INSURANCE NUGGETS  

By EKERETE OLA GAM-IKON 

Ekerete Ola Gam-Ikon, MNIM, CPP, is a Management Consultant in Insurance and Entrepreneurship. He can be reached on +234-802-585-0344 (WhatsApp only) or eolagamikon@gmail.com

Have you discussed insurance with your children?

Quite often, when we discuss insurance, we argue, and either end up doing nothing or doing the wrong thing we wouldn’t want to discuss subsequently. 

Today, I’m moving the conversation away from us, hence my topical question: Have you discussed insurance with your children?

If you have, please share your experiences with me, and if you permit, I’ll share with others. 

If you haven’t discussed insurance with your children, here’s what you’re likely to meet:

• Questions. Tons of questions like “Why are we discussing this? Daddy, Mummy, are you going away?” As far as they’re concerned, they’ve always been covered, so how do they hear something different?

Or “will the insurance companies’ Child Education Endowment Policy you mentioned allow me choose another school if they have to pay my tuition because you’re unable to due to permanent disability that wouldn’t allow you to work and earn income anymore?”

Now, you wish you were an Insurance Salesperson

You have to start explaining why they should be more knowledgeable about other things, like insurance, which provides protection if you’re not there for any reason including loss of job, ill-health or just harsh economic climate. 

They want answers that you can’t provide and you’re now forced to contact that Insurance Salesperson that you chased away.

Sometimes, it has to do with school work, and the questions just leave you wondering until you decide to call your insurance friend.

After all, friends are for moments like that…

Next!

• Lessons. Very surprising lessons. For some, your children know about the value of insurance more than you, so they’ll start telling you and, if you don’t harden your minds (lol), you’ll learn from them. They’ve done their research and learnt enough to share.

They understand why they should insure their phones and other mobile devices against theft, damage or malfunctioning but can hardly find an insurer willing to provide such coverages; and are frustrated yet seeking solutions beyond insurance as we know it. 

They may begin to explain how insurtech helped resolve such challenges but you won’t understand cos they’re techies and you’re not.

You’re probably wondering how you could enjoy the benefits that have come with insurtech. Tired?

Here’s your chance!

• Staying Relevant. Really relevant!

You can still use insurance to remain relevant and earn the respect of your child(ren) that had decided to ignore you based on your “misconceptions” of insurance.

You can make your child, upon graduation from the university, a Millionaire either in money or with money; real money, even for starting a business!

Simply buy and invest in a Term Assurance Policy for a period of 10 years assuming that the child is in secondary school. This should be from an insurer after due diligence. Or ask your Agent/Broker about other Individual Life policies that can achieve this.

Final Words…

The insurance needs of your children are unique and you need to encourage them rather than trying to tell them what you experienced years ago, that’s left you disappointed till date.

Some children even enlighten us on how and where we missed it. Hmmm…

Let’s enjoy the way our children are showing that insurance works, and we might just be creating a new source of value for all of us.

Assuredly Yours