Wazua
»
Market
»
Pennywise
»
Investing in an education policy
Rank: Veteran Joined: 2/21/2012 Posts: 1,739
|
Very biased opinions posted here, depending on whether one has a policy currently or not. Of course a Kids policy is Good if one can afford it. My advise is spread all - buy Kids Insurance, personal accident policy etc, invest in land/stocks etc etc etc. Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God..
|
|
|
Rank: Member Joined: 1/27/2012 Posts: 851 Location: Nairobi
|
|
|
|
Rank: Elder Joined: 12/13/2006 Posts: 2,589
|
The purpose of these forums is to educate people, especially those who know what they know and don't care to know anything else... Insurance is not Investment and vice versa. Financial Quadrant = 4 key areas of finances that leads one to Financial freedom. 1. Manage Expenses 2. Once you Manage Expenses you're able to have enough to save (savings a/c, contingency fund etc) and invest (Land, Money Markets, Equities, Biz etc) 3. Protection - Risk Management (education policies, property insurance, life insurance etc). What happens if you ram a stationery lorry tomorrow? God Forbid! 4. Retirement - Longest holiday in your life. You're not working but you still need to eat and pay mounting health bills. Ni hayo tu... BEER IS LIVING PROOF THAT GOD LOVES US AND WANTS US TO BE HAPPY!
|
|
|
Rank: Elder Joined: 12/17/2009 Posts: 3,583 Location: Kenya
|
so after all the advice, for and against - who has benefited from an education policy, at least we see the reality on the ground - if whoever has benefited either as a student ama as a parent, please give the details.
when the policy was undertaken
the amounts involved
the process involved in the payouts
how much was paid for the fees ...
at least that will better arm those still undecided.
as for me I have never come across a beneficiary nor was I, tulisoma na loans, na bursaries plus parents pleading with the headmaster to allow the kids to stay in school.
|
|
|
Rank: Member Joined: 2/20/2007 Posts: 767
|
smano wrote:The purpose of these forums is to educate people, especially those who know what they know and don't care to know anything else...
Insurance is not Investment and vice versa.
Financial Quadrant = 4 key areas of finances that leads one to Financial freedom.
1. Manage Expenses
2. Once you Manage Expenses you're able to have enough to save (savings a/c, contingency fund etc) and invest (Land, Money Markets, Equities, Biz etc)
3. Protection - Risk Management (education policies, property insurance, life insurance etc). What happens if you ram a stationery lorry tomorrow? God Forbid!
4. Retirement - Longest holiday in your life. You're not working but you still need to eat and pay mounting health bills.
Ni hayo tu...
Good points. However , under protection, I don't think education policy should appear there. Those are a rip off and actually retard your journey to wealth. Same as for any endowments policy. Only a pure life or whole life offers value for money while giving the necessary protective assurance. They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.
|
|
|
Rank: Veteran Joined: 2/21/2012 Posts: 1,739
|
nakujua wrote:so after all the advice, for and against - who has benefited from an education policy, at least we see the reality on the ground - if whoever has benefited either as a student ama as a parent, please give the details.
when the policy was undertaken
the amounts involved
the process involved in the payouts
how much was paid for the fees ...
at least that will better arm those still undecided.
as for me I have never come across a beneficiary nor was I, tulisoma na loans, na bursaries plus parents pleading with the headmaster to allow the kids to stay in school.  Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God..
|
|
|
Rank: Elder Joined: 6/8/2013 Posts: 2,517
|
In totally unrelated news the annual tax waiver from insurance premiums is way much more than the dividends from some counters I care not list here..  Ni hayo tu Anybody taken a loan against premium(policy) as security ? "😖😡KQ makes money for everyone except the shareholder 😏😏 " overheard in Wazua
|
|
|
Rank: Elder Joined: 3/2/2009 Posts: 26,331 Location: Masada
|
mkeiy wrote:mugz wrote:i was also considering the same thing...only that i knew opening an education policy was a no no! after reading this, shares here i come! Why can't you do both? insure and invest in stocks? I do both. I have two policies from Britam and one from Pan Africa. For Britam, you get annual payments from class one all through university and the sum assured on maturity. The temptation of doing something else with the premiums' money and the fact that the future is always uncertain, it's good to ensure that kids will be okay long after one is gone. How much does one earn from INVESTING in motor insurance? #It'sInsuranceNotInvestment! Eti annual pay from class one? What is "sum assured"? If I decide to pay kes.5000 per month for 10 years,what are options for "sum assured" for Britam? If I stop remitting monthly premiums at say 14th month,what will I get back? Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
|
|
|
Rank: Veteran Joined: 9/11/2015 Posts: 1,024
|
Impunity wrote:mkeiy wrote:mugz wrote:i was also considering the same thing...only that i knew opening an education policy was a no no! after reading this, shares here i come! Why can't you do both? insure and invest in stocks? I do both. I have two policies from Britam and one from Pan Africa. For Britam, you get annual payments from class one all through university and the sum assured on maturity. The temptation of doing something else with the premiums' money and the fact that the future is always uncertain, it's good to ensure that kids will be okay long after one is gone. How much does one earn from INVESTING in motor insurance? #It'sInsuranceNotInvestment! Eti annual pay from class one? What is "sum assured"? If I decide to pay kes.5000 per month for 10 years,what are options for "sum assured" for Britam? If I stop remitting monthly premiums at say 14th month,what will I get back? Prices of things 'appreciate'. Or to put it another way, the value of money 'depreciates'. 100,000 now will pay more school fees - but less school fees in 10 years time. Consider that when that 'financial adviser' comes along.
|
|
|
Rank: Member Joined: 2/28/2014 Posts: 188 Location: Nairobi
|
Every parent wants the best for their children. Hence, we tend to be emotional when it comes to choices on their learning. Education insurance policies use these emotions to profit from us. My goal is to help you make better choices. https://nashthuo.com/edu...rance-policies-in-kenya/Offering my personal finance knowledge for free
|
|
|
Wazua
»
Market
»
Pennywise
»
Investing in an education policy
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|