The Independent Uganda: You get the Truth we Pay the Price
COMMENT | BY JAMES MUBIRU | The new year is a few months in. You’ve probably looked up and down your resolution list and aren’t happy with yourself. You feel incompetent. You feel cheated! 60 days are gone, and those abs are not here yet; and you have no contribution to the car fund. Your house is unfinished, and your sitting room is unfurnished. You only paid a portion of the school fees due; have probably eaten into your cash, and you feel like, again, nothing meaningful, except life, may be achieved this year.
The problem isn’t you.
See, oftentimes we compress too many goals into 360 days, hoping to deconstruct the idea that Rome can be built in less than 12 months.
This brings to mind a solution, that gives you a chance to live-a-little and breathe between your resolutions.
The solution is ICEA LION Life’s Endowment with Profits policy. This is a platform to patiently grow your savings by making regular payments (premiums) over a specified period of time. Basically, it’s saving up for a long-term goal in a disciplined way.
You don’t need to be caught up every 360 days on goals. We feel that you will fare better with plans that span over a period of time, say 5–8 years.
After that, the Endowment with Profits pays you a lump sum at the end of the policy term. Notably, an endowment with profits policy is essentially life insurance, which means that the sum assured and bonuses (both of which are known as maturity benefits) are payable to your nominated beneficiaries in the unfortunate event of your demise, with a plethora of extra riders to compliment the package.
One of the key advantages of this plan is its flexibility and affordability. You have the option to choose from various payment plans and can tailor the policy to suit your individual needs. The policy also offers the flexibility to expand the scope of benefits, known as riders, such as the disability rider, accidental death, a waiver of premium for unfortunate events such as loss of income, critical illness and last expense, to enhance coverage.
Furthermore, you benefit from tax relief, contributing to your overall financial planning and stability.
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The writer is an expert on insurance, and works in the ICEA LION Communications department.
