Life insurance The major set backs in life insurance policy

Lens1000

VIP Contributor
I think that this is a type of mentality in which many people should try to get rid of. It is good that people begin to understand that these things are things that even if they are going to happen we cannot control or do very little about it. This is why it is always important for us to safe guard ourselves and our future.
Buying life insurance is like creating the world you desire after you are gone. I bought one some years back but I terminated it when I needed money to expand my offline business. It could be used as a source of future investment once it has reached the maturity stage. It is important for everyone one to have his/her life insured.
 

Lens1000

VIP Contributor
I think that can't be the disadvantage but advantage , because the insurance company is actually compensating the party whenever the person dies , that's just the policy attached and the objectives attached to the life insurance policy, but the person needs to keep up with premium to get the benefit
It's really not a disadvantage because it's in the terms and conditions of the policy
But the setback is that the person undertaking such insurance policy will not get to witness the benefits and that's the major reason why most people opted for term life insurance policy. In this type of insurance, you would claim your benefit upon expiration.
 

Wisdom01

Valued Contributor
I think that can't be the disadvantage but advantage , because the insurance company is actually compensating the party whenever the person dies , that's just the policy attached and the objectives attached to the life insurance policy, but the person needs to keep up with premium to get the benefit
 

Lens1000

VIP Contributor
I think your friend that says subscribing to life insurance policy is like wishing himself death is definitely right because this is one of the reason I really do not like life insurance specifically, because when I went through the policy I found out that the compensation from the insurance company comes after the death of the insured. So what is the point of investing in what you won’t live to achieve the benefit.
You are getting it twisted. There are basically two types of life insurance. The whole life insurance and the term life insurance. In whole life insurance, you get your benefits when you are gone from the face of the earth. In term life insurance , the insurance contract elapse at a certain period of time, after which you would claim your benefit.
 

Mandy96

Valued Contributor
I think your friend that says subscribing to life insurance policy is like wishing himself death is definitely right because this is one of the reason I really do not like life insurance specifically, because when I went through the policy I found out that the compensation from the insurance company comes after the death of the insured. So what is the point of investing in what you won’t live to achieve the benefit.
 

Lens1000

VIP Contributor
There was a particular time where access bank we are trying to advertise your life insurance policy in our working station and they had a lot of problem convincing people that investing into life insurance is not equal to you trying to wish any bad thing on yourself but instead trying to safeguard your future and also helping yourself in times of need that you did not plan.
The most difficult part of the insurance policy to lure people to is the life insurance. People do not want to talk about death and this is why it's always difficult for the insurer to convince people to buy life insurance. People do not know the merits embedded in the life insurance and it's a thing that should be done by everyone.
 

Setho

VIP Contributor
The mentality of thinking that getting some life insurance is like wishing yourself death needs to be washed off as it is not helpful at all so many people have benefited from life insurance and I think it is a very good thing that people ought to do before they get old.
There was a particular time where access bank we are trying to advertise your life insurance policy in our working station and they had a lot of problem convincing people that investing into life insurance is not equal to you trying to wish any bad thing on yourself but instead trying to safeguard your future and also helping yourself in times of need that you did not plan.
 

Lens1000

VIP Contributor
It is then up to them to think about something else they would focus on to make them generate better revenue and get better returns since it is not wise to continue doing something that would end up not yielding any results in the long run. Insurance companies are mostly aimed at profits making too.
The only way out is that, life your is a long term insurance and the money could be used by the insurance company to more productive investment. So, by the time the insurance premium matured, they must have made multiple amount you are to claim. This is just the basics of how the insurance company make money.
 

Bookwormlux

Valued Contributor
That's my plight too. I do not think that they are making something worthwhile because people who consider life insurance are very minimal and average persons don't even what to talk about anything related to death. There insinuations is old-fashioned and not relevant in the modern day events. I do not think that they are making much profit truely.
It is then up to them to think about something else they would focus on to make them generate better revenue and get better returns since it is not wise to continue doing something that would end up not yielding any results in the long run. Insurance companies are mostly aimed at profits making too.
 

Lens1000

VIP Contributor
I do not think if these insurance companies are making enough money from countries like Nigeria, because the number of people who consider insurance is very low and I guess they are not making so much profit as anyone would think they are doing ordinarily in a progressive country.
That's my plight too. I do not think that they are making something worthwhile because people who consider life insurance are very minimal and average persons don't even what to talk about anything related to death. There insinuations is old-fashioned and not relevant in the modern day events. I do not think that they are making much profit truely.
 

