Kateregga was single and in his 20s when he began his work life, but that didn’t mean he wasn’t thinking about the future. In fact, he knew he would have a family one day and that saving to meet his long-term goals, even this early in life was a priority to him.
That’s why he decided to take up an endowment plan after meeting with a Life Assurance Professional Advisor. He knew it would help him with both goals of providing him with family protection and the ability to accumulate savings and bonuses over time. His worry of paying premiums consistently was eased when he decided to work it within his budget and slowly adjust to it.
Kateregga’s dream of having a family came true. He met Namutebi at a conference and fell in love. They soon got married and a year later welcomed a son, Michael and then a few years later twins, Samuel and Nathaniel. As often happens with growing families, the couple got financially constrained. Kateregga at that point suggested that they cancel the policy to have more liquid cash to take care of their family financial demands. Namutebi was adamant and insisted that they keep the policy in force. That decision would be life changing for his family.
The family was looking forward to welcoming their fourth child, but on a tragic night while walking across the street after hanging out with friends, a reckless driver ran past the red traffic lights at high speed and hit Kateregga. He was pronounced dead at the roadside by sympathizers who had frantically battled to save his life. The shock to his family was overwhelming. The future to Namutebi seemed one that was going to be miserable without certainty of how to support the children and herself.
Namutebi eventually picked herself up and approached her professional risk advisor to notify them about the sudden death of her husband. The professional risk advisor followed up with the insurance company on Kateregga’s endowment plan following his death and ensured that his predetermined death benefit was paid immediately, the future premium payment waved, and that the agreed benefit due was also paid to family at the scheduled maturity date.
While an endowment plan could never replace the family’s vibrant Husband and father, Namutebi says that Kateregga’s policy helped the family deal with financial demands in the aftermath of his death. She was able to pay for her maternity bills and take care of the new born Emmanuella and her siblings, who were all younger than 8 years. The policy also paid medical bills, provided for day-to-day expenses and set money aside for Michael, Samuel, Nathaniel and Emmanuella’s college dreams. “Kateregga’s endowment plan was such a blessing,” says Namutebi. “It’s something every family should have.”
And her advice to other families is simple: “Be prepared. Seek advice from an independent Insurance professional advisor who can advise you on the best endowment plan or life assurance policy, your Independent advisor being Minet”.
Vincent Ongoritum ǀ Sales Officer – Individual Life, Employee Benefits ǀ Minet Uganda
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ReplyDeleteAlways steadfast and ready
thank you for outstanding record