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  • Weathering the Storm

    Weathering the Storm

    Like the dry, dusty Harmattan wind, inflation is blowing across Nigeria, and its chill is felt everywhere. From food to petrol, transportation to housing, prices are rising alarmingly, squeezing budgets and leaving many feeling vulnerable and frustrated. The latest government statistics showed the inflation rate in January rose to 29.9%, its highest since 1996.

    But there’s a safe haven in these turbulent times: the shelter of insurance.

    However, we must first understand the impact of inflation. Inflation, the sustained increase in the general price level of goods and services, silently erodes the value of your money. What you bought for ₦1000 today won’t cost the same tomorrow.

    While inflation may seem like an ‘econospeak’ or an abstract concept to the average person, its effect translates to real-life struggles. Imagine each Naira as a unit of your spending power; inflation, like a thief, steals value from these units, making everything from bread to building materials more expensive. This unpredictable thief adds another layer of worry, as sudden price spikes can leave you, businesses, and property owners exposed.

    The impact is felt by everyone:

    Individuals:

    Daily life becomes a struggle as the cost of living rises, squeezing budgets and creating anxiety.

    Businesses:

    Operational costs climb, potentially leading to higher prices or lower profits, impacting everyone along the chain.

    Property Owners:

    Repairing or replacing damaged property becomes even more expensive due to inflation, leaving you exposed financially.

    Now, unexpected events are stressful enough, but when combined with rising costs, they can become overwhelming. Imagine facing a sudden medical expense that is twice what it was last year.

    We at Coronation understand the worries inflation brings. That’s why we offer comprehensive insurance solutions designed to shield you from the financial blows of rising prices.

    INSURANCE: Your Inflation-Proof Shield

    Think of insurance as your umbrella deflecting the financial storm of inflation. Insurance serves as a strategic hedge, shielding individuals and businesses from unforeseen financial burdens due to inflationary pressures. Whether through life, health, or property insurance, these risk-mitigation tools provide a safety net. They assist policyholders in navigating economic uncertainties by offering financial support for medical expenses, property damages, or loss of income. Diversifying one’s financial strategy to include insurance helps not only protect assets but also fosters a sense of financial security amidst the dynamic economic landscape.

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    Here’s how Coronation’s insurance protects you in these uncertain times:

    Car Insurance

    Imagine your car suffers a breakdown or accident. Without insurance, repair costs, already inflated, can become crippling. Coronation’s Car insurance absorbs this financial blow, ensuring your vehicle gets back on the road quickly and affordably.

    Personal Accident Insurance

    An unexpected accident can have severe financial consequences, not just from medical bills but also lost income. Coronation’s Personal Accident insurance provides a lump sum payout to cover these costs, easing the burden during a challenging time.

    Travel Insurance

    Medical emergencies or travel disruptions abroad can be financially devastating. Coronation’s Travel insurance safeguards your trip, covering medical expenses, trip cancellations, and more, ensuring peace of mind wherever you roam.

    Home Insurance

    Rising repair costs due to inflation can turn a leaky roof or broken appliance into a major expense. Coronation’s Home insurance covers repairs and replacements, shielding your property and your budget from inflation’s bite.

    Life Assurance

    Life assurance ensures your loved ones are financially secure even if the unforeseen happens. With rising costs, life assurance becomes even more crucial, ensuring your family can maintain their lifestyle and future plans, even in your absence.

    At Coronation, we understand that insurance isn’t just a product; it’s a partnership in navigating financial security, especially during turbulent times like inflation. We go beyond simply offering policies; we offer expert guidance to understand your unique needs and risks, recommending the right coverage to effectively counter inflation’s impact.

    Worried about rising costs outpacing your insurance coverage? We offer inflation-adjusted policies that automatically adapt their sum insured to match inflation, ensuring your protection stays relevant as prices climb.

    Affordability is paramount in these challenging times. That’s why Coronation provides flexible payment options, making sure your insurance remains accessible even when budgets tighten.

    Contact a Coronation advisor today to explore how our comprehensive insurance solutions can shield you and your loved ones from the financial anxieties of rising prices.

    With Coronation, you’re not just insured; you’re empowered to face the future with confidence.

    To explore how our comprehensive insurance solutions can cater to your needs and those of your loved ones, please contact:

    https:/www.coronation.ng/products-solutions/insurance/

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    Partner

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  • QUIZ: What Type Of Insurance Do You Need?

