Article

How much does Life Insurance really cost?

Posted on: 27th Jun 2018

Insurance, unlike many other financial services is an option not deliberately considered by people who really need it. A few people consider it to be unnecessary while many others consider it expensive, but the truth is underrated.

How much exactly is Insurance?
Insurance is a low-cost form of protection for people that matter to you, yet it provides high value as well. For the record, I have a close friend who has a life insurance policy purchased for as little as N3,033 monthly. This gives him and his family a relatively huge protection of N10,000,000 should there be loss of life within a 10-year period. I cannot bear to think of what could happen to the children and wife financially if anything goes wrong. The peace of mind he has now allows him the full time to keep “hustling” for want of better livelihood, knowing they are taken care of if he is not there to care for them. I also have a life insurance policy similar to this. Imagine the relief I have going to bed at night!

The truth is: I have seen people benefit from Life Insurance policies and I have seen those who have suffered for a lack of it. The cost of items you have purchased and the value you place on them can be protected at a very low cost compared to the purchase price. That is the essence of having insurance policies –for the protection of value.

Insurance is designed to transfer your worries to specialists who have experienced various forms of happiness and sadness from different faces of life, just like you have. This makes it easier for you and me to subscribe to their wealth of experience.

Life happens to everyone; the questions are WHEN will it happen, HOW much will it cost you at the time, WHO ultimately suffers from our ignorance and WHAT can you do now to avoid it?
Think smart. Live above mistakes. Learn from experiences. Insurance is cheap!

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