Your job can be your insurance if…
Sir: Let’s talk about work, not just for today but more importantly, for tomorrow, which we know often bears pleasant surprises and painful shocks.
Working or having a job certainly still puts anyone in a position to bounce back when something goes wrong. That’s your insurance right there!
You can get support from colleagues, or even loan from finance companies, because they’ll believe you’re creditworthy. Again, the sense of insurance!
Not done, the demand for (payment of) increase in minimum wage will further ensure that workers have their jobs as insurance against anything that might go wrong at anytime.
The question, therefore, is: “Would the positioning with money ever be enough to handle the unexpected events of accidents, illnesses, floods, fires and other incidents?
Oh no! We don’t set money aside to address misfortunes, but to invest and increase our net worth. Something best done by insurance unknown to many!
Advice 1: Secure your retirement. When your job serves as your insurance, not only because of the monies you’re paid, but also due to the statutory obligations your organisation must meet regarding insurance (Group Life Assurance, Health Insurance, among others), you need to deliberately consider life and living beyond your working years. You should retire and feel more insured, rather than be exposed to the vagaries of the society.
Advice 2: Continue with Health Insurance in Retirement. Medical check-up to stay healthy is most needed during retirement and your Health Insurance can ease the costs of medicare. Some retirees have good knowledge of the benefits and enjoy it whilst others keep spending out of their pockets when illnesses arise. Please, give yourself a treat!
Advice 3: Maintain an active and effective relationship with your insurance broker/advisor.
You need all the peace of mind you can get during retirement, so to enjoy better insurance experience, your Insurance broker/advisor should be part of your inner circle. You’ll be sure to be updated on insurance industry matters, and the status of your insurer.
Advice 4: Share Your Disposition Towards Insurance with Younger Ones.
So often, we find out that insurance experiences are rarely amongst discussions older people have with their children, mentees and protégés. The lack of such knowledge puts the younger ones in harm’s way, financially, when they have to learn it themselves. They also go through having their jobs as their insurance until retirement knocks and they’re faced with the same dilemma we see our retirees live with.
Insurance is self-help and, something to work on deliberately during one’s active working years and beyond.
It protects your wealth and there’s no argument that health is wealth.
• Ekerete Ola Gam-Ikon, an insurance expert, wrote from Lagos.