Head of Corporate Affairs and Marketing at GLICO, Nana Efua Rockson, has urged government to consider making the health component of insurance products compulsory.
“I think that government has to do a bit more to make the health component of insurance products compulsory. I think that life insurance to a certain level must be made compulsory. We need to get to a level that insurance will become part and parcel of our daily lives,” she urged.
Speaking in an interview with Today, the head of corporate affairs and marketing at GLICO explained that human beings and properties were always exposed to different kinds of risks which bring in their wake losses.
But with insurance as a tool, she indicated that it helps reduce the effect of losses caused by these risks.
She observed that insurance accumulates funds to meet individual losses and not a device to prevent an unwanted event from happening.
“Life insurance provides security against death and old age sufferings. Fire insurance protects against loss due to fire while marine insurance provides protection and safety against loss of ship and cargo. For personal accident and sickness insurance, financial protection is given when the individual is unable to earn. In other insurance too, this security is provided against the loss at a given contingency,” she added.
She stated that insurance removes tensions, fears, anxieties, frustrations usually associated with human beings, stressing that it also provides financial position and compensates losses.
Mrs. Rockson pointed out that life insurance encourages the habit of regular and systematic savings through premium.
“To develop the economic growth of the country, insurance provides strong hand and mind, with protection against loss of property and capital to produce more wealth. It provides protection against different kinds of losses caused by risks,” she explained.
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