How insurance can help you through life stages and plan better

September 28, 2023

Life is an intricate journey filled with milestones, challenges, and surprises. At each stage, we encounter new experiences, responsibilities, and dreams. In Nigeria, similar to many parts of the world, insurance is emerging as a powerful ally in navigating life’s unpredictable terrain.

Understanding how insurance works helps us navigate different life stages. It helps us plan better and protect ourselves as well as our loved ones from unexpected financial burdens.

We will learn from the story of Tolu and her community whose lives have been enriched and secured by clever use of insurance.

From youth to old age, despite the 97% adoption gap by Nigerians insurance remains a good financial cover.

Chapter 1: Blossoming youth

Meet Tolu, a vibrant 25-year-old professional carving her path in Lagos. As she begins her career journey, Tolu recognises the importance of financial independence and security. She takes the first step by investing in a comprehensive health insurance plan. This decision proves invaluable when a sudden illness strikes, and Tolu receives top-notch medical care without depleting her savings. Her foresight teaches us that health insurance is the cornerstone of a young person’s financial planning, ensuring that unexpected medical expenses do not derail your dreams.

How insurance can help you through life stages and plan better

No doubt, health is wealth, and having access to quality healthcare is crucial at every life stage. There’s also Ibrahim, a young entrepreneur, Tolu’s cousin, who understands the importance of health insurance and its role in safeguarding his well-being. He chooses a comprehensive health insurance plan that covers medical expenses, hospitalisation, and emergencies. This ensures that Ibrahim can receive the necessary medical treatment without worrying about the financial strain it may cause.

Health insurance also provides access to a wide network of healthcare providers, giving Ibrahim the freedom to choose the best care available.

Chapter 2: Building a family and home

Fast forward a few years, and we find Tolu married to Chuka, with a charming toddler named Zara. They have just purchased their first home in Abuja. To protect their growing family and investment, they turn to life assurance and homeowners’ insurance. Tragically, an unforeseen accident takes Chuka away, leaving Tolu as the sole provider. Thanks to their life assurance policy, Tolu receives a substantial payout, offering her financial stability and peace of mind during the most challenging phase of her life. Simultaneously, homeowners’ insurance helped her rebuild after her house was damaged by a flood, reminding us that insurance can be a lifesaver during turbulent times.

If we step away briefly from the story of Chuka’s demise, and enter the lives of Emeka and Ada, Tolu’s neighbours, who have recently tied the knot and are eagerly looking forward to starting a family. They have decided to take out a life assurance policy after learning from Tolu’s story, to ensure that their children will be financially secure in the event of unplanned life situation. By doing so, they can have peace of mind, knowing that their children’s education and other needs will be taken care of, even if they are no longer around.

Life assurance can also provide a lump sum payment to cover funeral expenses, easing the financial burden on grieving family members.

Chapter 3: Nurturing dreams and building wealth

Zara is now a bright teenager with aspirations to study abroad. Tolu’s dedication to her daughter’s dreams drives her to invest in an education insurance plan. With this foresight, Zara’s path to international education is secure, and Tolu’s finances remain robust, even amidst significant expenses.

Meanwhile, we can learn a thing or two from Temisan, Tolu’s colleague and a hardworking Nigerian professional who is focused on building wealth and securing a comfortable retirement. He understands the importance of protecting his assets and investments from unforeseen events.

Temisan decides to invest in property insurance to safeguard his real estate investments against natural disasters, theft, and other potential risks. Additionally, he opts for a comprehensive car insurance policy to protect his valuable vehicles from accidents, theft, or damage. By insuring his assets, Temisan focuses on his financial goals, knowing that he has proper coverage in place.

Chapter 4: The golden years

As the years go by, Tolu approaches retirement age, eager to enjoy her well-deserved rest. She reflects on her journey, grateful for the financial intelligence that allowed her to embrace each life stage with confidence.

Indeed, as individuals approach retirement age, financial security becomes a top priority.

Take the case of Mrs. Adebayo, Tolu’s friend, who has been diligently contributing to her pension fund throughout her working years. She recognises, however, that her pension might not be sufficient to maintain her desired lifestyle after retirement. To bridge this gap, she invests in a retirement annuity plan that will provide her with additional regular income during her retirement years. This allows Mrs Adebayo enjoy her retirement without worrying about financial stability.

Chapter 5: Leaving a legacy

Tolu’s story and those of the community around her is a testament to the transformative power of insurance. Her financial journey began with a simple health insurance policy but evolved into a comprehensive safety net, allowing her plan better and protect her loved ones. As she shares her experiences with her granddaughter, she encourages the next generation to make insurance an integral part of their financial planning. Tolu’s legacy is not just about financial security; it is the wisdom to embrace life’s uncertainties and navigate every life stage with grace.

In Nigeria, insurance is evolving from an afterthought to a strategic asset that empowers individuals and families to plan better and thrive at every life stage. Tolu’s journey exemplifies the transformative power of insurance, from safeguarding health in youth, and mid-stage in life to securing a comfortable retirement.

By weaving insurance into the fabric of your financial plans, you can embark on life’s journey with confidence, knowing that you are prepared for whatever twists and turns lie ahead.

In this evolving landscape, insurance is not just a financial tool; it is a vital companion that helps you protect your dreams, your loved ones, and your peace of mind.

Remember, it is never too early or too late to start planning and securing your financial well-being with insurance.

Reach out to Coronation Insurance at +234-127 74 500, +234-709 9821 284 or contactcentre@coronationinsurance.com.ng to start your journey to financial excellence today, because we are your prosperity partners.