The world has been going through a lot lately and many are confused by the recent happenings. MBut most importantly, all these events the COVID-19 pandemic haves been a real eye-opener for every one of us. It has taught us many things, but essentially, it taught us to focus on the things that matter; health, family, wellbeing, friends, and loved ones.
But the biggest headline-grabbing lesson we have learnt so far from the COVID-19 outbreak is the need to plan for the unexpecteda pandemic. Really? How do you prepare for something you have no controlagency over how it occurs?
The All England Lawn Tennis Association, organisers of the Wimbledon Tennis Grand Slam have taught the world a lesson or two on how to prepare for an epidemic. Over the last 17 years, the Association paid $2 million pandemic insurance totaling $34 million. But with the coronavirus outbreak affecting global sporting competition, Wimbledon was forced to cancel the 2020 Grand Slam and receive a $141 million payout for its pandemic insurance policy over time.
Ahead of cancelling its competition, the German Tennis Federation Vice President, Dick Horsdorff praised the foresight of Wimbledon Tennis organisers for hedging against the unforeseen future. Wimbledon Tennis, he said, is the “only Grand Slam tournament that for many years have been predictive to insure itself against a worldwide pandemic”; hence, the financial damage of cancelling their competition will be minimised.
Read also: How insurance industry recapitalisation will be affected by Covid-19 pandemic
Without a doubt, having an insurance policy in place for the assets, investments, and the lives that mean a lot to you should be a priority in your continuity plan. It is a fundamental part of a sound financial plan. Here are a few other reasons why insurance is essential.
You will be leaving behind a legacy: You can bequeath wealth through a life insurance policy planned for your loved ones as your beneficiaries, should life’s inevitable event occurs. With coronavirus pandemic All these and other devastating events have shown us ing how fleeting life can be, this is a great way to set them up for a stable financial future for the loved ones.
Financial Security: Like most parents, you want an assurance that your children will be financially secured when you make your life exit. Life insurance is a perfect way to give them that. Recent research by Brooks Macdonald estimates that about £327 billion (160 Trillion Naira) will be passed on from parents aged 56-76 years old to around 300,000 younger generations over the next ten years, taking advantage of intergenerational wealth transfer plans, such as insurance. If you have put this in place, coronavirus has no number on you.
Protect your family and loved ones’ future: If your family depends on your financial support to finance their lifestyle, and education then protecting your business and the livelihood in the face of this pandemic is a smart decision.
Once they are financially secured, getting a good education or starting a venture will not be a problem. You also do not want your loved ones to be held down by extra financial burden, coupled with the emotional distress they might be experiencing because of your passing. An insurance policy will ensure that they are protected, come what may.
It will bring you peace of mind: Everyone is worried about which of the COVID-19 impact of these series of eventsimpacts would leave a lasting bitter taste in their mouth. These anxieties stem from multifarious effects of the new realityof this pandemic – health, wellbeing, financial, employment, economy, business, and investments. But these worries can be risk-classified and insured and protected from financial losses. Life insurance, for instance, will bring you and your family genuine peace of mind knowing that whatever happens to you, they are protected from the vagaries of future financial wellbeing.
Leadway Assurance, the leading insurer in Nigeria, with 50 years of industry experience, has introduced a policy that will not only serve as a life insurance cover but induce a “peace of mind”. The Leadway Lifestyle Protection Plan is designed to help you and your family maintain your lifestyle, even in the event of any specified unfortunate events like death, critical illness, accidental permanent or total disability that might occur.
The exciting part of it all is that it also allows you, the policyholder to protect yourself against future inflation by choosing escalating benefits. You do not have to take our words for it, endeavour to speak to Leadway Assurance professional advisor today for additional guidance via our virtual communication channels – (01) 2800 700, Social Media handles @LeadwayAssurance on Facebook & Instagram and @Leadwayinsure on Twitter or send an email to Lcs@leadway.com.
