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Let's Talk About Insurance by emmaodet: 6:23am On Mar 29, 2023
Good and effective planning is good for the lower and lower-middle class families so as to caution the effect of a demise of the breadwinner of the family.
Reason why i am always campaigning against too many children in marriage because it breeds generational poverty.

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Re: Let's Talk About Insurance by emmaodet: 9:45am On Mar 29, 2023
Let's talk about 2 most important insurance to me
Re: Let's Talk About Insurance by emmaodet: 10:06am On Mar 29, 2023
Eduinsurance is done by most banks in Nigeria and some private insurance company.
I fill more comfortable using bank because i believe they are more grounded and chances of them folding up is lower.

How does Eduinsurance work?

Request and fill the insurance form ticking Eduinsurance.
- Put in the monthly or quarterly or yearly premium you will like to be paying.
- The number of years you want the insurance to cover.
- Beneficiary incase of demise.

Let's assume a 10,000 per month premium is what you do for a total of 10 years.
It means 120k per year at an interest rate of 10% cumulative.
It means in 10 years, you would have put in 1.2m and if nothing happened to the insurer in that 10 years, the 1.2m will be returned with interest but if he dies let's say the 3rd year.
That means he was only able to contribute a total of 360k out of the 1.2m he insured against.
This means from that 3rd year, a sum of 120k which is what he insured against per year will be released to the beneficiary per year up to the 7 years remaining the Principal insured against and at the end of the 10th year, the beneficiary is giving a lumpsum of total money insured plus the interest again.
Re: Let's Talk About Insurance by emmaodet: 10:17am On Mar 29, 2023
Example is picture 1.
Registered with First bank/Sanlam insurance for my kids.

I did 20 years each at 10k per month.
Which means i will have to contribute 2.4m per kid in 20 years.
If nothing happens, i get back this money with interest.
If something happens along the line, not only will my children be able to finish their school/education, they won't also put my/their burden on any extended family or drop out from school and become destitute or add more pressure on their widowed mother.
A yearly pay out of 240k per year per each kids should give the kids decent education up to secondary school level while a lump sum of 7.2m each at maturity will see each kid go to a decent private university without pressue on anyone.
I learnt this from a family member.

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Re: Let's Talk About Insurance by emmaodet: 10:33am On Mar 29, 2023
I have a family friend who had only 1 kids.
Wife working with UBA and husband also working but don't know.
So the husband died in 2013 and unfortunately, the wife died 2 years later.
The only saving grace for the child was the insurance his parent did for him.
He was able to go to FUTA and finished quietly as an orphan without putting unnecessary pressure on extended family members or school admin or church to sponsor him.
I learnt alot from that incident and it was what made me develop interest in insurance.
People just breed, popping up babies without plans or think they will still be alive in the next 20 years or health or no accident or they still have the job.
And when life happens, they blame an old woman in the village or running around churches or prayer mountains disturbing pastors unnecessarily or screaming government is not helping blah blah blah.
I have noticed people hardly plan and those who even plan hardly stick to it or plan before taking an action.
They act first before planning.
You see someone earning less than 100k per month popping up to 3 kids and start beefing his brother who plans his life, driving a decent car and staying in a decent apartment, going on vacations.
They start beefing him and asking if he is blind not to see they have kids and responsibilities killing them he can take part off from their neck as if na him cause am.
Re: Let's Talk About Insurance by emmaodet: 10:39am On Mar 29, 2023
Second one is Life Insurance.
How does it work?

Register as the principal for a life insurance and include your beneficiary.
If anything happens with the time insured, a pay-out will be made to the beneficiary.

For example, i did a 20k per month life insurance for 10 years.
This means in 10 years i will have 2.4m with them plus interest which will be paid out if am alive but incase anything happens, a sum of 13m plus will be release to my beneficiary thereby easing the pressure eon the beneficiary.
If my wife receive 13m incase of my demise, first it will take out the pressure and fear of how she will do her life with the kids in my absence.
it will also give her the money to do the burial rites without involving or dragging family into it.
It is all about planning.

Re: Let's Talk About Insurance by emmaodet: 10:46am On Mar 29, 2023
Another perception people always have is that you must be rich before you do insurance.
No sir/ma.
Even with 5k per month per kid on eduinsurance will give you 60k per year and about 3.6m in 20 years insurance in case of demise and a 5k per month on life insurance will give about 3.6m for 20 years insured.
So a family of 3 (husband, wife and a kid) where the wife receives 60k per year for the kid can still send the child to a 20k per term school or add a little to it without affecting her much and send the child to federal university or federal poly with the 3.6m

Summary - Let's endeavour to plan our life as Nigerians and not wait for government or hope on God for miracle when problem comes.

