Coronation Webinar: Experts Affirm Life Assurance As Reliable Protection Against Unexpected

Experts who spoke yesterday during the Coronation Life Assurance Webinar on the theme   ‘Protection against the Unexpected: How confident are you about the future,’ reaffirmed the importance of Life Assurance as a reliable protection against unexpected and as a mechanism that boosts confidence about the future.

The Keynote Speaker, Director, Life Operations at African Reinsurance Corporation, Mr. Chris Saigbe, described Life Insurance as the best form of investment that takes care of unexpected uncertainties as well as guarantees individual confidence about the future.

“Life Insurance presents the most reliable protection mechanism to handle most of the uncertainties that can affect the financial planning of an individual,” he noted.

Life Assurance, according to Mr Saigbe, “is a financial planning mechanism for transferring the financial risks associated with uncertainties of life of an individual to a Life Insurance Company. Such uncertainties include premature death, disability, chronic disease or illness, loss of job and uncertainty relating to longevity.”

He said uncertainties arising from unexpected natural and economic events are best handled through a protection mechanism such as Life Insurance.

“Unexpected event do occur that may interfere with financial plans, but the effect can be managed through various protection measures.

“Life Insurance provides professional reliable protection measures that will ensure that you achieve your goals despite unexpected event that may happen in the future,” Mr. Saigbe said.

On how to achieve financial resilience in life, Mr. Saigbe advised that people should be deliberate in their financial planning; they should start early; they should plan for every stage of their life and financial circle; they should not ignore Life Insurance in their financial planning, noting that Life Insurance provides protection against unexpected events.

He also enjoined the public to take life Insurance policies to meet different needs in every stage of their life, ensure that the premium for their life Insurance policies is within their affordability range and ensure that they review their investments and insurance policies regularly.

When choosing life insurer, Mr Saigbe urged the insuring public to consider the following: choose a licensed insurer; choose products that meet your needs – Living benefits; choose insurer based on its financial strength; choose an insurer with excellent claims payment records; consider an insurer with adequate client services and support and accessibility, noting that Coronation Life Assurance has met all the criteria stated above.

Relevance of Life Assurance, according to Mr. Saigbe, include family financial protection (income replacement and stability in living standard); accumulates savings for investment and future expenses; pay off loans/debt in the event of disability or premature death; funding children education; tax planning; attract quality staff for business organizations; buffer for decline profit resulting from Keyman risks and stream of income after working life- retirement annuity plans.

While highlighting some life assurance products namely term assurance products; family income benefit products; Group term assurance; keyman benefit products; whole life products; critical/chronic/terminal illnesses insurance; investment products; unit-linked products and annuity products as products that provide protection against future uncertainties, the insurance expert, urged the public to take advantage of these products as provided by Coronation Life Assurance Limited to better their lots.

The basic functions of Life Assurance, Mr Saigbe explained, are replacement of lost income due to premature death, disability or job loss of the breadwinner; prevents fluctuations in standard of living of a family; distributes losses amongst the insuring public; provides a stream of income at old age or retirement; reduction of dependency on the society and provides relative stability during periods of unexpected events – neutralizes uncertainties.

Head, Underwriting Life, Coronation Life Assurance Limited, Mr Kenneth Essu, listed some life insurance products offered by the company to include

Term assurance; life insurance, annuity; loss of job; group life,

While urging the public to visit Coronation Life Assurance for these products to boost their financial plan, Mr Esau charged the insuring public to always consider life insurance as paramount in their financial and investment plans.

He said what determines the future of an individual is his/her ability to make an informed decision concerning his/her financial plans, just as he advised the public to always take the suitability of insurance products into consideration before choosing a policy or plan.

In her contributions, Registrar/Chief Executive Officer, Chartered Insurance Institute of Nigeria (CIIN) Mrs. Abimbola Tiamiyu, described investment as critical in the life of any individual, urging all to always consider starting investment in the early stage of their lives with the little they have without waiting until they have so much amount before they can do so.

She said one of the best investment options is Life insurance, just as she enjoined the public to take advantage of various life insurance products to hedge against unexpected as well as safeguards their future.

While emphasizing the need for proper investment and financial management, Mrs Tiamiyu said proper financial planning guarantees the financial well-being of an individual and that of his/her families.

She advised the public that while investing, they should ensure that they do not outlive their income or financial resources. “We should sow our clothes according to our clothes not according to our size.”

“Life Insurance is a policy that can buy other benefits,” Mrs. Tiamiyu added.

The Founder, Africa Insurtech Lab (A.I.L), Dr. Tunde Salako, charged insurers to take advantage of technology to drive their operations, deepen their reach and enhance their accessibility.

He said technology has continued to help especially in the area of data and enhanced operations.

The tech expert urged insurers to leverage technologies to expand their channels of distribution in order to make insurance products accessible and available to the people.

The Coronation Life Assurance Ltd Webinar Series constitutes an integral component of the company’s thought leadership initiatives, designed to provide relevant insights to both corporate and individual clients. The current edition of the series is focused on a pivotal question: “Protection against the Unexpected: How confident are you about the future?”.

The webinar aims to educate, inform, and empower entrepreneurs and business owners with the knowledge and tools required to navigate the uncertainties of life confidently. Given that human capital is the most valuable asset of any business organization, this event seeks to emphasize the importance of financial resilience, planning, and various protection strategies that go beyond specific insurance products