22.10.2007 Business & Finance

Students Schooled In Insurance

By Daily Guide
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A cross-section of students from second-cycle schools in Kumasi have been taken through the basics of insurance, with a call on school authorities and parents to embrace insurance products as a way of financing education and protecting students against the unknown.

In an inaugural lecture as a part of Kumasi Academy's Golden Jubilee anniversary celebration, the fundamentals of insurance and its importance to the youth was professionally laid bare by Kwame Acheampong-Kyei, the Chairman and Chief Executive Officer of Gemini Life Insurance Company (GLICO), who was the main speaker for the occasion.

Mr. Acheampong-Kyei told the students, drawn from top schools in the Kumasi Metropolis, and parents that the simplest and easiest way of meeting the financial challenges of education was to take to life insurance products, rather than living on hope, which was not a plan.

Accepting that the risks and uncertainties in life were unavoidable, Mr. Acheampong-Kyei was emphatic that with proper planning and life insurance as the key, parents could easily meet the financial demands of educating their wards.

The Chief Executive Officer of GLICO revealed that life insurance had the key simply because if the contributing parent died before finishing up the premium payment, it was the company's obligation to take the child through his/her education no matter how much premium was paid by the late parent.

On the other hand, he was convinced that inflationary attacks on premium was a thing of the past, since the current insurance products had investment components which hedge off such effects.

He called on parents who had wards in school to take a minute and ask themselves a simple question: “What plans do I have for the education of my ward if the unexpected happens today?”

Mr. Acheampong-Kyei suggested to parents and would-be parents to take life insurance policies for their children even if they were a day old, as that was the best way of securing and planning for their future.

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