Maximising your insurance potential
By all means, you do not buy insurance for buying sake. But still, everyone needs one form of insurance or another. It is not the case of one cap fits all, but a function of each individual’s unique characteristics and situation.
Most people have gone to take life insurance without taking into cognisance what informs their decision to take a particular type and at a given stage of life. As experts put it, it is advisable that people go through a financial health check to really know what type of policy they really need.
They say that is the only way you can maximise the benefit and enjoy premium payment in the course of the policy.
Jude Ekanem, an insurance broker based in Calabar, said the best thing for insurance consumer is buy what he or she needs and not what is sold by the insurer.
“We take our time to let our clients know the type of insurance that fits them based on their circumstance and needs, saying it is only through that they can appreciate taking the policy,” he said.
Who needs life insurance? Experts in finance say you need it if there are individuals who depend on you for financial support, or if you work at home providing your family with such services as child care, cooking, and cleaning, you need life insurance.
Older couples also may need life insurance to protect a surviving spouse against the possibility of the couple’s retirement savings being depleted by unexpected medical expenses. And individuals with substantial assets may need life insurance to help reduce the effects of estate taxes or to transfer wealth to future generations.