09 December 2021; The season of giving is here, and many of us will be thinking about buying gifts for our nearest and dearest.However, what if this year, along with the usual pair of socks, toys or perfume wrapped up in shiny paper - we also thought about giving a gift that could change the lives of the people we love – a gift that keeps on giving, long after the tree and decorations are packed away.
Providing for their secure future is the biggest gift of all
Rose Khutlang, Old Mutual Provincial General Manager, points out that life insurance could be that gift. The key is changing our mindsets from seeing life insurance as a duty, rather than as a gift, symbolizing our care, concern, and sacrifice made for the people closest to us – those who really need us.
"In most people’s minds, life insurance is seen as a policy that gives loved ones the financial support they need when you have passed away. However, it is really about working hard and making a financial commitment today to provide your family with financial security when you are no longer around”, adds Khutlang.
The gift of education to support their dreams
Anyone with young or older children should also consider gifting their children with a support toward their future education, by means of an education policy. The cost of quality education in South Africa is high, especially tertiary education. Therefore, one way to support your children in achieving all the goals they aspire to reach – is to save regularly, as early as possible, to help fund their future education.
“It’s important to note that any form of savings or investment must be done with a long-term view in mind and the earlier you start the better. However, it is also never too late to start saving for future education costs, says Khutlang.
By saving regularly via an investment or Education savings policy.
- You have started the process of building a financial foundation for your child.
- You are giving the future gift of education and a head-start in life.
- Even if the policy is not needed for education costs in the future, the lump sum pay-out could be used for other purposes – perhaps home renovations or that much-anticipated family vacation.
“Looking at long-term savings and the right kind of risk cover for your family’s needs as a lifetime gift – rather than a monthly “payment” makes sense because you’re making sacrifices today to help your loved ones live a better, brighter life tomorrow – and that’s what love, family and the season of giving is really all about,” concludes Khutlang.