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Yuletide: Essential insurance covers to embrace

Yuletide: Essential insurance covers to embrace

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The festive period is already at the door steps. Echoes of Christmas Carols fill the air coupled with the sensational decorations beautified with Christmas lightings. Schools are winding down academic activities, companies are equally selling out as much as they can at discounted prices. The joy and bliss of Christmas is felt in almost every street corner.

It is not uncommon for Nigerians to activate their communal lifestyle this festive season as Christmas is seen as a time to show love, and receive same in return. The major populace deems it fit to share this period with family members and loved ones, hence the need to travel either by bus, train, flight or any other means of transportation.

However, amidst the excitements, risks abound. Travelers are exposed to accidents, mishaps including; sicknesses, armed robbery, kidnapping among others. Also, some buildings during this season will be unoccupied and this readily exposes them to hazards.

Notwithstanding, insurers have affirmed that these risks can be allayed with the signing up of some essential insurance covers for the festive period at very affordable rates.

In an interview with Daily Sun, the Managing Director, Niger Insurance Plc, Edwin Igbiti, said the season demands a lot of exposure to travelling and with this, citizens are open to attendant risks ranging from; flight delays, missing baggage, health challenges, fire accidents, and property damages.

Igbiti said that for this short holiday, there are policies such as the travel insurance that are available for Nigerians to adopt to secure their properties and loved ones at a minimal cost.

“For as low as N10,000 you are guaranteed with an adequate policy spanning one week or more for unplanned mishaps that may come their way which may attract larger amount they  were settling it alone. So, “Why not pay a token to cover a larger sum”. It is a very good offer,” he said.

“Compulsory insurances such as the third party motor and travel insurances should be taken seriously this season because one will surely come in handy because there might be a liability that will need it.”

He added that the travel insurance, aside insuring one’s luggage, flight delay or cancellation, also takes care of the medical and health expenses of the policyholder.

Explaining third party motor insurance, he said, the policy covers the insured’s legal liability to third parties for bodily injuries, death and property damage. Claims for bodily injuries and death are unlimited, although some parameters are used to arrive at reasonable figures, while the limit of liability for property damage is N1 million.

Third party motor insurance saves the insured from running into debts when an accident occurs as the insurance company will be the one to handle the risk for the insured, he added.

Explaining further, Igbiti said household insurance can also be taken to insure the contents in a home as the home will be exposed to several visitors during the holiday.

“This season also entails special household meetings, which will entail entertaining several people in your house. There might be a liability that will result for a third party, and this is why compulsory liability has to be taken so that you do not bear the unforeseen risks alone.

“Adequate insurance is needed because you need to save up for unforeseen events hence, get yourself insured with an insurance company to ensure they have got you covered this season,” he advised.

On her part, the Unit Manager, Retail Division, Regency Alliance Insurance Plc, Omolola Adefuye, said that another vital insurance cover Nigerians need to have for this Christmas is the Personal Accident (PA) insurance policy.

According to Adefuye, the PA insurance covers majorly accidents, accidental deaths, bodily injuries in the home and outside and other related hazards.

She said, “Naturally everybody on the street should have a Personal Accident insurance cover and insurance companies have made it very affordable. You can get it for as low at N2,500 to N5,000 depending on the number of units the individual wants. It is similar to the travel insurance which covers the policy holder but principally, this policy covers an individual within Nigeria.

Speaking on homes and buildings that will be unoccupied during this period, she said, there are different types of policies such as the fire, burglary and special perils policies which come with low premium.

She added that such policies for this season can be taken with a premium as low as N7,500 to N15,000 depending on the value of the contents found in the buildings and the insurance company however, for the season they are crucial and really affordable.

She noted that these policies are not targeted at high net worth people only but also for the middle class and lower income earners in the country.

She however warned that such policies should be obtained from registered insurance companies or registered insurance brokers so as to avoid the rejection of paying claims by an insurance firm when a risk crystallises.

“If you are travelling, ensure you take these policies to avoid stories that touch and please acquire them from genuine insurance companies and registered insurance brokers so that you will get your benefits when the need arises,” she advised.

 

 

The SUN

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