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The famous American author Leo Buscaglia once said, “The greatest hazard in Life is to risk nothing”. This quote emphasizes the importance of Life Insurance and financial planning in mitigating the hazardous risk that comes with living Life with its uncertainty.
Just like Yinka, a Civil Servant, who heard about Coronation Life Assurance’s “Lifetime Protection Plan,” he was instantly intrigued. The inflation rate had reflected in his income, and the idea of securing his family’s financial future sounded like the responsible thing to do. But when he sat down with the agent to discuss the plan, reality hit: his monthly expenses, debts, and lack of savings made the premiums seem out of reach.
He had a good job, yet no financial structure. His salary came in and went out almost as fast, leaving little room for long-term commitments like life insurance. Yinka realized something that many working professionals often overlook: wanting financial security is not enough; you have to plan for it.
The Missing Link between Income and Security
Many people, like Yinka, earn a decent income but struggle to manage it effectively. Financial planning isn’t just about saving money; it’s about setting clear goals, managing expenses, and creating a roadmap that supports future stability. Without a plan, even the best intentions fall apart.
Life insurance is one of the most important pillars of financial planning. It ensures that your loved ones are protected in case of life’s unexpected turns. But to afford and maintain it comfortably, your finances must be structured with intention.
Why Life Insurance Matters
A life insurance policy like the Lifetime Protection Plan from Coronation Life Insurance is designed to protect your loved ones against financial loss in the event of your demise any time it occurs. It provides cover throughout your lifetime. This implies that the specified sum assured becomes payable to your estate or named beneficiaries in the event of your demise, anytime it occurs.
It guarantees that your dependents can sustain their standard of living, pay off debts, or fund future needs like education, even in your absence.
Here’s why it’s an essential part of any financial plan:
- Income Replacement: Your loved ones won’t be left stranded if you’re no longer around to provide.
- Premiums are tax exempt: You can claim a personal income tax deduction based on your life premium.
How Financial Planning Makes Life Insurance Possible
Financial planning is the bridge between where you are and where you want to be. It helps you create the financial bandwidth to accommodate meaningful commitments like insurance. Here’s how to start:
- Assess Your Current Situation: Track your income, expenses, and debts. Know where your money is going each month.
- Set Clear Goals: Define what financial security means to you, paying off debt, buying a home, or ensuring your children’s education.
- Create a Budget: Allocate funds for essentials, savings, and protection plans. Even small adjustments can free up cash for insurance.
- Invest Wisely: Choose investments that align with your risk tolerance and long-term goals.
The Power of Starting Early
The earlier you begin planning, the easier it becomes to secure affordable life insurance. Premiums are generally lower when you’re younger and healthier. More importantly, starting early gives your money time to grow, whether through savings, investments, or policy benefits.
Yinka learned this lesson the hard way. A few months after his first attempt, he revisited his finances, created a budget, and cut unnecessary expenses. Within a year, he successfully signed up for the Lifetime Protection Plan. Today, he not only feels more financially confident but also sleeps better knowing his family’s future is secured.
Final Thoughts
Life insurance and financial planning go hand in hand. One ensures your loved ones are protected; the other ensures you can sustain that protection without strain.
Like Yinka, it’s never too late to take charge. Start by evaluating your finances, setting clear goals, and committing to a plan that works for you. With discipline and the right protection such as Coronation Life Assurance’s Lifetime Protection Plan, you can build not just wealth, but a legacy of security and peace of mind.
For more enquiries, email: info@coronationinsurance.com.ng or call 02-012275475, 02-012275476
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