Types of Insurance Cover Every Nigerian Needs

Types of Insurance Cover Every Nigerian Needs

Every Nigerian needs some basic insurance cover to ensure the continuity of life in the vent of unforeseen calamities.

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The Need for Insurance Cover

Every Nigerian needs some basic insurance cover to ensure the continuity of life in the vent of unforeseen calamities. These insurance covers are provided by insurance companies in Nigeria.

Life Insurance Cover

Life insurance is the type of insurance you the policyholder does not benefit from. It actually is for the protection of the people financially dependent on you like your spouse and children.

Buying life insurance cover guarantees that they will not suffer if you die.

Who Should Buy a Life Insurance Cover?

Everybody, particularly if you are the breadwinner of the family. If your spouse, children, parents would suffer financial hardship if you died, buy life insurance now.

It should be your number one priority of all required insurance policies.

How Much Life Insurance Should You to Buy?

  • How much do you earn per year?
  • How many years you plan to remain employed?

Buy a policy that can replace that yearly income in case you die untimely.

Also, you should include your burial expense too. Many families spend the money they should use to continue life on
the breadwinner’s burial and then suffer later.
 

Long-Term Disability Insurance Cover

The idea of becoming disabled over a long time is so scary that some people ignore it. But life is uncertain and while no one prays for it, long-term disability is a possibility.

Rather than rely on hope to protect your future earning power, a wise man prepares for uncertainty to the best of his ability.

So, rather than being naïve, choose a disability policy that will cover you so you can continue your current lifestyle if for whatever reason you can no longer continue  to earn from your work.

Who Should Buy a Long-term Disability Insurance Cover?

Everyone should that is working and earning a living or doing a business should. However, if your work involves a higher level of risk or your work requires that you travel more than the average person, then buy a long-term disability insurance cover.

How Much Long-term Disability Insurance Should You to Buy?

  • How much do you earn per year?
  • How many years you plan to remain employed?

Buy a policy that can replace that yearly income in case you suffer long-term disability.

 

Health Insurance Cover

Even in government hospitals, the cost of medical treatment is rising fast; talk less of private hospital bills. And because you cannot determine the future, you need to consider health insurance seriously.

People fall ill daily from Malaria and other illnesses to more serious injuries that require admission into a hospital. Sometimes depending on the level of injury or type of illness, admission into a hospital can cost as much or more than the cost of traveling abroad.

Injuries that need to be surgically operated can run into tens and hundreds of thousands of Naira quickly.

While many people see the increasing cost of health insurance as a burden financially, the potential cost of not treatment for those who do not have a health insurance cover is way higher.

Who Should Buy Health Insurance Cover?

We all should. However, if your employee benefits include a level of health insurance, then you may not or just buy additional cover to supplement.

How much health insurance should you to buy?

  • Does your employer offer health insurance benefits?
  • Does your family have a history of a particular disease?
  • Do you fall ill frequently?
  • Do you prefer or currently enjoy a certain standard of medical care?

Buy a health insurance cover that can reasonably take care of your health in case of any medical emergency considering the question above.

 

Home Insurance Cover

Building a home is an expensive project that many people have joyfully completed or are look forward to embarking on. However, replacing a home is an even more expensive proposition in the event of a loss of the home.

However the right home insurance can make the process of replacing a home a bit easier in the event of a loss.

Home Insurance is a property insurance covering private homes, buildings and their contents. The cover guarantees financial protection if your home or its contents should get damaged.

Most home insurance cover damages due to fire, windstorms, lightning, theft or vandalism.

This can get you back on your feet and give your life back normal after damage to or total loss of your house or possessions.

Who Should Buy a Home Insurance Cover?

Everyone especially those that own their own homes ought to buy a home insurance cover.  Building a house is an expensive project.  A home insurance is a major that is working and earning a living or doing a business should. However, if your work involves a higher level of risk or your work requires that you travel more than the average person, then buy a long-term disability insurance cover.

How Much Home Insurance Should You Buy?

  • The cost of replacing your home could be higher or less than the cost you used to build it based on the age of your home and the facilities it contained.
  • For an accurate estimate of the cost, find out the cost local builders charge per square foot and multiply it by the amount of space needed to be replaced.
  • Include the cost of upgrades and special features and make sure the home insurance you are buying provides enough cover for liability cost due to injuries that may occur on your property.
  • Note that rebuilding/repair cost does not include the cost of the land because it is an asset that already belongs to you.

 

Car Insurance

Some level of car insurance is required by law in most places. Even if you are not required to have it, and you are driving an old vehicle that you have fully paid off, car insurance is a must-have.

If you, a driver of yours, or your company car get into an accident and injure someone or damage their property, you or your business could be sued to court and this can cost you almost all you own.

Car accidents happen in a split-second and can be tragic. Your car may be stolen or vandalized. Not having car insurance or buying the minimum required cover because you want to pay a little premium will put all you at a huge risk.

Who Should Buy Car Insurance Cover?

Everyone or organization that own vehicles need car insurance and should buy a comprehensive car insurance cover. If you don’t want to spend money replacing a car in the event of vandalization or theft, then buy a car insurance cover.

How Much Car Insurance Should You to Buy?

  • Would you want to still spend after a car accident?
  • Would you want the insurance company to fully cover the liability?

Buy a policy that can replace that your car(s) in case of a car accident or theft.
 

Conclusion

Insurance covers are a variety and have various feature, benefits and prices. Do you findings carefully, study the fine print in the policies and talk to the insurance agent to be sure you understand the terms of the cover and cost. Buy policies that are sufficient for your needs and buy only when you are happy with the cover.

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