Securing his son’s education

Cem Sengezer wants his 15-yearold son to get the best education he can afford, and decided the best way to do that was to set up an investment plan on his behalf. He is also keen to ensure that the funds will keep flowing in case anything happens to his income due to illness or early death.

Mr Sengezer, 48, who is originally from Turkey and has lived in Dubai for 11 years, travels extensively for his job as the regional director of an international engineering company. “I travel in parts of rural China and India, which can be dangerous; I am always flying and there is the danger of a crash on local buses,” he says. “If anything happened to me, for example if I was killed or could not work because I was disabled, the savings product will make sure my son’s education is protected.”

One year ago, Mr Sengezer set up a flexible savings plan with HSBC Wealth Management, and made his son, John, the sole beneficiary. “It invests in cash and mutual funds with an insurance element that covers both my life and total permanent disability.”

The father will pay a regular monthly premium for an initial period of nearly five years, at which point his son can take money out of the plan or continue running it. “It was very important for me to have something flexible, because you never know where life will take you next.”