Monday, May 11, 2015

How to Secure you and your Family's Future.

Photo Credit:Stock Photo
Insurance, insurance, insurance! You must have been bombarded with this word from the media, your employer, colleagues etc If I was to sample the opinion of randomly selected people here in Nigeria on what they know about insurance, I imagine a poor response!
I have observed from my experience as an insurance Marketing Executive that,issues like health insurance, property insurance, life insurance etc are not usually raised for public discussion. I can confidently say out of every 10 literate Nigerian, only 2 MAY have a clue, on what insurance entails especially the benefits. This lack of information on insurance exists irrespective of the growing number of insurance firms,with some being in existence for more than 35 years in the country. Strange right?

When I approach people to educate them on insurance, it is not an easy task to effectively explain to them what it is all about. This is because most of them know little or nothing about insurance hence I may have to go as far going into the dictionary definition even though some of these persons are quite literate and this baffles me! Then I ask myself, is it that these insurance firms do not sensitize the public other than placing advertisements on the media? Are employers of labour not in the position to educate their employees on such issues like life insurance/pensions?
Well, this post is not about the lack of information on insurance but to throw more light on this topic especially as it concerns the women folks! So let’s get right down to it…what is Insurance you may ask? When you think of insurance, do you think of financial security? You might say “ah, this is all about saving money for future use” this is alright but it is not farfetched from it. This is a kind of investment, different from bank savings hence I have enclosed a list of what Insurance entails…
Photo Credit:Stock Photo
Now here is my definition of insurance-it is the pulling or putting together of resources to cover future risks! Simply put-it is putting all your eggs into more than one basket of life;Life which is fragile like egg challenges us every day to plan for uncertainty. By now you have an idea of what I am discussing about because if you have an ear/eye for celebrity gossip, you know that some celebrities go as far as insuring their body parts like legs, hips, breast etc..Outrageous right? Well, it will be outrageous for you if you do not have any kind of insurance cover at all!

In essence, insurance entails you consult an insurance firm and buy a policy that will cover the bills of your intended life issue be it your health, car, education etc. Although it’s like saving money in the bank but in insurance you do not have access unnecessarily to the money unlike in the bank, where you can withdraw your money anytime. For instance when you buy an education insurance policy, it enables you to save prudently for your children’s education and it can be used when very necessary. For life insurance (most controversial), you buy a life insurance policy incase of life threatening situations like sudden death (I can hear you saying “God forbid”), being incapacitated after accident etc. The insurance firm you bought the policy with, will pay your accumulated money plus a reasonable entitlement according to the policy package, to you or your family. So such policy gives a mother or a woman the platform to enable her parents/siblings or children have a financial backing and this goes a long way to aid children to also inherit from their mothers too and not only their fathers! I am not wishing anyone to die suddenly but this is life, it is full of uncertainties.

To add to the instances or types of insurance, you can buy is an insurance that covers your property such as cars, houses, businesses etc. for example, when you insure your car and in the event of a serious damage, the insurance firms aids with the repair or replacement likewise for houses or businesses! Aha, health insurance, have you heard of NHIS-National Health Insurance scheme (Nigeria’s government health insurance scheme) which assists registered Nigerians to cover certain health services cost? My wonderful women, we know how special our health is, not to talk of the health of our children. So do you need to know more on this life improvement issue? Is this post an eye opener or not? Now, take a look at my highlight of the benefits of insurance which are just a few of the enormous benefits.
BENEFITS OF INSURANCE
  • Life assurance is a long term policy that helps one build the habit of thrift i.e long term savings over a period to meet financial needs at various stages of life. 
  • Insurance is a form of future wealth creation and acts as a long term investment and since it’s a long term plan, you are able to meet your future goals e.g children's education, dream house, marriage plans, dream car, establishing a business in future and planning a relaxed life after retirement according to your life stage. 
  • Life today is full of uncertainties; in this scenario life insurance ensures that your loved ones continue to enjoy a good quality of life against any unforeseen events like death, critical illness or permanent disability caused by accident. This means the policy holder transfers responsibility to the insurance company if the unexpected occurs 
  • Life insurance is one of the best instruments for retirement planning i.e the money one earns and saves during one’s life is paid to him/her as pension after retirement. For women who have their personal businesses,they can have this plan and all that is needed is to pay a lump sum (minimum 1million) to an insurance company that sells pension for life then the company will be paying them pension on a monthly basis till death no matter how long they live. 
  • Health insurance offers the benefits of protection against sudden rising health expenses like critical illness and hospitalization. Women tend to use health care services more than men especially when they begin to attain the age of menopause. 
  • For working class women and mothers life insurance plans provides the benefits of tax relief thereby reducing their tax incidences and increasing their take home pay. 
  • Above all, an insurance policy gives you peace of mind, one thing every woman deserves especially when it comes to money matters. This means it is comforting to know that there is a certain measure of protection over one's future plans. One will continue to earn a living for the rest of their life and even to maintain a lifestyle.(especially women)
In conclusion, the major reason for a person to buy an insurance policy is to “Save”, this means you are disciplined to save i.e no easy access to your investment like commercial bank savings where you withdraw as you like and spend as you like, then after the money is finished you are unable to account of it! Another good reason for insurance policy is that it’s for the living and someone must live to benefit from it. You should not view taking an insurance policy as if you are preparing or wishing yourself bad luck. Please note the insurance companies are praying that you as their client,should not experience unfortunate events because if such events happens, they will lose by paying the claims they promised.

To you a married woman, your husband can’t give you everything, especially when you start bearing children(most times the children's needs surpasses their mother's). Gone are the days when women expect their husbands to provide everything, what if he suddenly loses his job or his business packs up? Insurance is what you can fall back on.

Insurance policies go a long way towards helping you safe guard your earnings, power and possessions, covering almost anything imaginable and the exciting part is,  its affordable and relatively cheap!
Worthymamas, what are your thoughts on this post? Thank you for reading!


About the Author


Gloria Onuh (Google Plus)is a graduate of general and applied Psychology. A multi-talented young lady with Interests in: photography, arts and crafts especially dance exercises and graphics, home fragrances and marketing executive/agent with a leading Insurance company in Nigeria. You can contact her through the contact form.











2 comments:

  1. I will proudly say there are more benefits than we think.Buying insurance policies is "preparing ahead your children's bright future" for parents saving for their kids

    ReplyDelete
    Replies
    1. Thank you Matilda.I do hope your comment will spur parents who read this post to invest wisely in the future of their children.

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