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Ask your life insurance adviser

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By Allan Lwanga

Posted  Friday, December 20  2013 at  02:00
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Q: I am single and have no kids; do I need Life Insurance?
It has often been taken for granted that only people who have dependents should take out life policies. This is often due to the role they play in their families for example paying rent, medical bills, school fees, etc. Such individuals are compelled by their obligations and the fear of change of lifestyles to their loved ones to insure their lives so that in the unfortunate event of their demise or incapacitation, their dependents do not suffer.

You however are in an even better position to start planning early. Many times as we look for a partner to settle down with and start a family, we might not concentrate on things like longevity and a guaranteed future opting for simpler visible features like looks, financial wellbeing or manners.

A lady I know got married to a financially sound gentleman who soon after marriage bought her a car and set her up in a palatial home in the up market Muyenga. Unfortunately the gentleman died in an accident just a year later, leaving her with numerous debts to which all this lavish lifestyle had been mortgaged. Unable to pay off the debts, this lady was forced to relinquish all the property including her own car and family home.

In your situation, you have a head start. By the time you meet the right person, your package comes with a full proof future plan to offer to your partner and the children you will have. A whole life plan pays out a huge sum at death of the insured. This policy is cheaper if you start it much earlier in life.
For more information please contact us on, lifeadvisor@uap.co.ug, www.facebook.com/uaplifeadvisor or text 0755353545 The writer is the Corporate Sales Manager for UAP Insurance.