplary league. However, if you are not sure of where you stand on your financial goals, don’t feel guilty. It is not too late to re-evaluate and commit to making 2018 the year in which you will achieve financial freedom. After the New Year celebrations, we get back to our routine, and it is only normal for people to get distracted by the reality of urgent concerns. This makes the cultivation of a savings habit quite difficult. [ii]According to Forbes, one of the effective ways to cultivate the habit of saving, and stick to it, is by using a savings system that offers additional rewards. A reward-driven savings system offers you benefits beyond your savings, which motivates you to stay on course towards achieving your desired financial goals.
This is where Leadway Assurance comes in with a truly rewarding savings plan – the Leadway Savings Plan (LSP). With a minimum monthly premium of N10, 000, it is designed to, not only assist you in saving towards your financial goals but also to provide additional benefits, if an unfortunate incident occurs. By providing a basic life insurance cover of up to N250, 000.00 as death benefit, and offering the policyholder the opportunity to purchase a cover for Critical Illness or Accidental Total and Permanent Disablement that may result from an accident, the Plan does more than the traditional savings product offered by other financial institutions. That’s because it provides enough cover for you and your loved ones, ensuring that life continues even before you achieve the savings target of your dreams.
With this plan, your savings are separated into two different components: the savings component and the risk component. The Risk Component is the aspect that protects you in event of Critical Illness, or Accidental Total and Permanent Disablement; while the Savings Component is the balance left after the Risk Component has been deducted from the premium, which is credited into your Savings Account.
That’s not all! With the Leadway Savings Plan, you can also take a loan on your Savings after two years into the policy. So, if you need your money after 3 years, you do not have to terminate your policy to enjoy your full payment, as you are allowed to make partial withdrawals on your savings up to the tune of N50,000.00 at the minimum, and a maximum of 25% of your account balance. That way, your savings contribution accumulates interest at Leadway Assurance’s rate during the term of the policy. The good thing is that all of these are tax-free.
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With the Leadway Savings Plan, you are one step away from your financial goals. For inquiries on our savings policies call the Leadway Assurance customer care service on (01) 2800 700, 2800 701 and +2348129997139, or send an email to Lcs@leadway.com for more details.
[i] “The psychology behind why we’re so bad at keeping New Year’s resolutions”, businessinsider.com, 2017
[ii] “Nine Ways to Stick to Your Financial Resolutions”, forbes.com, 2017