Taking Certain Insurance Against Uncertain Times
By Ekerete Ola Gam-Ikon
It is common knowledge that you or your enterprise buy insurance to protect yourself and assets against losses or damages arising from unforeseen occurrences.
Or even when you don’t buy insurance, you are positioned to rebound in the event of an accident, though your net worth would drop.
The times we are in now can best be defined as UNCERTAIN. Nigerians are eager to hear who is leaving office and who will be replacing them. I am very eager to know what their insurance statuses are!
Office holders, whether public or private, should have “Welfare Insurance” to ensure they get compensated when their tenure is over or terminated.
In Nigeria, Welfare Insurance is packaged as a combination of Group Life Assurance and Group Personal Accident Insurance for specialized groups like Public Office Holders during their tenures.
If today’s Public Office Leavers didn’t have Welfare Insurance, those moving into their positions should not make the same mistake.
To determine the payouts by the insurance companies to the Public Office Holders whose appointments have been terminated, there would have been an agreed sum, which would be the basis of ascertaining the premium payable annually.
Interestingly, this insurance package is available for Public Office Holders at every level of government across Nigeria. Members of the Houses of Assembly in every State can also have it.
Where Welfare Insurance has been tested in the past, essentially in a few Local Government Areas in Lagos State, the beneficiaries were very excited.
Any group of persons that prioritizes the health and wellbeing of their members should take Welfare Insurance today and save themselves the embarrassment of demanding for contributions from members when the unexpected happens.
It is better to put something in place today for someone’s tomorrow and assure everyone the best imaginable future.
Hope this helps some people to ascertain their future despite the uncertainties that we face today.
Good morning and enjoy your weekend.
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Ekerette Ola Gam-Ikon is a Management Consultant and an Insurance personality.
