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Chuks Udo Okonta
Do you know that over 90 per cent of the N244.3 billion paid as claims by insurance companies in 2022, went to rich and wealthy people?
In spite the perception some people especially, the poor have against insurance, the rich and wealth individuals would keep insuring due to enormous benefits they derive which they wouldn’t tell those against insurance.
Below are what rich and wealthy individuals wouldn’t tell you about insurance.
* Claims
The rich and wealthy would never tell those against insurance what they get as claims from insurers, that is helping them sustain their opulence.
* Inheritance
The rich and wealthy people buy life insurance to ensure their family have wealth to inherit. This, they would never tell those against insurance, who often die with little or nothing for their family.
* Freedom from tax
Most investments in insurance are tax free, therefore, they escape tax trap by buying insurance as investment tools. While, those against insurance pay taxes on what matters less.
* Assets protection
They ensure all their assets are secured against risk/mishaps with insurance cover. This makes them sustain their wealth at a time the poor are losing theirs due to their inability to replace them.
* Liquidity in tough times
They harvest their investments in insurance – savings with compounded interest to remain financially liquid amidst challenges.
* Risk management
The rich and wealthy would never inform the poor that their risks are transfered to insurance experts to manage.
* Guaranteed growth
The rich and wealthy place their investments in insurance to ensure guaranteed growth in the hands of insurance experts.
* Safety of investment
While the poor continue to look for quick and crude means to safeguard their investments, the rich and wealthy placed their risks and investments in the hands of properly regulated professionals.
* Debt protection after death.
The rich and wealthy ensure they use insurance system to provide cover for all their debt so as to isolate their families from debt after their demise.
* Robust retirement plan
They embrace insurance to secure robust retirement plan. They buy deferred annuity to invest for better life in retirement.They can never tell you what they would earn in retirement as benefits.
Don’t wait for testimonies from the rich, join the league of those transferring their risks to professionals today.
If insurance does not work as you claim, the rich and wealthy wouldn’t have remained with it.
Insure that thing you love.
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