In the eighties, when life was bubbling and
activity seems to be at a slow pace, many folks including mine, took the sweet
food insurance firms had to offer. Just like any other naïve investor, it was
just another package around. Little did they know that it is an investment worth
offloading any form of risk.
There were no proper enforced policies to
safe guard the funds of clients, and quite a lot of funds came crashing down
with a few firms. A kinsman of mine (now late), while growing up, vividly said nothing
would make him put his funds in any insurance firm. This notion was passed unto
us as kids then. Consciously or unconsciously we kept singing that song, even
when we knew nothing about it.
Interestingly is that this same song is been sang by many
age brackets of the early 70’s and early 80’s like me, including the 19th
century kids.
I began having a change of mind and attitude
after reading Robert Kiyosaki’s books on investment. It dawned on me, that we
were ill informed and also the approach to insurance taken by our folks back
then was from a different mindset and not the personal risk reduction attitude.
Most of the comment heard from ill informed
public about insurance is that, ‘they just collect your money and run away’.
Others say’ it’s not just possible to get money after an accident or damage occurs’.
These are some of the common comments made, but it is not the way it has been
viewed.
Insurance is not a get rich or money vault
scheme as perceived by many. Rather it is the collection of pool of funds to
invest and kept for uncertainties, which invariable will definitely occur. This
based on factual probabilities and possibilities.
Most definitely death will surely occur,
accidents can be reduced but not unavoidable, illnesses will always be on the
rampage, a bread winner could drop dead at anytime, floods and fire disaster
can be curtailed, but often do occur and to mention a few.
Insurance firms have got various products
that suite quite a number of situations, not necessarily death and motor as
known only by a few.
Understanding that risk is inevitable, but
can be reduced is the right step to understanding and appreciating the benefits
of insurance cover. Developed nations have a good policy structure that
supports the growth and survival of insurance industries.
Back home in Nigeria, mistakes may have been
made in the past, yet the present and the future is bright as policies in this
sector is seriously been enforced. Not to mention the benefits accrued the
individual who has got a life policy.
If you have been in the school of myth about
this sector, like me, then it’s time to take the bull by the horn and have a
rethink. The traffic management agencies are doing their best, disaster
agencies are up and doing, fire stations may be well equipped; hospitals having
the best of equipments, airlines may be the 21st century models,
buildings may have passed construction stress tests etc. All these are not a
guarantee that disaster will be kept at bay.
The Insurance sector has got quite a lot of
benefits. It’s time we stopped been deceived and plunge into the pool of
wholesome economic advantages it has to offer.
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