By Ebere Nwoji
The Minister of Finance, Mrs KemiÂ Adeosun hasÂ urged Nigerians to key into the various economic developmental initiatives of the federal government through adequate insurance planning in order to build strong financial plans for their future.
The minister noted that life insuranceÂ holds the keyÂ toÂ wise financial planning and described it as panacea for poverty alleviationÂ among Nigerians at all levels.
Adeosun, who stated this at the third National Conference organised by the National Association of Insurance and Pension Correspondents (NAIPCO)Â in Lagos, said neglecting life insurance, a common habitÂ by many Nigerians amountsÂ to building oneâsÂ financial foundation on a shallow ground.
Adeosun was represented at the conference by the Deputy Commissioner forÂ Insurance, Finance and Admin, George Onaekhena.
She said excuses of non -payment of claims often put up by many Nigerians for not buying insurance was not enough,Â adding that they can make enquiries on the particular life insurance they want to buy as well as how to go about it.
She also said those in doubt could resort to the use of insurance brokers for professional insurance advise.
She said this became necessary because of unforeseen circumstances.
âEvery Nigerian buys one house hold item or the other at any time and you donât enter the market and start making your purchases, you make enquiries before going to market, in like manner, in your life insurance decisions, you can take time to ask questions on the life insurance policy you want to buy, no body knows the day of his death so life insurance is critical, life insurance isÂ foundation to every wiseÂ financial planningâ, she stated.
Explaining the challenges facing insurance and pension operators in Nigeria, she said people hardlyÂ tell members of the public when they get benefit from the sectors, citing instance of quantum of retirement benefits paid on monthly basis by Pension Fund Administrators (PFAs) to retireesÂ and quantum of claims paid in a year by insurance firms.