1 Like

Re: Let's Talk About Insurance by luminouz(m): 2:12pm On Mar 29, 2023
Baba...I go born 20 kids joor!!!

I'm a breeder!!!😁😁😁😁
Re: Let's Talk About Insurance by emmaodet: 2:25pm On Mar 29, 2023
luminouz:
Baba...I go born 20 kids joor!!!

I'm a breeder!!!😁😁😁😁

grin grin grin grin

You go hate you life bro

Believe me
Re: Let's Talk About Insurance by ChybuzzDD(m): 7:33am On Apr 06, 2023
emmaodet:
Second one is Life Insurance.
How does it work?

Register as the principal for a life insurance and include your beneficiary.
If anything happens with the time insured, a pay-out will be made to the beneficiary.

For example, i did a 20k per month life insurance for 10 years.
This means in 10 years i will have 2.4m with them plus interest which will be paid out if am alive but incase anything happens, a sum of 13m plus will be release to my beneficiary thereby easing the pressure eon the beneficiary.
If my wife receive 13m incase of my demise, first it will take out the pressure and fear of how she will do her life with the kids in my absence.
it will also give her the money to do the burial rites without involving or dragging family into it.
It is all about planning.

How did you arrive at that 13m, please?
Re: Let's Talk About Insurance by emmaodet: 7:00pm On Apr 06, 2023
ChybuzzDD:


How did you arrive at that 13m, please?
The insurance calculator they used at first bank (sanlam) section.

You can check the closest first bank for confirmation too
Re: Let's Talk About Insurance by Laird(m): 8:48pm On May 14, 2023
emmaodet:
Eduinsurance is done by most banks in Nigeria and some private insurance company.
I fill more comfortable using bank because i believe they are more grounded and chances of them folding up is lower.

How does Eduinsurance work?

Request and fill the insurance form ticking Eduinsurance.
- Put in the monthly or quarterly or yearly premium you will like to be paying.
- The number of years you want the insurance to cover.
- Beneficiary incase of demise.

Let's assume a 10,000 per month premium is what you do for a total of 10 years.
It means 120k per year at an interest rate of 10% cumulative.
It means in 10 years, you would have put in 1.2m and if nothing happened to the insurer in that 10 years, the 1.2m will be returned with interest but if he dies let's say the 3rd year.
That means he was only able to contribute a total of 360k out of the 1.2m he insured against.
This means from that 3rd year, a sum of 120k which is what he insured against per year will be released to the beneficiary per year up to the 7 years remaining the Principal insured against and at the end of the 10th year, the beneficiary is giving a lumpsum of total money insured plus the interest again.

Thank You for this educative article. Please a question

1)For a 10 year policy of 100 thousand a year

If nothing happens in 10 years, the policy holder gets 1 million + 10 year cumulated interest

But if something happened to the policy holder in the 3rd year, I understand that the beneficiary gets 100 thousand per year up to the remaining years that is from 4th year to 10th year. When the 10th year is up , does the beneficiary still get anything
Re: Let's Talk About Insurance by emmaodet: 8:19pm On Dec 31, 2023
Laird:


Thank You for this educative article. Please a question

1)For a 10 year policy of 100 thousand a year

If nothing happens in 10 years, the policy holder gets 1 million + 10 year cumulated interest

But if something happened to the policy holder in the 3rd year, I understand that the beneficiary gets 100 thousand per year up to the remaining years that is from 4th year to 10th year. When the 10th year is up , does the beneficiary still get anything





Yes bro, the beneficiary gets the lump sum and accrued interest

1 Like

Re: Let's Talk About Insurance by emmaodet: 8:20pm On Dec 31, 2023
cori908:
So which insurance company would you recommend?

I will recommend insurance companies attached to Nigeria commercial banks like first bank or Stanbic etc
Re: Let's Talk About Insurance by Laird(m): 9:42pm On Dec 31, 2023
emmaodet:


Yes bro, the beneficiary gets the lump sum and accrued interest

Thank You so much Sir
Re: Let's Talk About Insurance by emmaodet: 10:49pm On Dec 31, 2023
Laird:


Thank You so much Sir

Uwc bro

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