Yes! Once again the talk of insurance, its benefits, and types which you’re not interested in, right?. There’s no need to waste time-saving money you might never have to use by the way. Buying insurance is certainly one of those things that are ignored and seen as unnecessary in Nigeria.
Why do I need an insurance policy you may ask, well the benefits are quite numerous and quite interesting. One of them is that you enjoy 100% guaranteed coverage of your loss or damages you suffer from havoc.
There are insurance policies that are highly recommended because buying these policies saves you the troubles of unforeseen accidents and casualties. So let’s briefly emphasize these 5 policies that you should have anywhere in the world.
HEALTH INSURANCE
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Have you ever been involved in any ghastly accident that rendered you bankrupt because you spent it on getting medical treatment? Then you’d understand why getting health assurance is one insurance policy you should have.
Health insurance gives coverage over the medical bills charged for your clinical treatment, tests, and medications. So when you are sick and have no funds in your account, you can rest assured that your insurance has got you covered.
LIFE INSURANCE
Don’t mistake this insurance for assurance over long life or protection from death. This can only be in the control of the giver of life, God, and not some insurance company. Life Insurance is that insurance that settles the losses incurred from death. Perhaps, the death of the breadwinner or money spent during a funeral.
This insurance provides the money that would be needed to cater to the needs of the mourning family as much as it can.
There are two major types of life insurance which are term life insurance and permanent life insurance. The latter is only for a specified period while the former can last for the duration of your life.
The extent to which this insurance policy covers majorly depends on the total premium that was saved up by the victim.
DISABILITY INSURANCE
This insurance policy is mostly expected of every big company or industry to get because it is a workers’ compensation insurance policy for their employees. Though ignored, this policy is quite necessary for employers especially. It pays for the monetary needs of its workers who may have gotten disabled or injured at work while carrying out their tasks.
This policy could either be short-term or long-term. A short-term liability plan only covers injuries or temporary disabilities caused by an accident in the company. It affords the victim of the accident the life he was living while earning, however, it expires once the injury is healed or there’s recovery.
A long-term disability plan is a coverage over very critical injuries that leave the worker permanently disabled. This is full compensation to the victim and has a longer duration than the short-term liability plan.
So as an employer of labour, you should consider buying this insurance to save you from being sued or worrying about the resources.
Homeowner’s Insurance
Homeowner’s insurance is one policy you should have house owner. Getting this coverage could save you the cost of damages done to your house and the contents in it. Depending on the packages of this insurance, you can get a replacement of structure and settle the cost of living somewhere else while your house is being fixed.
This type of insurance could save you from the losses caused by perils such as fire or lightning, smoke, explosions, vandalism, theft, volcanic eruptions, etc
Also, make sure the policy includes coverage over any injuries that may be sustained on your property.
Here is a list of homeowner’s insurance policies to look out for:
- Personal property coverage
- Dwelling coverage
- Loss of use plan
- Personal liability
- Medical Payments
AUTOMOBILE INSURANCE
Having car insurance is a mandatory policy in Nigeria and you can be penalized for driving without one. Asides from the fact that it is compulsory to have automobile insurance, it is also very beneficial because, in the event of a ghastly accident, it saves you the cost of damages done.
There are two major types of vehicle insurance, which are;
- Third-party insurance
- Comprehensive insurance
Third-party insurance handles the liabilities of any third party involved in the traffic accident i.e it pays for the losses of another victim asides from you.
Comprehensive insurance has a large coverage over the damages you suffer from, ranging from car replacement, engine replacement, medical bills payment, etc
The type of car insurance policy you opt for is equivalent to the amount of premium you pay.
These 5 aforementioned insurance policies centre around the major things which you should have coverage over. You can’t imagine going through the pain of losing your newly gotten car to accidents or a just refurbished house to a fire incident. This is why these policies are quite paramount if you don’t want to suffer bank-breaking losses in the future.
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