Entrepreneur and author Raymond Ledwaba encourages black people to take life policy on their parents to inherit something of value when they pass on

By Edward Tsumele, CITYLIFE/ARTS Editor

The topic of taking life insurance on one’s family, such as you parents is unfortunately increasingly becoming a sensitive issue in South Africa, especially with the incidents such as that of one rosemary Ndlovu. The former cop triune alleged murderer almost wiped out her entire family in order to cash in on insurance money. The women took out insurance policies on her family with the intend of killing them and collecting the money. However, she was caught on her tracks before she wiped out her entire family.

However, taking out insurance policies on those you love and adore, and in fact wish that they could live forever, is a noble thing that we should all do.

“I know that this is a sensitive issue among black families, especially following that horrible case of Rosemary Ndlovu. But actually, I would like to advise everyone here to have a serious family conversation with one’s loved ones, particularly one’s parents to discuss the issue of taking out life assurance policies on them. This is important particularly because as black people, due to our historical backgrounds, when one’s parents die, there is nothing to inherit. So, taking life policies on our loved ones, particularly our parents is one way of making sure that there is something to inherit whenever they die, and unfortunately, they will die,” said author Raymond Ledwaba at the launch of his new book on entrepreneurship. I suppose this can only work when one’s parents’ die before one does, for in reality some parents can outlive their own children.

The book titled First Generation Founder was launched at Book Circle Capital in Melville on Saturday. The book is about entrepreneurship, but also looks at factors that affect mainly black people from reaching their fuller potential as they have unique challenges that others from other backgrounds do not face.

An answer to the general lack of inheriting anything of material value is to take life insurance for one’s parents, Ledwaba told the audience most of whom, after reflection agreed with the author that actually that is one way of breaking the cycle of desperation and poverty when one’s parents pass on without living any thing behind for their children.

“I am therefore asking everyone who is here to go back home and have a serous conversation with your parents about this. What you need to do is to explain carefully why you think taking life policy on them is the best thing. You need to explain clearly what you are going to do with the money and you will be surprised how understanding they will be,” he explained.

Ledwaba said that had he known about this when both his parents were still alive, he would have solved the problem of inheriting nothing by taking out life insurance policy on them.

“As black people we have no concept of what trusts are because there is nothing like that in our lives. Taking out life cover on one’s loved ones is the answer because there is not much that is needed except that one lived and when they die, they leave something for their children. It is of course sensitive but we need to explain that we are not there to kill them for the money but to make sure that we have something of material value to inherit when they pass on, and that I can tell you they will understand,” he added.

Raymond must know what he is talking about because the chattered accountant, a graduate of University of Johannesburg brazed a corporate trail, his last cush job being working for ABSA before entering the entrepreneurship arena.

“I had to leave my job because I was going to be fired eventually simply because half the time, I spent more time focusing on my Non-Profit Organisation called Disk 99 which focuses on sports development involving young people from disadvantaged backgrounds. So instead of waiting until I was fired for being sloppy with my day job, I had to jump ship and go into business with my brother. We run a gaming company, creating computer games,” he explained.

Raymond explained that the title of First Feneration Founder does not have to be understood within the narrow margins of entrepreneurship. “In fact, it refers to first generation of several things, such as being the first to get a university education, in which case we find ourselves facing unique challenges, such as looking after our families simply because they are poor.

His book is published by Tafelberg and the author is currently on tour promoting the book with his next engagement being featured at the upcoming Kings Mead Book Fair in Johannesburg.