It’s distressing if you ask me how many people with children have life insurance coverage in Nigeria. The issue is that the insurance that’s best for those who have dependents is just not touted from the industry in most cases. Although, most keep asking “what is insurance” if I still pay some money out of my pocket.
Insurance companies should not skip Stay-at-home spouses who need special requirement of the term life insurance. A new survey from Salary.com finds that “such parents earn by dealing with laundry, kids, cooking, etc. is more than N121, 000! That’s more of an attention-getting number than anything else because stay-at-home parents don’t actually “earn” that, but you get the idea”.
Should a stay-at-home spouse be forgotten, the rest of the parents will have to suddenly pay childcare and everything else a stay-at-home parent does on a regular basis. That’s why it’s essential parents in the home have a life insurance policy.
Many times, we forget that life insurance is important in Nigeria, we’re sold insurance products with massive commissions and expensive. That’s mathematics for failure if you should pay the premium, and yes, it sets an excessive amount of us up for the lapse in coverage.
SmartMoney magazine reports 25% of people that buy life insurance stop paying the policy within the first three years. Well, I am not surprised, especially when the insurance is not part of the general insurance like car insurance – since we have fun driving it and forget about our lives. When it gets to the 10-year mark, it’s almost 50% people who quit paying for the life insurance. Which means you pay everything that money can buy out there, instead of getting comprehensive insurance for your family.
What exactly you need can be a policy that’s simple to buy, easy to own and low-cost!
Buying what’s called “life insurance” is easy and the cost practically nothing when it comes to the monthly payment. SmartMoney reports a 45-year old man could possibly get a N50 million life insurance policy using a coverage period of 20 years in support of pay about N7, 500 per month.
Women’s coverage is even cheaper because they actually visit the doctor often and take care of themselves! If a stay-at-home spouse is a woman, you should be interested in a life insurance policy for 15 or 20 years, depending on the age of your children.
How to Find Life Insurance
Looking for life insurance is easy online. You are able to compare or shop for quotes at some of a number of sites like Quotacy.com, Insure.com, AccuQuote.com, or QualityTermLife.com.
If you’re not into the Internet, that’s fine too. Go and buy a money magazine and you’ll see ad after ad of companies selling life insurance in Nigeria. Some respected companies I prefer include Crusader Insurance, ADIC Insurance, African Alliance Insurance and many more. You can easily find more of the insurance companies in Nigeria online.
Certain medical conditions make insurance higher priced as well as unavailable. If you have this type of condition, you’re what’s generally known as “rated” in the industry, therefore you will probably pay more money compared to example SmartMoney gave for any 45-year-some person.
Things to keep in Mind for Life Insurance Policy:
Here are some pointers to keep in mind while you check around for life insurance coverage:
- Simple, know how much life insurance coverage do you want? The best rule is ten times your income.
- Only buy life insurance coverage where you work when you have health conditions. Otherwise, I prefer you to qualify and undergo medical underwriting in order to buy a policy on your own. Many people don’t stay at the same place forever and you’ll likely have the opportunity to take that insurance with you.
- Stay-at-home spouses who take care of children really should have insurance too. They’ve got an “insurable need” because you’d have to pay someone to look after your children in the case a spouse or partner dies.
The importance of Life Insurance Coverage
An important part of financial planning is creating provisions to your family and spouse and children following a death. Insurance coverage can ensure financial security to the people who mean the most to you personally, same with your spouse, children and dependent parents. Do you have life insurance? Answer the question by leaving your comment below.