Adeosun to Nigerians: Embrace life insurance

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THE Minister of Finance, Mrs Kemi Adeosun, yesterday said with the various economic developmental initiatives of the Federal Government and its agencies, Nigerians need to build a solid financial plan for the future through life insurance planning.

Mrs Adeosun made this known at the third National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO) held in Lagos.

It had as heme: “The role of stakeholders in developing insurance &  pension sectors.”

The minister, represented by the Deputy Commissioner for Insurance, Finance and Administration, George Onekhena, said life insurance holds the key to wise financial planning and is a panacea for poverty alleviation among Nigerians, including those at the grassroots.

She urge Nigerians not to neglect life insurance, even as it is a common habit, noting that this is equal to building one’s foundation on a shallow ground.

She added that this had become necessary because no body knows the day of his death and it would be disastrous for anyone to leave dependents without benefits.

 

Speaking on the challenge facing insurance and pension operators in Nigeria, she said people hardly tell the public when they get benefit from these two sectors citing instance of quantum of retirement benefits paid on monthly basis by Pension Fund Administrators(PFAs), to retirees  and quantum of claims paid in a year by insurance firms.

NAIPCO conference is the only forum that brings both pension and insurance operators, their regulators and stakeholders together to discuss their affairs.

The conference played a key role in settling the crisis that arose last year between the two sectors in Annuity administration and management.

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