Kumasi — THE EXECUTIVE Chairman of Gemini Life Insurance Company (GLICO), Mr. Kwame Acheampong-Kyei, says notwithstanding the risks and uncertainties in life, with proper planning, parents and guardians can soundly secure the education of their children no matter the circumstances.

This, he noted, could be done through life insurance which provides funds for the insured or the beneficiaries of the insured upon the occurrence of certain inevitable events in life such as death, temporary and permanent disability, hospitalization, loss of job, ageing and others.

"We may not have the money but we hope to have it. We, as human beings, are susceptible to all manner of diseases and incapacitation, but we hope to remain strong to cater for our children's education. We can lose our jobs, but we still hope to keep them for a lifetime in order to finance our children's education," he said.

"It is good that we always hope for the best. However, we should not lose sight of the fact that hope is not a plan," Mr. Acheampong-Kyei indicated during a lecture to commemorate the Golden Jubilee Celebration of Kumasi Academy at the school's assembly hall.

The celebration, organized under the theme: "Financing the Child's Education - Insurance as a panacea," was attended by parents and guardians, former students - including Lawyer Kwame Boafo of Kumasi Asante Kotoko FC, some members of CHASS and some selected secondary schools' students.

The GLICO Executive Chairman, who is also a former student of Kumasi Academy, continued that due to uncertainties and tragedies in life, human beings do not always get to what they hope for, stating that the man who got paralyzed in an accident and became incapacitated for life also hoped to always have the strength to work and meet the financial needs of his children.

According to him, life insurance as a panacea for financing the child's education advocates long term financial planning and that from the day that the child takes his or her first breath, parents must take an insurance policy and hold it in trust for the future financing of the child's education from secondary to the tertiary level.

Mr. Acheampong-Kyei disclosed that with the introduction of the universal endowment policies, which have an investment component in the benefits, life insurance had become a win-win affair in that whether the assured event occurred or not, the insured still got funds to meet his or her child's educational needs.

"Therefore, if a parent takes, for instance, a 15-year Education Endowment policy for his or her child and contributes a monthly premium commensurate to the sum assured, then such a parent can be rest assured that whether he or she is alive or not, incapacitated or not, the child's education is guaranteed up to the university level," he submitted.

The insurance expert argued that though there were several other forms of financial plans for a child's education, insurance was best of all because those offered by banks and other financial institutions had an inherent danger for reliability of one's educational plan for his or her child.

He explained that under those offered by the banks, if the contributor dies or becomes incapacitated for instance, the only funds that would be made available would be the amount the person has contributed till the unfortunate event takes place, adding that the amount might not be sufficient to finance the child's education even at the basic level.

But with insurance, there are inherent investment and saving components that uniquely provide financial protection against certain events such as death, disease, accident and even loss of employment.

"It is, therefore, reassuring that with insurance, it does not matter the amount of premium the insured or the policyholder has contributed. if the unfortunate event occurs, sufficient money would be made available to take care of the child's education," he noted.