In the ebb and flow of daily living, people constantly search for strategies to improve their quality of life. For those earning the minimum wage of ₦30,000, finding ways to supplement their income is often a necessity. Some engage in small-scale farming or trading, while others take on additional jobs or ventures. Even those with higher salaries explore side hustles—selling items like shoes, bags, and perfumes to colleagues—seeking financial stability and the ability to afford a better standard of living.
While these efforts are commendable, modern living often emphasizes working smart rather than solely working hard. Why spend hours pounding ingredients in a mortar when a blender can do the job in minutes? Similarly, as the cost of living continues to rise, the conventional wisdom of either cutting down expenses or increasing income holds true. But what if there’s another approach—one that allows you to meet your needs without draining your savings?
The Role of Insurance in Financial Security
Alternative solutions to addressing financial needs have never been more critical, especially during times of economic uncertainty. Insurance offers a practical way to manage expenses and ensure access to essential services without directly dipping into personal funds. This approach can be life-changing, particularly in the current economic climate, where many households are struggling to make ends meet.
Imagine falling ill and having no immediate funds for healthcare. Now, envision a scenario where you can access quality medical care without bearing the full financial burden. This is the assurance a health insurance scheme provides—affordable healthcare coverage tailored for you and your family. By subscribing to a health insurance plan, individuals in both formal and informal sectors can safeguard their health needs.
In states like Edo, health insurance is mandatory for public and civil servants, and retired officials and security personnel are also enrolled. Once a policyholder requires medical attention, a Health Maintenance Organisation (HMO) steps in, coordinating treatment and covering most or all associated costs. This ensures that individuals receive necessary care without exhausting their finances.
Smart Financial Planning for Life’s Uncertainties
The rising cost of living has significantly reduced disposable incomes, forcing households to delay non-essential expenses. However, postponing financial responsibilities—such as funeral costs for a loved one—can create additional stress. Some families resort to borrowing or selling assets to cover such expenses, but a smarter solution lies in funeral insurance.
Funeral insurance plans are specifically designed to ease the financial burden during bereavement. These policies cover multiple family members, including spouses, parents, in-laws, and other relatives, ensuring that funeral costs are managed seamlessly. Different companies offer unique plans under various names, such as Sunset Benefit Plan, Family Shield Plan, or Life Celebration Plan, each designed to provide comprehensive support during difficult times.
Living Smart with Insurance
Insurance is not limited to health or funeral coverage. Various policies are available to address other financial concerns, from property protection to education savings. Embracing insurance as part of a financial strategy enables individuals and families to live smarter, secure in the knowledge that unexpected expenses are manageable.
As we navigate the challenges of the modern economy, it’s time to think smart. Explore how insurance can enhance your financial planning, reduce stress, and provide the security you need for a more comfortable life. Remember, smart choices today pave the way for a better tomorrow.
