Here Are The Benefits 94.6million Uninsured Nigerians stand To Lose

Oct 30, 2017

Here are the benefits 94.6million uninsured Nigerians stand to lose

Nigeria currently has an adult population of over 96million people. However, the statistics of insured Nigerians which currently stands at 1.8million as revealed by the National Insurance Commission (NAICOM) during the just concluded 2017 Annual Seminar for Insurance Correspondents is a stark contrast in comparison with the number of insurable adults. This means that a staggering 94.6million Nigerians are currently without the financial protection that insurance offers in unfortunate occurrences. In other African countries like South Africa, 22% of her adults have ‘broad insurance cover’.

Read also: Nigerian SMEs and The Risk of Being Uninsured

The implication of this huge gap in insurance coverage is that a vast majority of Nigerians may never enjoy the benefits of insurance in their lifetime, as it is the case in developed economies. Nevertheless, the reality is that unfortunate life events can happen to anyone irrespective of supposed preparedness that could adversely reverse the comfortable financial position many would have thought they had.

We have highlighted the benefits that many uninsured Nigerians stand to lose:

Protection from bankruptcy

Here are the benefits 94.6million uninsured Nigerians stand to lose

Being involved in an emergency situation can be devastating: physically, emotionally and most critically, financially. You may have some money saved up, but in reality, if the worst happens, would your savings be enough to help you recover? This is where insurance comes in, offering financial compensation for losses one may have suffered from the outcome of disastrous incidents, consequently affording you the opportunity to continue life without setbacks.

Guaranteed continuous child education 

There is no gainsaying that quality education is the best investment parents can bequeath their children. But according to a study carried out by Tributaries International, a global child care and development organization, the death of a parent is one of the major reasons children drop out of school.

Learn about: How You Can Protect Your child’s Education With Insurance

Here are the benefits 94.6million uninsured Nigerians stand to lose

Another study points that children recently orphaned are on average twice likely to cease schooling than children with living parents. With insurance products now designed to provide funding for your child, should the unfortunate incidence of death snatch the breadwinner, the children of the insured will be able to pursue their dreams nonetheless.

Business continuity 

Businesses are fuelled by the passion and optimistic vision of their founders who strive to conquer the odds to create successful enterprises. But the reality is that businesses are daily faced with business-threatening risks, that passion and optimism are powerless against. For instance, sudden changes in the business environment, such as disruptive government policies, ground-breaking innovations, economic headwinds as well as devastating incidences of fires, burglary, floods, legal actions, work-related accidents amongst others, can change the fortune of the company overnight. But with insurance, the burden of unplanned financial loses is guaranteed to be borne by the insurer. This is a well-known risk mitigation measure that every business is expected to have in place.

 

Compensation for accidental death or disability 

According to the Federal Road Safety Corp (FRSC), Nigeria is one of the countries with the highest number of road fatalities in Africa and there are 33.7 deaths per 100,000 population in Nigeria every year. In the first quarter of 2017 alone, 8,672 Nigerians got injured in road traffic crashes. With many uninsured Nigerians commuting daily, injuries and even death from these accidents, unfortunately, go uncompensated; leaving families torn apart by not only the tragedy but the financial burden of hospital bills, funeral expenses and continuing the education of school children. Without insurance, you risk burdening your family financially in event of such tragedies.

Read also: 2,653 People Dies From Road accidents In Nigeria Between January and June 2016. But Did Their Families Receive The needed Compensation?

Even those who understand the benefits inherent in insurance blame cost for the reason they do not procure insurance. However, this does not have to be the case anymore, as Leadway Assurance has introduced a pocket-friendly comprehensive insurance policy specifically designed with affordability in mind. It is known as the Leadway Home Flexa Silver. 

With premium payments for as low as N12,885 yearly or N1,074 monthly installments, the Leadway Home Flexa Silver provides up to N500,000 comprehensive insurance cover for multiple insurance needs ranging from; personal accident, property loss, property damage, private health plan and family benefit. Policyholders under the Leadway Home Flexa Silver plan enjoy the following benefits:

  1. Up to N125, 000 payable in compensation for loss or damage to household items caused by fire, burglary, malicious damage, strike & riot, flood & storm, lightning, limited explosion or earthquake.
  2. Personal accident cover of up to N200, 000 to your family if you or your spouse die or become disabled as a result of an accident.
  3. Family (policyholder, spouse or children) cover of up to N40,000 for medical treatment and hospitalization at a mission hospital or Federal/State government hospital.
  4. In the event of the unfortunate demise of the policyholder or spouse, a cash contribution of N65,000 will be contributed to the family to cover the funeral expenses.

Unlike other insurance policies, the Leadway Home Flexa Silver offers a unique cash back policy where you get your money back for low claims; that is, if the money claimed for loss or damage is low, a portion of the money paid for premium will be returned to you or will be given to you as a discount at the point of renewal of policy.

Go on, contact Leadway Assurance for more information on the Leadway Home Flexa Silver call our customer care service lines on (01) 2800 700, 2800 701, or send an e-mail to Lcs@leadway.com for more information on other products in our offerings.

 

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