In USA, Canada, Europe and other developed countries in the world, immigrants face a lot of challenges. Insurance is one of the major challenges they face. Whenever the immigrants are advised to take Insurance Policies they quote the Bible and say “It is not my portion” But when death knocks on their doors, they start running helter-skelter looking for money for the burial because the cost of flying a dead body back home is more than the cost of taking care of the victim when alive. It is that time they remember that a Community is in existence, a church is around the corner, family friends are over there etc. In Canada immigrants are now becoming wiser taking insurance so that their family members will have the opportunity to take care of the burial expenses to avoid disgrace as it happens daily. Immigrants always beg for money to bury relatives, friends, etc. and it is becoming a common thing here in Toronto that when immigrants who have no residence permit or citizenship papers die they resort to begging for money for the burial. In this interview Charles Oyelowo of Sun Life Financial talks to OASES NEWS why Insurance is really important and how immigrants would gain from insurance.
OASES NEWS:
Please share your insurance experience with us, particularly the immigrants without residence and work permit and without citizenship certificate.
CHARLES:
Thank you for permitting me to express my observation, from my own ethnic group as a proud Nigerian. A recent article by a seasoned Nigerian Insurance Practitioner, Mr. Oke Olabanji, confirms my observation that "Ignorance is the main reason for Insurance apathy among our "brothers and sisters". Nigerians tend to live in a somewhat "fantasy" life and believing that the "odds of something bad happening to them is nil i.e. "it is NOT their portion".
Considering the enormous benefits of Insurance benefits, Nigerians still have apathy for insurance products and of the believe that it is a "rip off". However, and unfortunately, I have noticed and experienced cases of people dying due to critical illness and people dying with a short life span, without having any protection Insurance policy to protect their spouses and young children from the hardship of the loss of income from the "bread winner". The intense pressure of the death, is enough to bear, and God forbid, you don't want to add the maintenance, financial hardship, funeral cost, probate fees and final taxes. It is sad to say that in few cases of death, their friends and family had to ask Associations for financial donations for the burial cost and financial maintenance of the "poor spouse and children".
It should be specified that Insurance policies are intangible protection products and Nigerians don't believe the intangible, which is a life saver in time of distress, but always living in the "dream land" of the tangible.
OASES NEWS:
Why do you think it is important to have life insurance especially for the
Immigrants?
CHARLES:
1) Insurance is to protect one's life, business, properties and any eventualities.
2) Agents use the tools available to help, Educate and Empower clients
3) Agents show clients how to leverage their money for life and enable them to
retire with confidence
4) The agent helps clients to get Tax Free Money in difficult times
5) In situation of loss of income due to disability (Illness, disability), we
provide for funds to take care of the family and children financially.
6) In situation of short or long term death, we provide the money to take
good care of the Family, Children, Probate fees, Taxes and ALL Final
expenses.
7) In summation, on the above topic, some Nigerians, including a few well learned ones, think that Insurance is a fraud because they fail to read their Insurance policy and understand its content.
OASES NEWS:
What type of medical/health insurance or drug insurance is good for those whose organizations don't have insurance coverage?
CHARLES:
1) Individual Personal Health Insurance to cover expenses -( Dental /
Medication / Eye Care)
2) Group Benefit Plan if you have 3 employees in any small business
organization
OASES NEWS;
Tell us one of your experiences in Insurance business.
CHARLES:
1) It is "who you know business" ( i.e. connection)
2) Develop good relationships with your "Centre of Influence"
3) Honesty, accessibility and Loyalty to ALL clients and potential clients is very important.
OASES NEWS
Tell us how to shop for good premium and how do we know the best?
CHARLES:
1) Deal with a Reputable Insurance Company (Sun Life Financial is 150
years in the Industry)
2) Deal with an Experienced and Honest Agent, who knows the product VERY
WELL.
3) DON'T let a couple of dollar differences in premium influence your POLICY
PRODUCT selection decision.
4) Let the Agent explain the "pros and cons" of the particular product, you
are interested to buy. (Read the fine print)
OASES NEWS:
As a Nigerian-Canadian what is your advice to Nigerians who still shy away from Insurance here and back home in Nigeria?
CHARLES:
Insurance products could be applied to protect our loved ones (family), business interest, wealth and health, therefore, in this modern generation it should be considered as an important asset. A small insurance protection policy is better than a ‘zero’ insurance policy.
OASES NEWS:
What advice/type of insurance would you give visiting parents or
Families.
CHARLES:
1) This is very difficult to suggest without knowing the situation of the visiting
Parents.
2) Knowing the past family health and financial background, is a good place
to start
3) You have to know the client's main priority.
4) In short, I will suggest having a good foundation with protection with
Life and Health products.
OASES NEWS:
Is it possible to switch from one policy of insurance to another.
CHARLES:
1) You could switch by conversion or replacement, within same insurance
company
2) With another company, you have to cancel one policy from one company
because they are not related. You could apply for a new policy with another
company and still keep the old policy, if it is affordable. However, it is
good to change insurance companies if the new policy is better than the old
policy.
3) Insurance product premiums are based on Age and Health of the client,
therefore, the younger the client, the lower the premium, if the client is in
good health
CHARLES OYELOWO, B.A. Econ. Advisor
SUN LIFE FINANCIAL
www.sunlife.ca/charles.oyelowo
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