Let's talk about insurance

Good day my people!

How is it going over there? Hope you're good? Be fine and stay safe.

Today is already a fulfilled day for me because I conquered the spirit of procastination that has been sharing the same room with me for some days now. I was able to wake up by 4:00am to wash customer's clothes before setting off for work.

I was searching for a document this morning when I stumbled at a long time employment letter. And all the scenes flashed back to my mind and I smiled.

Why is it that we don't like insurance?

Yeah, some months ago i picked up an offer to work as an a financial advisor in one of the leading Insurance company in Nigeria. I should mention the name? Lol.🤗

During the orientation, we were told a lot of things concerning insurance in Africa as a whole. Just few percentage of people are into insurance policy and it's very bad for people ignoring the importance of insurance. Although it's not their fault too because it's not easy coping with it and also due to alot thing that has happened.

But Insurance policies are good

Before then I didn't know much about insurance and I usually go with the thought of the companies as scammers🤦. But when I was exposed to the benefits I was amazed. Do you know that;

You can be saving to get profits at the end of the policy while insuring a life? This is the part I love most, there are some policies that allow you to save on a monthly, yearly or bi-anually basis and earn a percentage of profit from the savings at the end of the policy and at the same time insuring a life. What to do i mean by insuring a life? If you're insuring a life via your savings and by any chance anything happens, say death, accident, sickness etc the company comes to your rescue, either they provide finance for the health bills or in the case of death, they return a huge amount of money (mostly in triple form of the targeted savings of the deseased) to the family. It's surprising, right? At first when I heard this I never believed too but I got to a point that I saw evidences that made me to believe.

Do you know that when you insure your children's education they are covered for a long duration? This is a good one too and I'll tell you how it works. When you insure your child's education, you'll get back your money with some profits at the end of the policy. And if peradventure you passes-on along the line while the policy is still on, the company takes over the sponsorship of the the child's education to the end and also they support the family of the deseased with a good sum of money, also fully pioneer the funeral events...we are not praying for bad.

Do you know that when you insure your shop, office, house, cars etc you are safe? This is the one most People are common with. For the people in Nigeria, you remember those vandalisation and looting of mega shops e.g ShopRite immediately after the ENDSARS protest, insurance companies came to their rescue and returned all that was stolen. Just imagined it, if those properties were not under insurance coverage, it would have recked down the companies.

Why are we finding it difficult to do?

If insurance policies are good, then why are we finding it hard to Venture. I'll tell you because I had a lot of experiences on this aspect.

The economy: To most of us, the economy is treating us bad and it's very hard to cope with short or long term savings. Most people are managing to provide food for a daily living, paying school fees, house rent and other necessities, this now make it difficult for people to save out of the little one they have. You'll agree with me that the people that patronizes insurance companies more are the rich people in the country. They have enough to eat and pay for necessities and as well as excess to put into savings... especially the politians 🧐.

Skeptical on the benefits: The truth is that, MAJOR benefit of the policy comes when the person that bought the policy dies or when the insured property damages. Would you want your beautiful car to get stolen or blazed down by accident? Or Would you want to die so your children enjoy?🤣. Some people also try to outsmart insurance policies on this aspect by buying a policy when they know their fixed date of death already 🤣, so if they die the children will be in money. But insurance policies are aware too so they run a medical check up to see the health state of the person. Unless the person has a spiritual means to die.

Scam: Up till now a lot of insurance companies are still folding up and this has done more harm to faithful companies. I remember when I went out to market, one of my prospects said it out that she can't save money for a long duration with any insurance company because they always fold up at the exact time someone's policy is due. It's very true, it's just like normal investment companies that have less sponsors or support, when they suffer little bankrupt they fold up.

This is my brain work as I supposed to make researches to make it more educating but I decided to write it on a free-hand. There are lots of benefits of insurance as well as its disadvantages too. My take is that, always research on the company you're investing with... should I call it DYOR🤗?

Thanks for reading

7th January 2022

Lead image: Unsplash.com

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