Let’s talk about the economy of death

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It wouldn’t be an exaggeration to say that the topic “Death” is one of the most avoided conversations, often met with cringe-worthy reactions, in our country. This quote from an anonymous author reinforces this point; “Life asked death, ‘Why do people love me but hate you?’ Death replied, ‘because you are a beautiful lie, and I am a painful truth’”.

This is appropriate, as many dread talking about death despite its inevitability, whether in open speech or secret mention, between the lines, and if they have to, they tend to seek the convenient way, or to pronounce words that are always evasive. dismissal “GOD FORBID!” Death, however, is an unavoidable reality with real consequences – sometimes in ripples – on many lives, especially on the loved ones the deceased left behind.

Generally, the death of a loved one is a heartbreaking experience, but having to deal with the difficulties of survival while grieving is like being caught in a classic case of double jeopardy. Therefore, it is essential that all consciously mitigate the many risks that accompany the death of the bereaved. To do this, we must first embrace or understand the importance of having a conversation about death, and then think carefully about the question “what really happens when a person dies?” “.

There are two possible answers to this question. One simple and one quite difficult. Indeed, when a person dies, the bereaved loses this life eternally; it is a simple truth. The not-so-simple answer is that death not only takes away lives, but also sometimes flattens the curve of performance and socio-economic outcomes that negatively impact the deceased family.

In other words, death affects families, businesses, and their socio-economic growth and development when a breadwinner is involved. Too often we have heard of orphaned children dropping out, families falling into poverty, and small businesses going bankrupt or going out of business due to the death of a parent who is also a critical business owner. Typically, the ripple effect of a death in a family unit or within a community can be devastating, leaving those affected in dire straits.

According to research by Paul Gertler titled “Parental Presence and Gifts: Do Parents Matter More Than Their Money?” reinforces this reality when it reveals that at least 15% of bereaved children drop out of school compared to 7% of non-bereaved children.

According to Forbes, most businesses do not survive after the death of the owner. On average, there is a 20% chance that a business will go bankrupt within four years of the death of its owner. With mediocre Nigerian economic indices, from which

The World Bank estimates that 40% of the population lives in poverty, citizens must be wiser to understand that the “economy of death” must be studied intensely. The stark reality is that many Nigerian families are only one crucial death away from falling into poverty.

This fact, underpinned by the absence of superior social protection, unsecured earning capacities and the high economic dependency ratio of 86%, leaves families, according to the World Bank, constantly living on the edge of deep poverty if a breadwinner dies, cutting off the benefit of human capital to their loved ones.

However, we must understand that it is possible to guard against this potentially devastating consequence of death by having a mitigation strategy against it. This is what we have called “the economy of death”.

Simply put, “death economics” refers to financial measures used to lessen the potentially negative impact of death on bereaved families or loved ones of the deceased. It answers the question of leaving a legacy for my loved ones in the event of an unceremonious death.

There are many strategies to achieve this, with financial risk management tools like savings, investments, will writing, generational wealth transfers that provide a sustainable path to economic empowerment and life insurance. life. Of all these methods, we dare to say that none is as comprehensive, practical, structured and reliable as insurance policies.

If you are looking for a safe way to protect your loved ones even after you can no longer be by their side, then you think there is no better platform than car insurance, with the insurance plans -life, your family is about to receive timely benefits. who can ensure their economic subsistence.

Unfortunately, insurance in Nigeria is so weak despite being the largest economy on the continent. Insurance penetration is incredibly low, at around 0.5%, which ranks the country among the lowest in sub-Saharan Africa and 79th in the world. When this is considered alongside Nigeria’s high economic dependency ratio and extremely high level of poverty, one is prompted to convene a national dialogue on death to question its economic impact on Nigerians.

Deeper conversations about death will eventually awaken citizens to the existence and capacity for generational wealth transfer on the back of life insurance.

Life insurance policies usually involve an agreement between an insurer and a policyholder, which states that in exchange for paying premiums, the insurance company will pay a lump sum as a death benefit to members of the family named if the death affects the life of the said policyholder. He ensures that death does not lay its cold hands on the grieving family. This means that with life insurance, you can be sure that the financial protection of your loved ones is guaranteed, with or without your presence.

However, the curious point is that the terms of reliability and integrity are non-negotiable when choosing a partner for your life insurance policy. You need to be sure that the insurer is credible enough to pay accurate and timely death benefits to your loved ones for their financial protection in the event of an untimely death.

With this in mind, there is no better insurer than Leadway Assurance Company Limited, an organization with 50 years of proven track record of reliably paying insurance claims and benefits on time.

Leadway’s life insurance policy offers two plans specifically designed to help families build wealth and protect dependents in the event of death for an annual premium as low as N7,500. In the event of death, named beneficiaries are insured for N5,000,000 in claims reimbursement. What’s even more impressive is that Leadway’s life insurance plan requires no medical underwriting prior to purchase, making it easy for everyone to access, regardless of specific biological factors.

So if you’re looking to proactively protect your loved ones or want more information on how to protect yourself against the sad reality of death, please visit www.leadway.com or call the money management experts at Leadway Assurance at 01-2800-70 or email [email protected] for professional advice. You can also request a call back by visiting www.leadway.com/call-me.

We are also at your fingertips on WhatsApp via our virtual assistant support on 08129997044 or any of our social media – @leadwayassurance on Facebook, Instagram and Twitter. You can also send a DM, and we’ll get back with all the info you need.

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