Posted on: 28th Dec 2018
It’s a bit of an old wives tale to learn that life insurance is still being greatly misunderstood or not understood at all, even in this dispensation. In the midst of the crosshairs lies the debate on the need to take life insurance for your kids when they are still young.
There have been so many disputes concerning this topic and people would often argue that there was simply no need to buy life cover for a young child. This argument is based mostly on the fact that a child who has not yet lived and most likely stands a lower chance of passing away, would not need an insurance plan. This argument seems solid until you hear our reasons why you need to take an insurance plan for your young child and we have as much as three.
Taking out an insurance plan for a young child might seem pointless but only when you’re thinking of the ‘now’. You need to be able to see how subscribing to an insurance plan will benefit your young children financially when they eventually become young adults and even older. It’s a financial safety net for important life needs of the child. Things as essential as tuition for school and other financial needs can be settled by taking a life cover for that very young child. It’s really as simple as imagining the kind of future you want for that child, especially as he or she would not remain a child forever.
Your young child who possesses a life cover is a very strong candidate for a better one when he or she is much older. The quality of that life insurance is also stepped up by virtue of the fact that your child has a history of life insurance. All your kids need to do when they are of age, is to apply for a cover that better suits their needs as the case may be. For them when older, it’s a matter of stepping up a good deal to a great one.
Some people would like to be sentimental or sometimes even emotional and claim that they won’t lose their children. Others just see it as a very low probability. But can you really say? Of course, nobody wishes an unfortunate thing as such for his or her kid(s), but wouldn’t you rather be prepared? Wouldn’t you rather have a life insurance plan to take care of all the financial commitments that would arise as a result of their passing, while you are left alone to properly handle your grief? Think about it. This life cover can also serve as a provision for you and your family should you even need to take time off work.
This article started with strong arguments, but having listed these reasons why you should take up an insurance plan for your young child, you can see that this is clearly a matter of reality and facts. The reality is what it is – uncertain, but the fact also remains, that you can always be better prepared when you get your young child a life insurance plan.
Posted on: 27th Dec 2018
Nigerians are critical people. They are ruled by values decades old and still make decisions based on fractured information even in these modern times. You would think that at least with the emergence of the internet, everybody could cure themselves of any misconceptions or myths but sadly, this is hasn’t proved sufficient. Even in this present day, it will shock you to discover the alarming number of misconceptions that Nigerians hold towards certain things, one of which is life insurance.
For reasons yet unfathomable, many Nigerians have subscribed to misguided notions concerning life insurance. Whether it’s a lack of information that stems from an unwillingness to make their own research or something more profound, these misconceptions have ruled the Nigerian populace for far too long.
We have been able to put together five (5) of the most common misconceptions about life insurance that wax stronger with each day amongst unassuming Nigerians.
Nigerians cannot be blamed for having trust issues when it comes to pay-outs. They are more or less used to getting hoodwinked in these kinds of situations. Hence, they have naturally grown a resistance to trusting organizations that make promises to pay claims whether legally binding or not.
Nonetheless, Nigerians must know that this is a myth, an untrue tale peddled as facts, that life insurance companies such as African Alliance, do not pay claims. But on the contrary, each year life insurance companies, African Alliance included payout billions of naira in claims to Nigerians via various insurance policies.
This particular misconception has to be the chief reason many Nigerians and in fact, many people around the world, hesitate to subscribe for life insurance. No one knows when or how or even why this rumor is all over the place, but if you ask any random person why they are yet to take out a life insurance policy, they are most likely to state that it’s just too expensive.
Some people have overshot the price of life insurance by as much as 200-300% the original amount due to a general misconception. Life insurance is actually quite affordable and depends on factors like gender, age, health status and so on. Plus there are different plans to suit your needs and requirements.
People often assume that only the person making the most money should take out a life insurance policy and this is not true. The truth is, whatever financial aid the other spouse is able to provide with what little income he or she makes, may prove difficult to sustain should anything happen to them or their source of income.
This refers to people who feel taking out a life insurance policy is a one-off affair. The terms of your life insurance plan as at when initiated were tailored to cater for your needs at the time. Time passes and your lifestyle changes, meaning your life insurance plan has to follow the same trend. You could’ve gotten married, had kids or even bought a car or two and this means you’d need to update your life insurance plan to fit into your new lifestyle. You simply cannot do it once and be done with it.
There’s no such thing as being way too young to get life insurance. As a matter of fact, the earlier the better. As a young chap, you are most likely in the healthiest state of your life and life insurance at such a time happens to be way cheaper. Do it now, just do it.
Life insurance policies are made to attend to your needs and to secure a financial future for your family. Do not procrastinate or be swallowed up my fabricated myths and misconceptions that don’t hold water.
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