As we commemorate this day, we cannot help but look back on the years that were. While views may vary on the state-of-affairs in the country, I think we can all agree on the fact that we do not have the financial security that we had in 1962.
Gone are the days when a job meant a descent house, food for your family, good schools for your children, and a respectable pension to see out your retirement. Back then, a family could comfortably live off a single income.
Things are different today. One salary can barely cover the day-to-day costs of living. Just how many times do we experience the need for salary advances, or financial loans during the beginning of school terms? This poses another dilemma; if you require a loan to pay school fees, then how prepared are you for your children's tertiary education, let alone for your retirement?
To supplement our incomes, we have resorted to all sorts of business ventures ranging in diversity from farming to real estate. Needless to say, trying to run these businesses while engaging in full-time employment is very stressful, and may compound one's financial standing.
So, how about earning an income with an insurance payout at retirement? Better still, how about having your insurance policy pay out your children's fees when they are due for tertiary education?
Insurance offers profitable investment vehicles that can supplement your income and require little or no monitoring. There is a need to adapt to the ever-changing economy and create space for insurance as an investment vehicle. It is all worth giving a serious thought.
The author is chartered insurer.