Is your life insurance cover too little?
It is reasonable human behaviour to want to pay the lowest price possible for a product. Life involves a lot of bargain and trying to get the best deals. This happens when we go to the market for some groceries, when we are looking to rent a house, when we want to buy a car, and even when we’re seeking to pay for a service.
That we carry this same behaviour into our search for insurance is no surprise. The unfortunate reality in Ghana is that too many people buy insurance policies only when it is required by law or some regulation. Therefore, people look for the cheapest option possible just so they will not have any trouble with the police.
However, this should not always be the case. When you find yourself in real misfortune it is there that you start to rue going for the cheapest available option. Many people will consider the possibility of misfortune happening to them as low or think that premiums are so high that it is better to avoid them and then deal with misfortunes on your own if they occur. But what if there was an insurance policy that you could guarantee will pay out benefits no matter what. If you have this level of certainty, will you still seek the cheapest option? Well, this is exactly the case with life insurance.
Life insurance should not be treated as just another product that requires that we shop around for the cheapest cover. When it comes to life insurance one should think not about price but about value. Price refers to how much you are paying, value refers to what you are getting relative to what you are paying. For too many people in Ghana, the life insurance coverage is too small. Let’s ask a few questions about life insurance policies so that we can judge its effectiveness.
Is your life insurance cover large enough to cover your funeral expenses (taking into consideration what large events Ghanaian funerals tend to be)?
Is your life insurance cover large enough to ensure your dependents will not suffer a sharp drop in living standards in the event of your passing?
Are all your dependents listed as beneficiaries in your life insurance policy?
Do you have other assets or investments which justify you not having adequate life insurance cover?
Is your life insurance cover large enough to allow your dependents not to be destitute if they are unable to secure rights to your other assets?
Is your life insurance cover large enough to cover liabilities which your family will have to bear in the event of your passing?
If your answer to any of these questions is “No” then it is time to start reconsidering your life insurance cover. This is not about just getting any cover which promises low premiums but one which guarantees that your dependents can feel secure about their future.
To get started on getting a quality and adequate life insurance cover, visit GhanaCompares.com and head over to the life insurance section. The website saves you the time, money and effort that you would have used to go hopping from one company to another. Just by requesting, you will get a whole range of different policies from different companies which will allow you to make the best choice to secure the future of your dependents.
GhanaCompares Blog Team
