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Chuks Udo Okonta
Many people careless about buying insurance and this makes them cater for their risks with their personal savings.
Using your personal savings to cater for risks can make you cashless, especially when the risk is beyond your financial capacity.
With insurance you pay small premium and get big coverage. For example, N15,000 premium for third party motor insurance, provides N3 million claims benefits. N3,000 premium on personal accident policy, provides N500,000 cover on death, personal disability and N150,000 on medical treatment.
Imaging spending N3 million of your personal savings to solve a problem resulting third party motor accident, as against N15,000 paid as premium for a year.
What happens when you are careless about insurance
* Cashless
Being careless about insurance would make you spend more money on risks, hence, becoming cashless.
* Begging
Handling risks beyond your financial capacity would definitely make you seek help from family, friends and public.
* Fear
When you are faced with a situation beyond your financial capacity, there would arise fear on how to be out of it.
* See finish
Often times troubles expose people’s financial level. When you lack the power to handle a problem, your secrets would be revealed while you seek supports from the public.
* Lack of lantern help
Insurance remains one of the means to access help from people you don’t know owing to the fund pooling mechanism. Therefore, been careless about insurance would deprive you of such privilege.
When you are careless about insurance, you should also be ready for a cashless situation when the unexpected happens.
