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.

Let's talk about 2 most important insurance to me

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.

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.

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.

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.

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.

Baba...I go born 20 kids joor!!!

I'm a breeder!!!😁😁😁😁

luminouz:
Baba...I go born 20 kids joor!!!

I'm a breeder!!!😁😁😁😁

You go hate you life bro

Believe me

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?

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

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

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

cori908:
So which insurance company would you recommend?

I will recommend insurance companies attached to Nigeria commercial banks like first bank or Stanbic etc

emmaodet:


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

Thank You so much Sir

Laird:


Thank You so much Sir

Uwc bro

I'm glad you found the thread informative! It's always helpful to discover new insights. Discussing your insurance plan with old republic title customer service sounds like a proactive step towards ensuring your peace of mind. If you're content with everything at the moment, that's fantastic! It's essential to feel confident and satisfied with your insurance coverage, and it sounds like you're in good hands.