Your financial health check is incomplete without insurance

How healthy is your financial plan? Have  you taken time to provide for the unexpected, or are you one of those who have the impression that insurance is for the rich or for organisations that have property to insure? It may interest you to know that the less-privileged who may lack a fall-back plan have more risk exposure than the rich who may have such a plan. Experts have come to an agreement that financial planning is incomplete until you assess and address your insurance needs. They say insurance is an important element of any sound financial plan, adding that there are numerous insurance polices which can protect you and your loved ones against the cost of accidents, illness, disability and death.
 A financial health check can help you make a better plan for yourself and your family, which is why you should seek counselling to identify your insurance needs which may be influenced by family size, age and economic situation.Â
There are many forms of insurance, but unfortunately, no one-size-fits-all policy. This therefore requires that each individual meets his insurance broker or underrating agent to seek the most suitable type of cover. Life insurance, for example, is a virtual necessity if you have a spouse and children, but is perhaps less important for a single person. Disability insurance, which provides an income stream if you are unable to work, is important for everyone.
Personal Liability InsuranceÂ
Personal Liability Insurance provides indemnity to the insured and all the members of his family residing with him against all legal liability to third party for accidental bodily injury or accidental damage to property while walking, cycling, horse-riding or taking part in any other domestic or recreational activities, etc.
Money Insurance
Money Insurance is an important part of an accident account and is needed by most businessmen who wish to take cash to the bank or collect same from customers and carry wages.
Group Personal Accident
This policy indemnifies the insured against loss or damage as a result of death or bodily injury occasioned by accidental, violent, external and visible means independent of any other cause. It is a benefit policy and is not subject to the principle of indemnity.
Capital Building PlanÂ
Many individuals are not interested in life assurance because they regard benefits offered at maturity as not commensurate with total premiums payable. Some policyholders also feel dissatisfied after some years due to inability of their life assurance policies to adequately meet their future needs that may have changed as a result of certain developments.
Life Insurance
Life insurance is a contract between the policy owner and the insurer, where the latter agrees to pay a sum of money upon the occurrence of the insured individual’s or individuals’ death or other events, such as terminal or critical illness. In return, the policy owner agrees to pay a stipulated amount called a “premium” at regular intervals or in lump sums. As with most insurance policies, life insurance is a contract between the insurer and the policy owner, whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy.