ARE YOU INSURED

Today I have decided to write about something different something I never thought of writing ( not that I can write on anything) but thanks to a reader who sent me a mail two days ago challenging me to do this article. She said since I claim that I can write on anything then she wants me to write an article about life insurance and the benefit, so to her and every other reader I hope you find this interesting.

For those that really don't understand the concept of insurance let me quickly give you the simplest and easiest definition, insurance is simply the transfer of risk from one person to another. In a more advanced terms, it is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss (Wikipedia). People go through risk everyday some are certain which we can managed while some are uncertain which we can’t control nor managed and this is where insurance comes in.  They offer assistance to help manage and control those risks that are uncertain to you for a fee (Premium) with a promise to compensate (indemnify) you from whatever loss you might suffer from that risk.

We have different type of insurance which i am going to mention but i am only going to dowel on one and you will understand why as you read further. We have many types of insurance but here are the major ones

•     Property insurance: just like the name suggest it is an insurance policy that you take to insurance any kind of property as much as the property is legally yours.

•           Auto insurance: this has to do with cars, it protect you against any loss that might occur to your car. It is under this policy that you would hear terms such as Third party and the comprehensive policy
•            Health insurance: this basically covers your medical treatment bill, with this policy you can walk into any government hospital or clinic and you would be treated. An example of this in Nigeria is the NHIS National Health Insurance Scheme.

•     Life insurance: mostly this is called life assurance policy and just like the name depicts this as to do with your life.

The life insurance policy is where I am going to dowel on and this is because according to my research most people in Nigeria are already conversant with the auto insurance as many car owners now insure their car and with what the government is doing with the NHIS I can also say the health insurance is covered. 
Many Nigerians don't like to hear the word life insurance and this is because it basically talks about being dead and that something we don't want to talk about but the truth is that we are all going to die one day.

When they say you should pick up a life insurance policy it is not as if they want you to die, they are simply trying to prevent you from dying in vain ( pardon me for stating it like that). Death is a very painful thing that only affect those that are left behind and not the deceased but the deceased can also affect and ease the pain of those that are left behind and that is through life insurance. As the bread winner of your family, it is your responsibility to take care of them, carter and provide for them but when you transit to the other side WHO will do that for you? If you have a life insurance policy you don't have to worry yourself about who will pay your children educational fee, you don't have to worry about how your family will cope after you have gone simply because you have insured your life. We don't know when exactly death would come but we do know for a certain that it would come but how do we prepare for it? The best way to prepare for your exist from this world is by getting your life insured because with this you are assured that your family would be taken care of. I have heard many cases that once the bread winner of a family dies trouble set into the family, from not being able to pay house rent to not being able to pay school fees then not being able to afford three square meals and all these are because there was no insurance policy to take care of these risks but with a life insurance policy in place none of these things would happen unless that is somebody wish which i doubt.
Another thing many Nigerians do not know about life insurance is the fact that there are some life insurance policy that you can enjoy from while you are still alive meaning you don't have to die before you start reaping your benefit, examples are the investment link, anticipated endowment e.t.c....it is a popular saying that he who fail to prepare has prepare to fail, so don't let your transition to the other side become a burden on your family, protect their future get a life insurance policy today.