The Minister of Finance, Mrs Kemi Adeosun has urged Nigerians to key into the various economic developmental initiatives of the federal government through adequate insurance planning in order to build strong financial plans for their future.
The minister noted that life insurance holds the key to wise financial planning and described it as panacea for poverty alleviation among Nigerians at all levels.
Adeosun, who stated this at the third National Conference organised by the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos, said neglecting life insurance, a common habit by many Nigerians amounts to building one’s financial foundation on a shallow ground.
Adeosun was represented at the conference by the Deputy Commissioner for Insurance, Finance and Admin, George Onaekhena.
She said excuses of non -payment of claims often put up by many Nigerians for not buying insurance was not enough, adding that they can make enquiries on the particular life insurance they want to buy as well as how to go about it.
She also said those in doubt could resort to the use of insurance brokers for professional insurance advise.
She said this became necessary because of unforeseen circumstances.
“Every Nigerian buys one house hold item or the other at any time and you don’t enter the market and start making your purchases, you make enquiries before going to market, in like manner, in your life insurance decisions, you can take time to ask questions on the life insurance policy you want to buy, no body knows the day of his death so life insurance is critical, life insurance is foundation to every wise financial planning”, she stated.
Explaining the challenges facing insurance and pension operators in Nigeria, she said people hardly tell members of the public when they get benefit from the sectors, citing instance of quantum of retirement benefits paid on monthly basis by Pension Fund Administrators (PFAs) to retirees and quantum of claims paid in a year by insurance firms.