The complexity and uncertainty of the current state of the Nigerian economy can make everyday life feel like a precarious journey, with many potential risks and dangers along the way. But while the path may be uncertain, insurance can play a vital role in protecting individuals and their families from the unexpected, say analysts at Coronation Insurance.
It is to this end that the insurer has drawn a list of five key insurance policies to consider in navigating the dynamic landscape of Nigerian life.
In a recent analyst insight titled “Beyond Naira Notes: 5 Insurance Policies That Secure Your Nigerian Journey”, Coronation Insurance stressed the importance of investing in one’s well-being through insurance as the foundation for thriving in all aspects of life. It noted that insurance is not just about money, but an investment in an individual’s peace of mind, financial stability, and the pursuit of dreams with confidence.
“Health insurance is like a sturdy brick wall around your health. It shields you from unexpected illnesses and medical bills. Motor insurance is like a metal fence guarding your car, keeping it safe from bumps and crashes on the road. Home insurance is like a roof over your head, protecting your precious home from storms, fire, and even mischievous monkeys.
“So, just like you wouldn’t build a house without thinking about how to protect it, you shouldn’t navigate life in Nigeria without having these essential insurance walls in place,’’ Coronation explained.
With the high cost of healthcare in Nigeria, Coronation Insurance emphasised the necessity of health insurance, as it can help cover the expense of hospitalisation, medical treatments, and prescription medications. The company also noted the importance of critical illness insurance coverage, which can provide much-needed financial relief in the event of a serious illness.
“Imagine someone being suddenly diagnosed with critical sickness like cancer or an organ transplant requiring intensive treatment, with the absence of emergency funds. In a land where healthcare costs can feel like mountains, critical illnesses can add financial worries to an already spiralling sense of anxiety. For critical illness treatment, having health insurance grants access to quality healthcare without draining your savings,’’ said analysts at the firm.
In addition to the obvious benefits of having a comprehensive motor insurance policy, Coronation Insurance also highlighted the importance of having this type of coverage for a more confident journey.
Coronation described home insurance as “a guardian angel watching over your brick-and-mortar investment”, providing protection from a wide range of unforeseen events. This type of insurance, it said, can give one peace of mind in the face of fire, theft, and other natural calamities, as well as the financial security to rebuild or repair a home in the event of damage.
“Fire and Special Peril insurance becomes your silent helper, guarding your enterprise against potential setbacks. From liability coverage shielding you from customer claims to business interruption insurance ensuring your income stream remains strong during unforeseen closures, these policies become your silent protectors,’’ it stated.
According to Coronation insurance, life insurance policy is a key consideration for Nigerians looking to protect their families and loved ones, adding that it can provide financial security in the event of an untimely death, and can help to cover expenses such as funeral costs, outstanding debts, and education for children.
“Life insurance ensures your loved ones inherit not just memories, but financial security when you’re gone. It becomes a bridge across time, protecting their future even when you’re not there to guide them,’’ the insurance company noted, while urging Nigerians to adopt the five essential insurance policies as an avenue to navigate the dynamic landscape of Nigerian life.