Amaka Obiefuna

Using life assurance products to achieve greater peace of mind in the face of uncertainty was the topic of a recent webinar hosted by Coronation Life Assurance.

Titled “How Confident are you about the Future? Protecting yourself from the unexpected,” the webinar shared insights from various experts concluding that while life is full of surprises, proper financial planning helps manage uncertainty, creates predictability, and builds confidence and success.

The Sky is the Limit

People can take out as many policies as they need to cover the risks that they face. As long as policyholders continue paying premiums – either weekly, monthly, biannually, or annually – they will receive the agreed assistance up to the amount stipulated for the named risk.

Advice is Key

The host of life assurance products in the market, as well as the very different risks that individuals, families, associations, or businesses face, requires that people consult with accredited financial service providers. Accessed online, over the phone, or in-person, qualified financial advisers take the time to understand individual circumstances, income, and obligations, blending the right mix of covers, or tailoring bespoke policies, to match the risks that different clients face.

Education

The lack of knowledge, low levels of trust, and poor take-up of life insurance products in Nigeria meant that Nigerians suffered disproportionately from the impact of unforeseen events. Nigeria’s financial services sector in general, and Coronation in particular, recognized their responsibility to educate as many people as possible on the benefits of life assurance. The current series of public education webinars hosted by Coronation are examples of the kinds of initiatives underway to broaden the knowledge and use of life assurance products in Nigeria while also extending financial inclusion.

Technology

Exciting technological developments are likely to increase the use of life assurance and other financial empowerment products by increasing distribution online, via hand-held phones, or through third parties. Better data and artificial intelligence are also likely to see a proliferation of new products, covering new risks faced by millennials, generation Zs, and even younger people working in a new globally-integrated digital economy in which covers could be sourced in multiple countries for risks that might occur anywhere in the world.

Conclusion

Since trust is at the heart of the life assurance sector, it is important that Nigerians work with reputable providers with demonstrated track records of paying out on policies.

It is also important that people considering life assurance products talk with an advisor, or, ideally, several advisors from different organisations. Advice is free and will help people decide which covers are most appropriate for their peace of mind. In selecting an advisor, however, it is critical that Nigerians work with professionals who take the time to understand the details of their personal circumstances, income, obligations, and risks so that they purchase affordable policies for only the risks that they face.