Here is why leadway and 10,000 parents came together for children’s education

Malcolm X, the legendary African American civil rights activist, has an interesting take on education. He opined that “education is the passport to the future, for tomorrow belongs to those who prepare for it today”. Malcolm X believes that for education to impact what tomorrow unfolds for a young person, there must be proactive and intelligent preparation for it today.

But knowing that the decision for acquiring education, especially at the foundation phase, lies outside the young person’s control, Malcolm X’s position seems to speak to the parents responsible for bequeathing this all-important ‘passport to the future’ to their children.

Benjamin Franklin, one of the most respected leaders the world has ever seen, instructs parent to take this education duty as an investment; “an investment in knowledge pays the best interest”, he opined.

If Mr. Franklin’s take on education is to be analysed further, then parents may need the expert guidance of those who are vast in investment services to make smarter decisions for their children’s education today. This understanding forms the basis for the strategic coming-together of about 10,000 parents and Leadway Assurance Company Limited last week in Port Harcourt to work together to better their children’s future. Below are rationales why this alliance is an ingenious stroke.

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1. INVESTMENTS CAN BE INTERRUPTED BY ECONOMIC FORCES

This reality has become even more apparent in the face of the current economic challenges brought about by the COVID 19 pandemic. Besides the pandemic, typical economic outcomes come in booms and busts, which can alter a parent’s financial capability to provide quality education for the child. In other words, quality education does not come cheap.

Analysing data from the American Urban Institute’s Health Reform Monitoring Survey gathered in 2020, scholars comprising Michael Karpman, Dulce Gonzalez, and Genevieve M. Kenney found out that the pandemic affected families’ employment status, financial decisions, and material hardship, especially among parents living with children under the age of 19 years old.

They observed that “more than 4 in 10 parents reported that they or someone in their family lost work or work-related income because of the coronavirus outbreak”. They also realised that this proportion rises for low-income parents.

They also reported that parents said they tried to cope with the pandemic’s economic impacts by cutting back spending on food, reducing savings, and falling into debt. More than one-third of parents reported they had problems paying for housing, utility, food, or medical costs.

In a similar study, at least 24 million students are at risk of dropping out of school because of the socio-economic impact of COVID-19, Henrietta Fore, Executive Director of the United Nation’s Children Fund, revealed.

2. SCHOOLING CAN BE DISRUPTED BY UNFORSEEN EVENTS

One of the most debilitating thoughts that most parents secretly and fervently wish away is what would happen to my children should life happen to me? The reality, according to research conducted by Paul Gertler titled “The Presence and Presents of Parents: Do Parents Matter for More than their Money?” showed that at least 15% of bereaved children drop out of school, compared to 7% of non-bereaved children.

If the data from more structured and mature economies can be frightening, then the sad reality is that it may be way higher in emerging climes like Africa. The death of a parent is one of the most severe traumas any child can suffer; the unexpected loss of a mother or father not only entails emotional or psychological distress for an orphaned child, but parents are no longer present to provide their children with love, support, discipline, and values. The loss of the family breadwinner may severely diminish the financial resources available for continued investments in the child’s education.

It is in response to this reality that the Leadway Assurance, Nigeria’s foremost insurer and the over 10,000 parents under the Association of Parents of Private School Students (APPSS) came together to launch an education insurance policy plan tagged the “Group Education Protection Plan (GEEP)” on Thursday, May 27, 2021, in commemoration of this year’s Children’s Day.

The bespoke education plan is designed to help parents protect and secure their children’s future from the socio-economic disruption that brings schooling to an abrupt end. The policy also covers the risk of unforeseen events, such as the death of a parent or guardian, life-threatening critical illness, total and permanent disabilities, which are also factors in the dropping out of school for bereaved children.

With this partnership, the parents are guaranteed the fulfilment of bequeathing their children quality and life-defining educations, no matter what life throws at them. This unique alliance mandates Leadway Assurance to assume the payment of the children’s fees for the remaining targeted school terms from the point the sponsoring parent or guardian dies or contract a critical illness or disability.

Leadway Assurance, which has five decades of operational experience, is renowned for being Nigeria’s unbeaten largest claims-paying insurer for the sixth consecutive year!

To find out how you can work with Leadway Assurance to form an alliance with like-minded parents to protect your child’s education, please visit www.leadway.com or call the Leadway Assurance customer care helpline on 01-2800-700. You can also send an email to Lcs@leadway.com for professional advisory or request a call back by visiting www.leadway.com/call-me.

We are within your reach on our social media outlets – @LeadwayAssurance on Facebook & Instagram, @Leadwayinsure on Twitter. You can send a DM, and we would revert with all the information you require.