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The Nairobian

Beyond savings: How life insurance can secure your child's future

Dr Pesa

By Sara Okuoro | Jun 05, 2024

As a parent, you always aspire to meet your children's every need by creating the best opportunities for them to thrive and grow. You also think about safeguarding their future by ensuring their financial security so that they can achieve their dreams.

One of the most important things you can do to protect your children's futures is get life insurance to protects your loved ones financially in the event of your untimely death. Your beneficiaries will receive a lump sum to cover living expenses, funeral expenses, and other outstanding medical bills and debts.

Kenya Orient Life Assurance Limited Head of Life and Pensions, Benedicto Makena shares some insight on ways you can use life insurance to secure your child's future:

Financial security

Life insurance is a safe haven against future unpredictable situations. It secures the financial security of your children in the event that you are not available to cater for the needs of your children.

The payout from the life insurance ensures that your children’s daily expenses are covered without delay.

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Income replacement

Life insurance ensures that your children have continuity and are able to maintain their lifestyle. The benefits from your life insurance policy are tax-free and will allow your children to leave comfortably if you are not there to provide for them. This ensures continuity and stability in your children’s life. It also ensures that they have sufficient finances to protect them from financial difficulties while you are away.

Estate planning

Having a life insurance policy ensures that your child immediately receives the payout if you are no longer there. It allows for a smooth transfer of assets and ensures that your children receive their inheritance without any delays that may normally come from any legal proceedings or conflict due to succession.

Future protection of your children

When you acquire a life insurance policy you secure the future of your child. This is because the payout benefits of life insurance can be used to cater for school fees, payout mortgages, debt repayment or any outstanding medical bills you may have left behind.

Peace of mind

A parent always wants the best for their children and for them to be well taken care of no matter what happens. Having a life insurance policy reassures you that your children will be supported financially. It relieves you of the burden stress and anxiety caused by the uncertainty about their future if you are no longer there.

Life insurance is a powerful risk management tool that you can use to secure the future of your children. It provides you with financial safety for your children, peace of mind and secure your children’s future. It allows you to plan ahead so that your children have the resources they need for a secure life. Therefore, leveraging life insurance as an asset for your children can provide them with valuable opportunities to thrive and succeed.