Posted on: 20th Feb 2019
Love is a beautiful thing and it often creates an emotional attachment between two people. This emotion grows over time (sometimes taking longer for some and shorter for others) until they eventually reach a point in their lives where both parties have chosen to settle down. But before you do settle down, before one party pops the question and before the other says ‘’I do’’, there are certain things that need to be considered and insurance is one of them.
At this juncture, both partners realize that it is about time to make some adjustments and slight (sometimes major) changes to their individual lives. Compromise is the keyword that is often summoned in these situations. For example, when it comes to deciding where both parties would live, the couple would often put into consideration, the distance between their proposed residence and their place of work. However, one of the most important items to analyze before saying ‘’I do’ or asking someone to marry you, is insurance.
Any form of insurance including that of life insurance, are all up on the menu and need to be discussed. We would try to break down what you can do about your insurance before getting married and would also briefly state why it would be beneficial to you and your partner.
How to go about Your Insurance before Saying I Do.
So you may have one or a number of insurance policies, but it all boils down to how you can now merge, update or upgrade them to fit into your new situation.
Merging/Upgrading Insurance Policies.
Take for example things like car insurance which usually exists for the singular owner of the car. But now that you’re going to be a couple, you would need to update the list of drivers and have your partner included. This is so that you’re covered when he or she is handling the wheel and something happens.
Other kinds of insurance such as a cover or policy for personal belongings including cover for a house, will also need to be merged or upgraded as the case may be. In doing so, both parties have their personal belongings (or house etc) listed together with ownership belonging to the couples. This way they would’ve safely insured their properties as a couple.
Updating (Life) Insurance Policies.
First and foremost, as long as someone else is financially dependent on you (and this goes both ways), you need life insurance. However, your life insurance cover would need to be updated to accommodate your new lifestyle (being married).
As a single man or woman, the beneficiaries of your life insurance would typically have your parents and/or siblings listed as your next of kin (should something happen to you). As a single person, this is smart and quite thoughtful, nonetheless, now that you are about to get married or already engaged to do so, you will need to update your list of beneficiaries to either include your wife (or fiancée) or to make her sole beneficiary (pending when you have kids).
The last thing you want to do is to have your partner stranded. It is easy to forget or keep postponing such an important activity capable of saving you both a lot of trouble. Therefore, it is quite pertinent that this subject of discussion is one that comes up early enough as merging, upgrading or updating your insurance policies is not only essential but it also the smart thing to do.
Posted on: 6th Feb 2019
It’s the season of love and many of you who are coupled, engaged or married are basking in it. But while all of this is on-going, it is easy to forget or brush off some pertinent things such as finances in relationships. Whether you’re married and especially if you’re not yet hitched, talking about your finances as a couple is a crucial subject that should be properly ironed out in every relationship.
As mentioned earlier, the love shared between two people can be very powerful and many times, couples get carried away and neglect the subject of finances in the process. However, this should not be so as before going into official partnership (marriage) with your proposed life partner, you are both expected to discuss and create a financial plan that benefits the both of you. If for some reason you have not yet had this discussion and you’re already married (perhaps you have just been winging it) those days should quickly come to a halt as you now need to take more proactive steps towards your finances as a couple.
There are financial decisions, procedures, and steps both of you can take to ensure that you are both financially secure now and in the future.
Whether it’s in form of a joint savings account or some form of banking set-up created to allocate prescribed percentages of your income into a central account, you and your partner should endeavor to have some sort of money pond where you both throw in something each month or so. This is the kind of money talk you want to have before tying the knot. This way you’re sure that you’re not only marrying your life partner but that you’ve also got yourself a financial partner for life.
A couple can decide to invest in real estate, bonds or any profitable and secure form of investment provided that they’re both in the know and aware of their vested interests. This will benefit each couple in the grand scheme of things and it is important to initiate as early as possible into the relationship (especially for married couples).
Nobody likes to talk about the end especially at the beginning. But we’ve found that it is exactly the best time to talk about it. At African Alliance, there are special life insurance covers for spouses that will be of great advantage to both parties. When the end finally comes (and we hope not soon enough), the surviving couple will be able to benefit immensely and when the dust settles you will come to realize that you both made the right decision.
Many relationships, marriages, and engagements have been known to take a huge hit as a result of a faulty or non-existent financial partnership between both couples. To avoid such an unfortunate situation, it is paramount that you adhere to some or all of the suggested ways you can go into financial partnership with your life partner as stated above.
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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