Why You Should Get Health, Life Insurance Policy From 45 Years- Insurance Expert

Ekerete Ola Gam-Ikon, Nigerian insurance personality and the Chief Executive Officer of Finterate Projects has said that it is essential for people to buy health or life insurance from insurance companies, especially from a foreign insurance company.

It has become rampant for successful celebrities and public figures in Nigeria to seek financial support to fund their health challenges when they have retired or are no longer at the peak of their careers.

Nollywood is the worst hit industry as some actors have appeared on social media to solicit for financial help.

In a response sent to THE WHISTLER, Ekerete Ola Gam-Ikon, explained that many Nigerians do not understand that insurance gives a guaranteed position of financial strength in the future.

Ekerete said many people who were successful at the peak of their careers regret because they missed out on an insurance policy that would have helped fund their health challenges.

He advised that Nigerians at the age of 46-55 should take up insurance because at this stage, they are confronted with diverse risks and challenges probably in different domains.

“You are better advised to seek international insurance coverage for your health and life assurance policies with different companies.

“If you cannot afford these, be advised to at least settle for local policies despite inflation.”

According to him, those who are near retirement or have retired at the ages of 55-65 must ensure that the status of their insurance policy is up to date.

He said, “Retirement begins to require more attention at this stage and you are advised to give it priority, checking to ensure the status of your insurance policies are up-to-date.

“Many people have worked hard only to discover that their employers have not been committed to remittance of their contributions to statutory authorities. You are advised to verify the authenticity of any claims made, lest it becomes too late.”

Another category he touted that needs insurance are those at the ages of 65-75. The CEO said, at this point, their health will begin to take a toll on their income.

“So, it is advisable to have appropriate insurance that would even address critical illnesses. And if there was no insurance towards a funeral in the family, this would be a good time to have it.?

From age 75 to 85, he said “You would since have moved your funds from Programme Withdrawals offered by your Pension Funds Administrators (PFAs) to Annuities of your preferred Insurer and enjoying some relative peace knowing that you are insured and assured.

“Ages 85 and above, you are practically left with annuity that ensures you to receive payments till death. You are advised to have it long before now.”