Four Key Differences Between Insurance Policyholders And Persons Living Without Insurance
By Ekerete Ola Gam-Ikon
- State of Mind
Insurance policyholders go out and come in daily believing that if the unexpected happens, they’ll be promptly compensated by their insurers to deal with resultant losses or damages. They won’t need to go begging or appealing for support. Their self-esteem will be intact.
In a similar situation but without insurance, affected persons are agitated and make calls for support from family and friends. Any relief leaves them with a sense of indebtedness and loss of their self-ego.
- Costs
Very nice Business Owners respond positively whenever their employees are ill or involved in accidents as they gleefully pick up the medical bills that sometimes run into millions in a year.
The prudent ones would rather subscribe to an insurance program that enables the employees have access to solutions when the unexpected happens.
May be you should check your spending since the beginning of this year and compare it with if you had an insurance program.
- Wealth Creation
With certain types of Individual Life (Long-term) Assurance policies, you’re able to create wealth for yourself or loved ones within a specified period.
Everyday, news of persons who lost money to unreliable and fake investment products fills the media space. Same people could have bought insurance products that would create wealth for them.
The challenge is always how to know and choose the right insurance company; and by now I’m sure you know who to call/contact.
- Wealth Protection
Your assets symbolize your wealth, and with insurance if the unexpected happens, you’re able to recover from losses or damages.
Without insuring your assets, when the unexpected happens, you pull from your cash to fix the problem thereby reducing your net worth.
Indeed, insurance makes the difference for those that have their policies before the unexpected happens.
Now, unlike in the past, insurance companies pay claims and promptly too. Don’t live in the past.
Ekerete Ola Gam-Ikon, a Management Consultant/Founder & CEO, Finterate Group, writes via olagamola@gmail.com
