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Liberty Life Assurance Uganda has come with various education products to assist parents plan for the future of their children
Kampala, Uganda | THE INDEPENDENT | As the education sector gathers momentum after a very long covid induced shutdown period, sector actors are urging parents to think about investment opportunities that can support their children to succeed.
“It is necessary for all parents to have a plan on how they will raise their children before they even have them,” said Agatha Namara, the head for retail and marketing at Liberty Life Assurance Uganda.
Namara said in a May 30 statement sent to The Independent that the insurance sector has come with various education products to assist parents plan for the future of their children.
She cited ‘education protection plan’ which she said is a life insurance policy covering the life of the parent for the sums assured equivalent to monies needed for the completion of the child/children’s education at the university.
It ensures that even when they are no longer there, the child’ education is still guaranteed by the lumpsum payout from the insurance company.
The other is endowment plan – a life insurance policy which offers a life cover to the insured and help the policy holder build a savings corpus so that they get a lumpsum amount on maturity if they survive the policy term.
An endowment policy offers life cover along with the benefits of a savings plan.
They are considered the best financial tools that can help one to achieve their dreams.
Namara says, planning for the future of children is a community responsibility as well.
“It is important for all schools to embrace these covers as well,” she said.
Relatedly, Namara said, Liberty Uganda together with Stanbic Bank recently launched a Comprehensive School Policy that covers schools against fires, accidents of learners at school, and education protection for all students in that school.
“We cannot avoid life uncertainties,” she said, “We can, however, plan effectively for them so that we can ably safeguard the future generation.”
According to data from Uganda Bureau of Statistics (2017), up to 90.2% of children enrolled in primary education do not complete school.
Moreover, only 25% of those few students who complete primary education proceed to (lower) secondary education, out of which only 6.1% finish senior 6 and above.
