Immediately after the lockdown was lifted during the coronavirus period, I was called for training for an insurance job I had applied for through one of my relatives in Lagos. That was the first time I travelled to Lagos, and during the training, the lectures on insurance in general and our work processes were very interesting. That was when I got to understand insurance deeply and learn more about different policies.
There are many things attached to insurance, and it is not just about the basics of insuring one’s property, children’s education, and others. No, one can also save money through insurance, but with very critical terms and conditions.
Let me tell you, after we were done with the training, we were made to start the insurance ourselves. That is to say, we were required to buy an insurance policy where we would deposit a certain amount of money monthly, depending on the policy we chose, and we would also earn returns. Unfortunately, I could not meet up. I only paid for about two to three months, and that money was gone (lost). I could not retrieve it because I did not meet the required target, and I also had to opt out of the job because it was very hard for me to sell insurance policies to people.
Nobody in the city whom I spoke to about insurance policies, such as insuring their children’s education, their cars, businesses, and life, took steps based on my explanations. They only found it interesting but never bought any of the policies. According to them, "It is the person who has surplus money that does insurance, not someone who is struggling to have three square meals every day."
Isn’t that true?
I could not continue my payment because I got stuck along the line, and I felt like I was dashing my money away. Although the policy I bought was designed in a way that I could get back my money at the end of the tenure, which was about five years or so, I still could not continue. Was I really blinded to have agreed to buy such a policy? Lol.
To be sincere, getting an insurance policy is good, especially when a big business is insured, children’s education is insured, and even one’s life is insured. However, the harsh truth comes when you are unable to keep up with the payments. At that point, all your money may be gone. Although there are some policies that allow a person to retrieve part of the money deposited if they can no longer continue, this is also one of the ways insurance companies make their money.
From what I have seen, insurance is good for the rich and not for the poor. Although it may look like insurance products are meant to help the poor more, that is not always the case, because most times the poor find it hard to keep up with payments and, in the end, their money gets lost.
For the rich, they have the money to keep up with payments and get everything about their lives insured in case of any eventuality. This is why you see insurance companies excelling more in cities and in more developed countries, where people who can keep the ball rolling are much.
Thanks for reading.
This is my entry to Week 204, Edition 03 of the Weekly Featured contest in Hive Learners Community
The image used is mine