Life insurance policy is essential for any working adult above 40 years. Of course, a lot of people tend to ignore it, its importance cannot be overstretched. But generally, Nigerians have a passive attitude towards life insurance, especially among the masses. Also within the lower middle class, many are not even interested in insurance and its stories beyond motor insurance.
However, there are some essential things a working adult must do in life. Life insurance is one of those things— and many people don’t learn how important it is until it’s too late.
This is because anything can happen as we go about, running around to put food on the table for our families. Accidents can happen. Death also does not write letters to people that it is coming. So getting a life insurance policy is a great protection for our dependents if anything unexpected happens.
Of course, for most people, death is a passing thought. This is especially true when people are young and in top form and feel great… Everyone thinks they are going to live long and prosperous lives. And hopefully, that will indeed be the case.
However, you know that it doesn’t take much for your life to take a sharp turn for the worse. If you are unprepared, you risk dragging your entire family into a difficult financial situation.
But it doesn’t have to be this way. That’s why life insurance can play a crucial part in helping to secure your family’s financial future.
With enough coverage, you are securing a comfortable financial future for your loved ones, even without you being around. They will be able to get back on their feet much sooner and continue getting on with living their lives.
The death of a loved one can strike when you least expect it. And it only sounds cliché until it happens to someone. Daily events in different parts of Nigeria highlight the seriousness of the issue of life insurance policy. And a general awareness of it is needed to turn the Unpredictable into the Predictable
As you know, nature works in mysterious ways. Yes, the chances are low that any of the above would happen to you, but it should still make you wonder how long you have left here on earth.
In Nigeria, just as in some other parts of the West African sub-region, people travel a lot, often for business. Barring accident, the odds are that you will be living a long life. But if you want to be sure that your loved ones will have a degree of financial security if the worst were to happen to you, you shouldn’t think twice about seriously considering your life insurance needs.
With a good life insurance policy and the right amount of cover, you can relax and enjoy every day as it comes in terms of knowing that your loved one’s financial future is provided for. And no accident, no lightning bolt, heart attack, or falling cow could take that away.
A reflection on issues that bother on daily security and safety may help you understand more about the importance of getting the right policy. Remember, it is for your loved ones that you’re taking out a life insurance policy.
But that doesn’t mean we know all the right things to do when it comes to getting a policy. According to a nationwide study conducted by a Lagos-based insurance company early this year in bothe Lagos and Abuja.
Over two-third of respondents who had life insurance policy didn’t know what kind of policy they had. And though 70% felt confident that their insurance companies would pay out if the need arose, only 34% felt sure that they would know how to collect a payout.
Do you fall into this confused category? If so, it’s crucial to educate yourself about life insurance, especially if you have people who depend on you (like kids), or have a mortgage or significant amount of debt to pay.
Life insurance, and how it could have—or does—make all the difference is essential to our having some confidence about securing the future for our dependants.
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