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Two weeks ago, award-winning musician, Timi Dakolo put out a couple of posts on his social media page complaining about his “pains” as a parent bitten by the seasonal back-to-school bug. One of his posts read, “I am not feeling too good. I am feeling somehow, I am even running temperature sef. Dear parents, please I need encouragement, is it what happens after you pay school fees? Or is it just me?
I think it’s because its first term and they are now all in primary school. Should I rush to the hospital? The rhythm of my heartbeat is going from hard rock to house music.” While this may have come out as a joke about his predicament, the reality is that if you are a parent like Timi who recently paid for your child or ward’s school fees, this post would resonate strongly with you.
As a new academic session kicks off for primary and secondary school children, parents and guardians are faced with one of the most financially tasking times as they make financial commitments for their children and wards. Parents have to pay for tuition, textbooks, uniforms and accessories, stationery and supplies, ensuring that all is set to fully set to equip their children for qualitative education.
All of these do not come cheap! According to the National 1 Educational Data Survey, Nigerian households typically spend an average of N11, 998 per child in primary school and N40, 272 per child in junior secondary school for tuition annually. No wonder this is such an expensive and stressful time for many families who sometimes have to pay tuition for more than one child; bearing in mind that national minimum wage is just N18, 000 per month. The fees can also amount to in millions of Naira, especially for those who have children in private schools.
In light of the mixed feeling parents typically face during this period, how then can they ensure that this yearly “heartache” cycle is reduced to the barest minimum? The most practical way to achieve this is to put in place a financial structure by way of savings that come with benefits, such as the Leadway Assurance specially-designed savings plan and two Education plans specifically developed to help parents plan for their children’s education, while protecting them should the worst happen and ensures that Back-to-School season does not set parents’ hearts racing.
The Leadway Education Savings Plan (ESP) – This is a plan that allows parents save towards their children’s education while protection them in the event the following occurs either Death, Critical Illness, or Total Permanent Disability which can be caused by an accident. With this plan the policyholder can also chose to pay those contributions monthly, quarterly, half yearly or annually, subject to a minimum of N10,000.00 a month. The savings period under this policy must last for at least three years (or longer, as preferred), during which the policyholder makes regular contributions.
As a Leadway ESP policyholder, parents can also make a partial withdrawal on the savings account balance in a year. This is in addition to enjoying the benefit of taking out a loan on your savings account balance at any time during the policy tenor, subject to terms and conditions.
The Leadway Assurance Education Savings Plan also has a free basic life cover of N250,000.00 which insures the policyholder should death occur during the policy term. This cover can be increased at a fee based on the policyholder’s preference. With this in place, the child is guaranteed a hassle-free education while the parents enjoy peace of mind.
The Leadway Education Target Plan (ETP) – This is a Plan that helps you save towards a financial target based on the cost of your children’s education while providing a lump sum payment to secure their future if the worst happens to you. On this plan you decide the Target Sum you want the plan to accrue by the end of its term and decide how long you want to save for (subject to a 3-year minimum term), also you can decide how frequently to pay premiums – monthly, quarterly, half-yearly, annually or one-off (single).
With this plan, as long as you pay premiums in full and on time, the parents are guaranteed a payout of the Target Sum at the end of the plan’s term. This plan also includes life cover which ensures that the target sum is paid out should death occur before the plan expires.
So don’t allow the desire to give that child a quality education bring you heartaches, take the step that assures their future by partnering with Leadway Assurance. For more details on how to secure your children’s education with the Leadway Education Target Plan or the Leadway Education Savings Plan,
call our customer care service on (01) 2800 700 or 2800 701 or direct line on 081-2999-7140; or send an email to: Lcs@leadway.com Terms and conditions apply.
- “General Household Sur vey, Panel 2015-2016”, microdata.worldbank.org, 2017