The new addition to your family will require you to re-assess your financial position to ensure that your child will live the life that you wish for them even in your absence. If you have an existing Botswana Life policy, you can add your baby as a beneficiary and covered person.
You should consider buying an educational policy to finance your child’s future education. The following education policies are available to help you secure your child’s future: Mompati Educator and Thuto Boswa Education Plan. You can attach a Waiver of Premium on all these products to ensure that the premiums continue to be paid even if you are unable to continue paying due to disability or death.
If you do not already have life cover, then you should take a policy today to ensure that your new bundle of joy is taken care of financially, should anything happen to you. If you already have life cover, then you should increase the sum assured so that the cover is sufficient to cover your baby’s needs as well. You can consider one of the following products: Motlhokomedi Life Cover, Professional Term Assurance, Mompati with Life Cover and Offshore Gold with Life Cover.
Taking out life cover for the benefit of your child is a wise investment on your part as the proceeds will be paid directly to the Master of the High Court to be held in trust for your child without the need to wait for your estate to be settled by your Executor or the High Court. These benefits can’t be forfeited to pay for any of your outstanding debts at the time of your death as per current insurance legislation.
In addition, seeing as you have big dreams for your child and would like to give them a good start in life, you should consider taking out an endowment in their name so that you give them a lump sum when they reach a big milestone in life such as graduating from university or getting married. The following products will help you attain that dream: Thobo 2016, Mompati Universal Life and Offshore Gold. Once again, you can attach a Waiver of Premium on all these products to ensure that the premiums continue to be paid even if you are unable to continue paying due to disability or death.
If you have a Will, ensure that you add the baby to it.