Friday May 19 2017

Ask your life insurance adviser

By Allan Lwanga

Dear Sir, why are employees easily lured into fraudulent activities later on in their careers than at the beginning?
There are several explanations why employees might be caught up by fraud in their later years of their careers than at the start, especially in Africa where corruption is rife and overnight millionaires are not questioned.
However, if you look at the trend of the most common cases of fraud, especially foiled frauds you might find quite a number of senior employees left with just a few years to retire.
This might be due to pressure that the thought of retiring poor sets in. Imagine a 50-year-old manager that has worked for the last 25 years but finds himself still renting, driving a very old second hand car on company loan, still has young children to educate, and is left with only five years to retire, four of which have to service a bank loan. Looking at how little has been achieved in 25 years obviously casts doubt into how much more can be achieved in the next five.
This is where such employees become desperate. At such a point, even the most silly idea of how to create fraud can sound like music to his or her ears. Interestingly, they also become as more prone to being scummed by fraudsters.
This is the time people buy fake gold deals, fake house deals that are non-existent yet the price was too good to be true, bogus and unprofitable.
It is therefore important to avoid running out of time by investing early in your career when you can still afford to make mistakes. Save, especially in well-structured and organised savings and retirement plans such as NSSF, private pension plans and even personal savings plans with life insurance companies.
The more plans one has the better as that is the perfect way to guarantee a comfortable retirement. It is only fair to look forward to retirement than to pray it never comes.
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The writer is the Head of Retail for UAPOldMutualLife Insurance.