The obvious things are;
A. Your children will be withdrawn from their private school.
B. All the ongoing constructions will stop and your spouse and family will kill your vision by selling them.
C. Your family will automatically shift from that high compound to shanty compound.
D. It will be a dark corner for the children you have suffered for many years.
Below are the two things you and me can do to avoid the things stipulated above and secure the future of our children.
1. TAKE UP AN INSURANCE POLICY
You can plan how much you want your children to benefit after a specific period.
You can take a baby present insurance policy or wholelife policy that can mature after the children reach a certain age, let us say 18 or 21 years. This policy will dictate that the money can only be withdrawn once the concerned child reaches that age and able to sign.
You can decide your policy depending on your level of income and how much you want your children to get after reaching the prescribed number of years.
For example you can say k250,000 after 18 years and you may be paying premium of k1,100 per month. Or k150,000 and you may be paying premium of k600 or k50,000 and premium of k200 monthly.
The advantage is that if you die before the children reache 18 years, your children will still get the sum insured (k250,000, K150,000 or k50,000) after reaching 18 years. This means, if you die today, your children can be junkies or they can be mistreated by their aunties or uncles but after some years, their life will change. Even if you die just after contributing for one year, they will still get k250,000 in full but without interest. That is the meaning of insurance.
If the children reach 18 years and you are still alive, you will get the money in full with interest and this becomes a good investment.
You can also arrange with the insurance company not to pay your children in cash but maybe buy a house or take them to university and pay them the balance after they graduate.
To counter the currency fluctuations between the k250,000 today and the value of k250,000 after 18 years, you can convert your policy in USD and this gives you value of money guarantee.
2. WRITE A WILL
A. Ensure you get title deeds for all your properties.
B. Allocate these properties in the will according to how you want your family to benefit.
C. You can also appoint a reputable company to remain as a director of your business.
D. If you leave your company under the hands of your family, it can collapse even before you rot.
It is high time we started securing the future of our children.
By Winfred Mupakasi Silumbwe
#MUPAKASI
#WMS
