“Beep, beep”. I glanced at my phone and sure enough it was a credit alert. I scrolled through excitedly and voilà! It was my first paycheck; N200,000 after tax and other deductions!
Now a million and one thoughts ran through my head; I needed a new phone, a new pair of shoes; Italian, just like the one I had seen on my supervisor, a Gucci bag …… the list was endless. I was after all single and had zilch obligations. My employer covered lunch and we had free tea everyday. Talk about living the dream.
The next morning, David my colleague and dear friend swung by my table in the company of an animated fellow, “Hey sweets, this is Alfred from XYZ insurance Plc., he as some products to show you”. I wasn’t doing a lot at the time so I followed them to the visitor’s lounge. Alfred proceeded to explain the different insurance plans available.
Now I’m Nigerian to the core and I, along with about 100m other Nigerians have apathy for insurance; maybe it’s that annoying part about annual premiums that we will never get back. Anyway, I sat there stoically waiting for Alfred’s tales to end, the shoes lady was waiting to show me a pair of Feragamo pumps.
But these insurance marketers can be persuasive, as we all know. He spun a package called “cash accumulator” and soon enough, he had me all entangled and perusing his fliers with gusto. Basically, according to the cash accumulator plan, you pay an annual premium for 10-15years and if you are still alive at the end of the tenure you get the sum assured. Also, there is a partial maturity every 5 years where you get paid 25% of your sum assured as an anniversary present which you may chose to reinvest at going interest rates. Wow, huh?
The best part about life insurance, besides enjoying accident and death cover, is that premiums are tax allowable expenses. It is really worrisome that a lot of Nigerians do not have life insurance policies; some don’t even have comprehensive car insurance!
We should take insurance seriously as it portrays us as responsible individuals in the eyes of our dependents and the society. Insurance companies have evolved with various products to meet consumers’ unique needs and yes, the pay claims promptly now. So what are you waiting for, live responsibly and wisely, take out a life insurance policy today. In about 8 years I will be alive and N10m richer! winks
This article originally appeared in Nairametrics on April 19, 2015
Great write up. I have been gainfully employed for 8 years now and only took up an insurance policy last year. besides the usual mutual benefits staff that collect esusu, I have never had a serious insurance marketer sell to me until last year and I wish I had met her eight years ago. Can u throw more light on the good insurance policies available in the country? I only know of aiico and I already have 2 policies with them. I want to buy more but I must spread my risk. Thanks. A personal email on the policy mention d in the article will be appreciated too.
Hi Chioma, thanks for your comments. We will get the writer to recommend some Insurance companies to you.
Thank you for these valuable articles you put up. Would be interested in getting more details about that insurance company with the offer of getting one’s premium back after the specified number of years via email.
Also, could you please recommend a decent health insurance package for individual and a nuclear family by a company presently doing well in Nigeria. God bless
“It is really worrisome that a lot of Nigerians do not have life insurance policies; some don’t even have comprehensive car insurance”!
This Part of the article hit HARD.. I’m in the business of risk management and its delightful to see we’ve moved from what the industry used to be years ago..
Thanks to the social Media and some clients who have made it a habit to READ their policies. All the Shenanigans and stunts these insurance companies get away with have been on the decline.
Clients and the insuring public should however not for a second blink, if you have challenges or questions regarding your insurance policy ASK or SEEK Clarification.
Big ups Mr Nairametrics looking forward to some more Risk Oriented Articles..