5 reasons why people Won't buy insurance in Nigeria.
Having a life insurance Policy is one of the basic needs of every family in Nigeria just like food, clothing and shelter. It is to put not just simply, Security. What is Life insurance?Life insurance is the insurance that pays out a sum of money either on the death of the insured person or after a set period. Sadly though ,just a few People in Nigeria have an insurance Policy that can help their family if death occur. Few weeks back we lost a Neighbour,a Family man and all i could think of was how the family will survive now that the breadwinner is gone. He still has young kids and what the wife is doing to keep herself busy was not something that could sustain the family. It is obvious the man's business would close because the woman knows nothing about his trade and I could see his brothers already hovering about like Vultures for anything their hands can get. I felt sorry for the man but more for the woman .Where would his wife start from ? This experience inspired this Article . My experience on the job and discussion with clients , I have come up with 5 reasons why people obviously don't buy what they need. ●Superstition and Religion ●Lack of information and Education ●Ugly past of insurance in Nigeria ●Bad experience with fraudsters ●Confusing Insurance with high yield investment