Bookwormlux

Valued Contributor
That's exactly how people think most especially in my country. I wonder how the insurance company strive in this part of the world. There are so many benefits attached to life insurance provided you buy it from reliable source. This is why it's important to check the ratings of the insurance company before buying one.
I do not think if these insurance companies are making enough money from countries like Nigeria, because the number of people who consider insurance is very low and I guess they are not making so much profit as anyone would think they are doing ordinarily in a progressive country.
 

Lens1000

VIP Contributor
Life insurance is the most common type of insurance policies. It's very common in the western countries while the insurance companies in the developing countries struggled to make much money.

I once heard a friend say, "I can't subscribe to a life insurance policy because it's like wishing myself death" you can imagine his mentality!

The major set back in whole life insurance policy is that you will die first, before you can get your benefits or money. So, most of the insurance company converts the life insurance money to some form of investments because in most cases, it's last longer.

I have seen people who benefited from life insurance and I am one of them. When my dad died , we collected some money from the insurance company.
How do you react to this?
 
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Lens1000

VIP Contributor
The mentality of thinking that getting some life insurance is like wishing yourself death needs to be washed off as it is not helpful at all so many people have benefited from life insurance and I think it is a very good thing that people ought to do before they get old.
That's exactly how people think most especially in my country. I wonder how the insurance company strive in this part of the world. There are so many benefits attached to life insurance provided you buy it from reliable source. This is why it's important to check the ratings of the insurance company before buying one.
 

Setho

VIP Contributor
I think that this is a type of mentality in which many people should try to get rid of. It is good that people begin to understand that these things are things that even if they are going to happen we cannot control or do very little about it. This is why it is always important for us to safe guard ourselves and our future.
 

Bookwormlux

Valued Contributor
The mentality of thinking that getting some life insurance is like wishing yourself death needs to be washed off as it is not helpful at all so many people have benefited from life insurance and I think it is a very good thing that people ought to do before they get old.
 

Good luck

Verified member
That's why people fear to buy life insurance. This is the reason why you need to confirm the ratings of an insurance company or consult a friend that has claimed benefits from the insurance company. In my country, there are couple of legitimate and trusted insurance companies that one can buy life insurance from.
Are you saying that at a time the insurance company will not come up with another strategy or policy that will change the whole process or plan because I really have great fear when it comes to doing insurance policy with any company that has to do with insurance though like you rightly said,we still have some genuine ones.
 

Lens1000

VIP Contributor
I think the major fear in life insurance policy is fear that the company may not meet its obligations as at when due and it may even take a long period of time too fulfill it.People are always afraid to do life insurance policy or any other things that has to do with their lives
That's why people fear to buy life insurance. This is the reason why you need to confirm the ratings of an insurance company or consult a friend that has claimed benefits from the insurance company. In my country, there are couple of legitimate and trusted insurance companies that one can buy life insurance from.
 

Good luck

Verified member
I think the major fear in life insurance policy is fear that the company may not meet its obligations as at when due and it may even take a long period of time too fulfill it.People are always afraid to do life insurance policy or any other things that has to do with their lives
 

btaliat

VIP Contributor
Before you make a conclusion, you need to do some research. If your term life insurance is for 20 years and if you still do not die in 20 years term, you will get your insured amount along with a bonus. If you become terminally ill or lose your body parts (hands, legs, etc.) during the insured period, you can get coverage.
Guy, be calming down now. Just like the guy said, no one is island of knowledge. When someone says something that's not totally true, it may be because they don't know more. The best thing is to correct politely. This is a faceless forum where everybody can make his or opinion. It doesn't matter which opinion is right becssue we are not in the debate forum in the first instance. Sorry if I sound harsh.
 

Lens1000

VIP Contributor
Before you make a conclusion, you need to do some research. If your term life insurance is for 20 years and if you still do not die in 20 years term, you will get your insured amount along with a bonus. If you become terminally ill or lose your body parts (hands, legs, etc.) during the insured period, you can get coverage.
No one is an embodiment of knowledge. I am always open for corrections but you are wrong on this, because you do not understand the thread but you concluded that I post thrash. I made it clear in simple English that one will claim his/ her bonus and benefit when he/ she is no longer alive in a whole life insurance. You need to read the thread again.
 
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