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Chuks Udo Okonta
It takes wisdom to identify imminent risk and provide means to mitigate it.
The holy book in Proverbs 22:3 says: “A prudent man foresees the evil, and hides himself: but the simple pass on, and are punished.”
From the above quote, the wise foresees evil (risk) and hides his or herself under insurance cover.
How the wise hide under insurance
* Hiding under Hospitalisation Cover:
The wise uses just N125 per month, to cover his or herself up to N6,500 per day for treatment in a hospital.
* Life insurance Policy
With just N125 per month, the wise gets up to N300,000 in life cover against death, injury and permanent disability and with N15,000 per year, N1 million death benefit.
* Health Insurance
With N15,000 the wise provides medical care/ treatment for his or herself all round the year.
* Motor third party policy
The wise paid N15,000 to get N3 million cover under third party liabilities.
* Accident cover
With N3,000 per year, the wise can secure theselves up to N500,000 benefits against accident and permanent disability.
* Travel Insurance
The wise hide under travel Insurance cover to secure themselves against risks on their trip.
Loss of job insurance
* The wise uses insurance to mitigate risk associated with losing a job.
* Professional indemnity insurance
They use insurance cover to mitigate against claims for loss or damage made as a result of negligent services provided or negligent advice offered.
The wise never hold to any risk. They transfer their risks with little money so as to have more money to attend to other relevant issues.
