Whether you are buying Health Insurance, Motor Insurance or Life Assurance, or waiting for your claims to be paid, consider these approaches in your conversations:

• First Timers

Salesperson: Good morning Madam. Trust the year has started well for you.

You: Yeah thanks, you said you’re an Insurance Executive. How did your company perform last year in Motor Insurance? Is it part of the top 10?

Salesperson: Sorry Madam, I sell Life policies, but I can get my colleagues in Motor to reach you. Have you thought of getting an Endowment Policy?

Me: Focus on what you needed to buy and don’t be taken on a journey you’re not prepared for.

• Second Timers

You’d bought a Health Insurance Plan but realized that you need something to cover your family in case of your untimely death.

You: Hello Insurance Madam. Hope 2024 will be great for us all. What kind of Life Policy should I get in case the unexpected happens?

Salesperson: Thanks for asking Sir. You’re really insurance minded now. You can either get a Group Life Assurance Policy which includes Burial Expenses, Accidents and Critical Illnesses for your family or just buy an Endowment Policy that pays benefits to your named beneficiary if you’re no more or pays to you if you’re still alive when it matures.

You: Can I have copy of your Company’s latest approved Financial Statements by NAICOM?

Salesperson: Ok, I’ll revert with it.

Me: That you know enough to request for the approved FS, get ready to send it to someone who can interpret it for you. Your Life Assurer must be strong and future-oriented.

• Claimants

You have an outstanding claim that you’d been given Discharge Voucher (DV) to sign on a Life Policy you had for 5 years but matured 9 months ago.

You: Hello my Insurance Man. What’s going on with my claim? I saw the announcement by NIA that insurance companies have been directed to settle all outstanding claims?

Insurance Executive: Yes, you’re right Ma but they’re talking about those who have not fully documented their claims. In your case, we’re just awaiting some inflow and we’ll pay you.

You: I think we’ve been long enough on this waiting line. I’ll report the matter to NIA all the same. 9 months is getting to one year and with the poor value of the Naira, I’m not sure whatever you pay will make sense.

Insurance Executive: Please just give us this week. I’ll call you Ma.

Me: You should’ve reported the matter to both NIA and NAICOM when the waiting time passed 3 months, so your insurer would’ve been forced to pay. Go ahead now and report the matter to them.

To make insurance work for us in Nigeria, we must be informed and act in business-like manner with our insurance relationships.

No gree for anybody this year! Be alert and be insured.