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Home ยป Young Nigerians Discover a Financial Advantage with Life Insurance
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Young Nigerians Discover a Financial Advantage with Life Insurance

OsunDailyBy OsunDailyDecember 18, 2023No Comments3 Mins Read
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Young Nigerians Discover a Financial Advantage with Life Insurance
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Reach the right people at the right time with OsunDailyNG. Try and advertise any kind of your business to users online today. Kindly contact us for your advert or publication at newsdesk@osundailyng.com Call or Whatsapp: +2348132512456 07056907162

When it comes to finance, youths only rely on savings platforms and the traditional piggy bank as a form of wealth preservation. While that is a smart move, it is not necessarily enough. A common financial rule advocates for the diversification of wealth which includes savings, investments and risk mitigation.

One of the most underrated forms of risk mitigation is insurance. A number of young Nigerians lack interest in purchasing an insurance policy and rely on their respective companies to take out insurance on their behalf. Where thereโ€™s minimal appreciation of the value of insurance among youths, it remains one of the most effective mechanisms to preserve and build wealth.

In a Twitter space hosted recently by a financial education expert, Kalu Aja alongside Funmi Omo, the MD/CEO of Enterprise Life Assurance, they both highlighted the growing financial challenges and the need for robust financial planning especially in the adoption of life insurance, where one isnโ€™t necessarily saving for themselves but go a step further to protect their loved ones in the light of an unexpected tragedy.

During the conversation, Funmi highlighted the companyโ€™s recent launch of the AdvantageConnect App, a digital insurance channel which helps young Nigerians connect with a LifePlanner who is closest to them using the same geo-technology as Uber, the ride-hailing app. Once the customer finds a LifePlanner, they schedule a call, chat or in-person meeting where they discuss the customerโ€™s lifestyle, income and needs to allow the LifePlanner to develop a tailor-made solution for them. This entire process takes less than 4 minutes.

The AdvantageConnect app, which is available on iOS and Google Playstore, offers an opportunity for customers to earn through referrals. There are also gaming, health and lifestyle tools, available to help the younger generation enrich their life. Life Insurance is not about death, it is encouraging your ability to truly enjoy your life knowing full well that you have taken a policy that insures against the loss of income should any tragedy happen to you, the policyholder.

Think about it this way โ€“ the income that you would have gotten to pay your bills, mortgage, school fees etc, life insurance policies ensure that you get it, so it is a win-win situation. As a young person in their 20s or 30s, you gain the advantage of long-term income protection, that is, the earlier you start, the more you gain from an insurance policy.


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