Vanguard, WEDNESDAY, MAY 6, 2015
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CE & YOU
While we all hope that, “nothing will happen to me,” relying on hope to protect your future earning power is simply not a good idea
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5 insurance policies everyone should have Protecting your most important assets is an important step in creating a solid personal financial plan. The right insurance policies will go a long way toward helping you safeguard your earning power and your possessions. Policies to consider are:
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MEMBERS EVENING: From left: Deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Kayode Okunoren; President, Mr. Ayodapo Shoderu and Managing Director, Prestige Assurance Plc, Mr. Balla Swamy at the April Edition of NCRIB Members’ Evening hosted by Prestige Assurance. law on ‘no premium, no cover’. contracting insurance, certainly to the importance and benefits According to Fashola, some in breach of some of the of insurance, without serious insurances, government parastatals or compulsory patronage and support. There because of the government enterprises are funded without is hardly sufficient budget budget system, he stated. allocation for insurance. Many provision for payment of Fashola however, charged the insurance policies contracted insurance premium by incoming administration of by the MDAs in the past were government and its agencies. not renewed, thus leaving the Muhammed Buhari to take Therefore, when insurance assets exposed to risk, damage insurance serious because it has services are patronised, and losses without insurance the capacity to become the payment of the premium protection. Many of the engine of growth of the becomes an issue, a clear parastatals are no longer economy. negation of the provisions of the
CRe launches engineering risk
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ontinental Reinsurance Plc has announced the launch of its new specialist subsidiary, Continental Property and Engineering Risk Services (CPERS). The firm was established to meet the growing demand for specialist engineeringinsurance risk advisory services currently driven by Africa’s infrastructure and construction boom. Speaking on the need for establishment of the new firm, Executive Director, Continental Reinsurance, Mr. Lawrence Nazare said with
property services
Africa’s investment in infrastructure, rapid urbanisation, projected economic growth, rising middle class, focus on regional integration and improved governance in many of Africa’s 54 nations, investing in construction on the continent is on a strong upwards trajectory. He said the demand for specialist engineeringinsurance skills is also increasing. “It is imperative for Africa’s development, for African reinsurance companies to
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provide the required specialist insurance skills and expertise to support efforts to bolster the retention of African reinsurance premiums in the continent,” he stated. He said for this reason, Continental R e i n s u r a n c e . has strengthened its core engineering capability by enhancing existing offering. According to him, historically, foreign reinsurance companies have provided the requisite engineering-insurance advisory skills .
Siblings charged in insurance fraud scheme
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MACON insurance claims adjuster and her brother have been charged with multiple counts of insurance fraud stemming from their allegedly stealing more than $79,000 from filing false claims, authorities said. Arleatha Martin, 42, of Macon, and her brother, 36year-old Christopher Lorenzo Battle of Locust Grove, are each charged with seven counts of insurance fraud, seven counts of theft by deception and three counts of identity theft, according to the office of state Insurance Commissioner Ralph Hudgens. Martin, who now works for Geico, was an adjuster in a Macon office working for Allstate Insurance in 2011 and 2012 when she allegedly used her position as a supervisor to produce fraudulent accident claims in Battle’s name.
She is accused of issuing settlement checks to Battle’s business, and the siblings split the money, said Glenn Allen, a spokesman for the commissioner’s office. In one claim, Martin allegedly filed documents saying three of Battle’s children had been injured in an April 2011 school bus accident in Douglas County. A check was issued for $6,375 for the children’s injuries. Investigators determined the children weren’t on the bus at the time of the crash, Allen said. Martin was arrested Friday morning and was being held at the Bibb County jail on $57,850 bond, according to jail records. Battle was booked into the county jail. His bond also was set at $57,850, according to jail records.
ONG-Term Disability Insurance The prospect of long-term disability is so frightening that some people simply choose to ignore it. While we all hope that, “nothing will happen to me,” relying on hope to protect your future earning power is simply not a good idea. Instead, choose a disability policy that provides enough coverage to enable you to continue your current lifestyle, even if you can no longer continue working. Life Insurance: Life insurance protects the people that are financially dependent on you. If your parents, spouse, children or other loved ones would face financial hardship if you died, life insurance should be high on your list of required insurance policies.
Insurance policies Think about how much you earn each year and the number of years you plan to remain employed, and purchase a policy that will replace that income in the event of your untimely demise. Factor in the cost of burial, too, as the unexpected cost is a burden for many families. Health Insurance: The soaring cost of medical care is reason enough to make health insurance a necessity. Even a simple visit to the family doctor can result in a hefty bill. More serious injuries that result in a hospital stay can generate a bill that tops the price of a oneweek stay at a luxury resort. Injuries that require surgery can quickly rack up five-figure
costs. Although the everincreasing cost of health insurance is a financial burden, for just about everyone, the potential cost of not having coverage is much higher. Homeowners Insurance Replacing your home is an expensive proposition. Having the right homeowners insurance can make the process less difficult. When shopping for a policy, look for one that covers replacement of the structure and the contents in addition to the cost of living somewhere else while your home is repaired. Keep in mind that the cost of rebuilding doesn’t need to include the cost of the land, since you already own it. Depending on the age of your home, and the amenities that it contains, the cost to replace it could be more or less than the price you paid for it. To get an accurate estimate, find out how much local builders charge per square foot and multiply that number by the amount of space you will need to replace. Don’t forget to factor in the cost of upgrades and special features. Also, be sure the policy provides adequate coverage for the cost of any liability for injuries that might occur on your property. Automobile Insurance Some level of automobile insurance is required by law in most places. Even if you are not required to have it, and you are driving an old clunker that has been paid off for years, automobile insurance is something you shouldn’t skip. If you are involved in an accident, and someone is injured or their property is damaged,you could be subject to a lawsuit that could possibly cost you everything you own.
Accidents happen quickly and the results are often tragic. Having no automobile insurance or purchasing only the minimum required coverage saves you only a tiny amount of money, and puts everything else that you own at risk. In addition to the policies listed above, business owners need business insurance.
GAINERS FOR EQUITIES
LOSERS FOR EQUITIES