Life insurance – can you afford to live without it?
Have you ever thought of what would happen to your dependents if you were to suddenly die?
I have a one year old daughter who means the world to me. Like all moms I want the best for my child, but what if I am not there to see it through?
I was orphaned when I was 14 years old, and life as I knew it changed. My sister and I had to move homes and in addition to the emotional grief we had to deal with getting used to new surroundings.
We ended up living with relatives and out of goodwill an uncle who lived in the United States offered to pay our school fees. I can only imagine the costs that were incurred by our relatives and the inconvenience – two extra mouths to feed!!
When I turned 18, I was informed that my mother had named my sister and I as beneficiaries of her Life Insurance, which had been organized through her company. I remember signing papers and opening my first bank account, and then shortly afterwards several thousand shillings was deposited into my account.
I did not have the luxury to go on a shopping spree as most teens would have done, I had to handle business and pay off the debts my parents had left. I Had to ensure my younger sister had clothes on her back, as well as enough supplies to get her through the school term. It was endless.
I enrolled in college to do a computer course and by the end of it all the money had gone but at least I had my Diploma. I was then fortunate enough to secure a job as a secretary, which allowed me to save enough money to put myself through university.
This brings me to the present; I do not resent what I went through, it opened my eyes to the realities of life and I learnt the power of resilience as well as patience. Having said this, I would not want my daughter to go through what I went though. Should I pass away prematurely I want to ensure my daughter can continue with the best quality of education.
As we all know school fees are expensive, so, in order to secure my daughter´s future I took out a Life insurance which enable her to achieve her educational goals. This in turn will stand her in good stead to face life´s challenges.
You may ask how sure am I that she will get the proceeds; I have put the policy under Trust and the trustees are people close to me and whom I know will see to it that my daughter meets her goals.
It is not only education you have to think about; what about the mortgage you are paying? Or the company you are running? Or the household you are financing? All those bills that you pay every month still need to be paid even if you are no longer here. Would you want your dependents to have their home snatched from them? Should their lifestyle change because of your demise?
In my opinion Life Insurance is a must as it can be used to protect the ones you love financially and help them to achieve their goals.