    QUIZ: What Type Of Insurance Do You Need?

    Have you seriously been considering signing up for an insurance plan, but do not know which type is right for you?

    Take this quiz and we’ll give you a suggestion.

    Susan Nwaobiala

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  • 7 Myths And Facts About Health Insurance In Nigeria

    Seriously y’all.

    Health insurance is an important financial scheme that helps protect a person’s finances in the event of illnesses. However, Nigeria’s dearth of education about the subject has led to the perpetuation of myths and misconceptions about it, which is a major reason why a large number of people still don’t have one.

    The aim of this article is to dispel the many myths surrounding the concept of health insurance by giving you the tea on what is real and what isn’t.

    Let’s get into it.

    1. “No need to get insurance at a young age.”

    The hilariously terrible thing about the meat suit that houses your skeletons and organs is how fragile and susceptible it is to (external) damage. Not to be a downer but you’re not Superman, which means that your current youth and vitality isn’t going to matter if you get hit by a truck tomorrow and need to be hospitalized for proper treatment. This is why health insurance plans exist for all age groups.

    In fact, buying and renewing a health insurance policy at a young age is advised because it leads to higher sums and better claim experiences later in life (when you need it).

    2. “Getting health insurance indirectly means that I’m inviting illnesses into my life.”

    Look at it this way: If anthropomorphic illnesses (or some babalawo with a bag of illnesses) wanted to attack you, they wouldn’t wait till you got health insurance. They’d take a page out of Nike’s book and just do it.

    The idea of health insurance is to be prepared for any health problems that MIGHT occur.

    3. “My health insurance won’t cover all my medical conditions.”

    All health insurance companies have a list of all the medical conditions covered by each plan in the clauses section. Your insurance will cover whatever illness you’re getting treated for as long as it’s covered in the plan.

    4. “My health insurance won’t cover the full hospital bill.”

    Health insurance plans actually cover the full hospital bill, not part. If whatever you’re getting treatment for is covered on your plan, then your insurance will cover the full cost.

    5. “I will start enjoying the benefits of my health insurance from the moment I buy it.”

    Even though most health insurance plans have a waiting period of at least 30 days, some benefits can be enjoyed from scratch. However, this depends on agreements made before purchasing the plan. Accidents and emergencies aren’t the only things covered from scratch too.

    6. “My health insurance will cover all my pre-existing health conditions.”

    Health insurance policies generally cover pre-existing health conditions but only after a waiting period (which can range from 3 months – 4 years). The only requirement here is that the person discloses all their pre-existing conditions when buying the policy. A common example of this is pregnancies.

    7. “I’m going to get the cheapest health insurance possible because they’re all the same thing.”

    The best health insurance plans aren’t determined by their prices but by the benefits they offer. This also works the other way around. When presented with plans, don’t immediately go for the most expensive one because “it has to be the best, given its price.”

    These days, plans are designed to fit people’s lifestyle and budget so the most expensive might not necessarily be what fits you. For instance, there’s no need for you to get a family plan when you’re single and hustling. Just look around, you’ll most likely find something that fits.

    Astor George

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  • 8 Things Nigerians Say When They Have No Plan

    8 Things Nigerians Say When They Have No Plan

    “God go run am”

    We all know the only reason we put it in God’s hands is because we don’t know what to do again.

    “Any way na way”

    A Nigerian who has completely run out of ideas and is running of “God abeg”

    “I dey your back”

    This person is in fact, not at your back.

    “We move”

    When in fact, we’re both aware that we’re not going anywhere.

    “I’ll get back to you”

    If you ask someone for something and they tell you this, just move on. You’re not in their plans.

    “Let me know when you’re around”

    This should be the mantra for people who like to ghost others.

    “It is well”

    People only say this so you don’t have to face the fact that nothing is well and you’re in danger.

    “We gather dey”

    If anyone tells you this, be very much aware that you’re alone.

    It’s okay to run on vibes all the time, but not with your health. And that’s why you need to have health insurance for yourself and the people you love. MyCoverGenius lets you buy health insurance for yourself, your business, and the people in your life. For as little as ₦2,500 a month, you can access up to ₦1million in medical coverage, and all you need to is sign up on their website to get started.

    Sheriff Alimi

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