the smart money woman finally learns about insurance
You
may have come across a book by Arese Ugwu, The Smart money woman, and you may
have found out that you could relate to the financial literacy challenges which
Women in Africa face. If you can’t relate, even better, but surely, you’ve come
across a relative, a friend or a colleague who does?
In
the book, Arese Ugwu particularly talks about a group of African women who happen
to be friends and find themselves having to make critical decisions due to
financial challenges they go through. In this article, let’s discuss ways in
which insurance could have been of help to the various situations that each one
of them faced.
First,
let me introduce you to the characters:
Zuri: A Nigerian Woman who works as a senior manager
at Richmond Developments who is going through a huge financial crisis though
she has what one would call a good paying job. Zuri currently owes a mechanic
for what she thought would be minor repairs on her car only to find out that
total costs exceed what she had budgeted for. She just received a letter from
her landlord reminding her that she is 3 months behind on her due rent, her
monthly check-ups with her gynaecologist indicate that she has developed fibroids
which might cost an arm and a leg for treatment and even worse, her mother’s
house caught fire and though her mother sustained minor injuries, the house may
require serious repairs.
Adesuwa: A Nigerian woman who is married to
Soji an entrepreneur who is always pursuing business adventures that never
really take off. She is helping her husband build a house for his mother while
paying for their house bills as well as fees for their kids. However, she
constantly goes off budget because of house repairs that break down one after
another.
Lara: A Nigerian oil trader who earns more
than all of her friends and takes care of her mother and her three siblings. A
huge portion of her salary is spent on university fees she pays for her sibling
and hospital bills for her mother.
Tami: A successful fashion designer who
works from a studio apartment and has her father and a list of rich partners
paying for her lifestyle.
Here
are a few ways in which insurance could have come through for these women:
HEALTH
INSURANCE
It
is very common in Africa for women to take responsibility for their health and
the health of their families. Perhaps this is because women are said to be
nurturers of their loved ones. Whilst health insurance is important for both
women and men, in this case, Zuri would have benefited a great deal from a
health insurance plan; a hospital cover would have been of great help for her
recently discovered medical condition as well as that of her mother’s. Without
adding to her list of debts, or tapping into the little savings she has, Zuri
would have been able to get medical attention without compromising her health
and her financial position.
For
her mother, Lara could also do with a health insurance plan that could ensure
that her mother’s hospital bills are well taken care of and pose no challenge
to her budget. Medical expenses are a constant strain to everyone and normally
require emergency attention when they occur. A health insurance is always a
great way to cater for this.
Homeowners/Householders/House Contents Insurance:
Losing
property due to accidental events can cause both financial and emotional turmoil.
Luckily for Zuri in this case, the damage of fire done was not severe but even
then, any repairs not budgeted for are enough to cause a huge financial hiccup.
With a homeowner’s insurance, Zuri’s mother would be compensated for the damage
done to her house and Zuri would not need to accommodate this inconvenience in
her budget for the year.
Equally
important for Adesuwa, in her position, a house contents insurance to add to
her insurance portfolio would have been a handy tool to ensure her financial
stand. Without a doubt, constant geyser repairs should be the last thing
weighing her down.
Motor Insurance
One
would be mad at Zuri for missing out on this one. Of course, without a doubt,
Zuri would have covered her Benz and the cost of repairs would not burden her
if she had a motor insurance policy in place. To think of it, Zuri would be in
absolutely no debt if she had an insurance portfolio which she remained loyal
to.
Fire / theft
While
most women in the book might envy Tami’s life as a successful fashion designer,
she obviously has machines and stock which probably cost her a lot to purchase
and maintain. As entrepreneurs always say, business continuity is vital in case
of a business loss or accident. What are the chances that Tami’s studio
apartment would catch fire and / or some of her items stolen hence affect
business continuity? Tami could do with a Fire and Theft cover.
The
smart money woman is a book by Arese Ugwu, all characters above are fictional
characters with which Arese puts an interesting and picturesque spin on how
women can better manage their money in the book. Insurance is a practical
solution for most challenges in life, not just challenges faced by women, but challenger
faced by men a well!
Kelebone Mona ǀ
IT Administrator
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