Insure Africa Gist

Very often we discuss insurance from a distance and never really get to understand the difference it could make in our lives. Even when we hear about the value, we easily wish that more awareness should be created for more people to understand it while we do little about what we learnt.

In my experience, I've seen how the story changes and older folks begin to ask real questions about insurance when they need it, but the premiums are high and they can hardly afford to pay because they become less active and their incomes are minimized.

For the purpose of insurance, let's split the generations into three:
1. Gen-Wean
2. Gen-Worth
3. Gen-Wise

Insurance, like several offerings of life relies on age, environment and chance.

It's time to check your status😊

1. Gen-Wean are persons in their early years who depend on others for education and advancement. They are on the expense side of family accounts, though they are considered as priceless assets and the holders of tomorrow. Therefore, they need to be insured, protected and risk-proof. If you are reading this and you are not insured, talk to the persons in Gen-Worth below.

2. Gen-Worth are persons who are actively engaged and earning enough to share with others. However, the pressure on them only allows them to keep their inflows in the form that enable them to respond to requests for assistance. Some pick up insurance policies to secure their future and those of their loved ones when the inflows may reduce. This generation is most attractive to insurers because THEY ARE ABLE AND CAPABLE, but most fail to subscribe and realize rather late that the time they needed to take insurance and imbibe the culture was when their inflows were steady and increasing. This generation not only gets insured to secure their future, but also that of Gen-Wean.

3. Gen-Wise are persons who have had useful and unforgettable experiences, sometimes regrets, about what they could have done when their financial positions were great and impacting. They often ponder over lost opportunities but blame others, including governments, friends and relatives, for what they could not do. Indeed, they whine about the value of insurance not properly explained to them. Yet, a small percentage of this generation are believers and advocates of insurance because as Gen-Worth they had quietly taken insurance policies that secured their future - TODAY! This generation is also very attractive to insurers because they have social capital (networks, access, goodwill), but they are disconnected from the insurance industry for the reason I expressed in the opening paragraph of this write-up.

I trust that I have successfully helped you to know and appreciate your status or that of someone you know.

The time to understand insurance is yesterday because tomorrow can be unforgiving of today.

#BeAware #BeInformed #BeInsured #BeCounted #BeSafe #BeWise

#InsuranceWorks #NIIRA2025 is #Live
#MIWIN Making Insurance Work in Nigeria

By: EOlaGamIkon