Wednesday, 24 February 2016

Do I Need A Life Assurance And What Are The Benefits Of Having One?

the importance of life assurance, benefits and reasons
The first lecture I attended in the higher institution was in Insurance class, and the lecturer was such a person I hated so much with passion not until now. Though his lecture was an eye opener to me, that after the first lecture, I had to go home to ponder on his statement over and over again.

In our first contact, he asked if any of us had a life assurance, or weather any of our parents had ever arranged a children assurance for any among us. Completely, the response was a noisy mockery tone and manner. 

He smiled, shook his head with pity and said...''You will definitely need it, and you can't live a well secured life without it that's while majority of you would grow up to regret it''. Again we shouted...God forbid. Some ladies followed that with 'hisses'.

Do You Know Who The Man Was? Let Me Tell You Little About Him

He is by name Mr. Abraka. A Ghanaian Nigerian lecturer. His lifestyle and ideology about life was what most students termed as the most heinous one in the World. He lost the whole of his first family to a ghastly motor accident in his country and ever since then he has been living an isolated life here in Nigeria. He had no wife, friends nor favorite students.
One bad thing about his is that, no matter how urgent you may be in need of lift, he would never extend an helping hand not to talk of giving you a ride with his Mercedes Benz 190. Standing on the principle that, he cannot lift anyone with no life assurance. 

''People accuse me of been wicked but I don't care. Let assumed I gave you a lift and the car got an accident with you in there without a life assurance and without you been included in my car insurance arrangements? What a wasted life! he said...

So we hated him for his principle and named him the most wicked lecturer. Though to him, we were nothing important to change him.


What Is A Life Assurance?
A life assurance is an arrangement between the insured and the assured person that should death occur prior to a specific date, fund would be provided from the scheme to pay damages (claim) to the family of the diseased. Though, in this arrangement, the assured person pays annual insurance premium.
Why Did I Need A Life Assurance?
According to the man, he claimed we would definitely need a life assurance but to me I felt he was only trying to make us respect his course (Insurance) or possibly he was an insurance agent who badly need customers. So  I regarded his as a noise maker.
I was just 18 then, I believed if you were like me as a student or someone who just started his career, then life insurance is probably the last thing on your mind. When I was in school, there were about a hundred other more exciting things to spend my money on, and life insurance seems like unnecessary and avoidable expense. 

Moreover non of my parents had ever been under any form of insurance scheme and they were doing well as of then.

The Benefits And The Reasons Why You Need A Life Assurance
How old are you? 20, 30, 35, 45, 50...70? Whatever age bracket you belong among these, as you settle into your adulthood, life assurance extremely becomes important and a 'must have' for everyone. You going into a life assurance scheme can offer protection for you and your family especially when you choose the right policy. 

Here are the benefits of having a life assurance and I believed, by the time you are doing reading this, it would help you decide whether to go for a life assurance and what policy to go for.

1) Life Assurance Scheme Could Help You Offset You Debts: This is one of the greatest benefits of such an insurance policy. We all believed no amount can bring back the dead, no doubt. In our present day unstable personal economy, being a responsible man, woman or student can be so expensive. You earn so little but a lot of bills to settle. 

Ranging from paying rent, school fees, feeding and other unavoidable bills. At the end of the day, you can be left in a huge amount of debt. You may have a bank loan, mortgage loan, business loan, personal loan or student loan to pay off.

Do you ever think of what would happen to these debts if you eventually died with them?  According to Islamic right, all those debt must be settled from the properties you left behind. What if you have no properties? Usually, your debts would be passed onto your family, leaving them to pay them off. Putting the family in another financial crisis, despite the great lost of their loved one. 

This is when buying a life insurance policy can come to your rescue. This would save your family member from been financially drained because of you because they can easily settle all your debts with your life assurance claim. Or what do you think?

2) Life Assurance Can Help Protecting Your Children's Lives: As a parent who solely depends on the little monthly or weekly source of income. You protecting your children’s future is something that becomes paramount. You need to provide for them spiritually, emotionally and financially.

You might be meeting up with all their financial obligations while you are still alive and still working. What then happened to them when you are no longer available to settle their school fees, rents and some other urgent bills? 

Honestly, taking up a life insurance policy today can help to provide financial assistance to your children tomorrow. To a larger extent, the life insurance claim can help them to meet up with their daily expenses while you are no more.

Another importance of a life assurance is that, apart from your children, you may also have a sick or disabled sibling or parent you have to take care of. Dependents rely on you to provide for them, and in your absence, life insurance can help to cover them financially.

Are these all the benefits of a life assurance? Nooo...there are a lot of them that we would still talk about soon on this platform. The theme of the blog is to bring you anything that will enhance ways to living a loving lifestyle. Not only in a relationship counseling, but also in health and your personal finances.

You don't want to miss our next blog post? Kindly subscribe with your email, join us on facebook or follow us on G+ and twitter. 

I Hope You Will Consider Giving A Life Assurance Policy A Trial?


  1. I once worked with an insurance company. My daddy is do into this insurance policies, since his retirement, it has been do helpful

  2. I used to have this hatred for anything insurance. But form what you explained here, I think it's worth giving it a trial.

    Alabekee's Blog

  3. Thanks for the info. I pity that ur lecturer though for losing all his family. So sad

    Mily's blog

    Mily's blog


We love to hear your opinion on this...kindly use the comment box. Thanks.