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Does Life Insurance offer all round protection?

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By Allan Lwanga

Posted  Friday, December 6  2013 at  00:00

Ask Your Life Insurance Adviser: Can life insurance protect my life together with my business from calamities like fire?

Yes, to run a successful business anywhere in the world requires a lot of sacrifice, one has to adapt to existing market conditions, battle with the hurdles of management, aim to beat the competition etc. But all these are challenges that can be anticipated and largely dealt with.

However the most frightening of challenges in a business are those risks that you as a business owner have absolutely no control over. These can strike at any time, season or location. It is extremely sad and disheartening to see an enthusiastic trader who has built his capital from scratch, worked tirelessly through the ranks from a road side stall to now owning a shop, and then just as he is getting ready to start ripping the proceeds, a fire guts the shop eating away all his hard earned capital.

Life Insurance today has been modified to accommodate some of these risks. Modern insurance companies offer group creditor policies through banks to cover a borrower for his life as well as the protection of his business investment. This means that you would walk into your bank or micro finance to borrow money, sign an insurance form that covers you for death, disability and critical illness, this same policy however will pay off your outstanding loan balance in the event you suffer loss of income as a result of your business being destroyed by fire, subterranean floods, storms and other natural calamities.

The challenge that people face with insurance sometimes is the multitude of policies out there, it can be disconcerting to have to choose between all of them to find which ones apply to you let alone know what they actually cover. The best policy would be a one stop solution that offers you total all round protection after simply filling in one form.

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The writer is the Corporate Sales Manager for UAP Insurance.