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It’s true that money makes the world go round. But in a woman’s world, the stakes are higher. It either helps her soar or razes her world to the ground.&nbsp;
Once upon a time, it was almost taboo for women to work and earn money in Nigeria. Many women had no access to anything that could be financially beneficial to them. Time passed and women advocated for themselves, earning the liberty of controlling their finances through the trade of various goods and services. But that wasn’t enough.&nbsp;
Women needed something to fall back on if they lost their ability to earn and were back to square one. Insurance was that thing. The consequences of financial instability are tougher for women because it makes them more vulnerable to the adversities of life. Insurance is one of the few things that improves the lives and finances of women in such situations.
For the <a href="https://x.com/hashtag/hermoneyherpower?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Ehashtag" target="_blank" rel="noopener noreferrer nofollow">#HerMoneyHerPower</a> campaign by SheTank and Bellanaija, we spoke to five women who shared their experiences on how insurance helped them reclaim their power financially.&nbsp;
Ebele, 30
When I was 19, my father died suddenly in an accident. He was the breadwinner of his extended family so I and my siblings were not too surprised when certain uncles and aunts started hovering over his properties. Eventually, they seized the majority of everything my dad had and left us with the ones they thought were used as collateral for business loans.&nbsp;
I was angry about the situation but I was more confused about my mother’s reaction during the entire ordeal. I couldn’t understand why she didn’t put up a fight, especially because we had just been plunged into penury overnight and were just staying afloat on her savings.&nbsp;
One evening, my mum informed me and my siblings that some money had come in from my dad’s life insurance payout. We were not aware that my dad had life insurance so the amount was jarring.
That money opened doors for my family, allowing each of us to achieve important milestones. I was able to finish university, relocate out of Nigeria, and get a great job simply because of it.&nbsp;
Judith, 28
Immediately after my NYSC in 2015, I told my family that I wanted to start an onion business in Lagos instead of getting a job at a bank as everyone expected of me as a banking and finance graduate. I had served in Sokoto where I observed how people were doing this business so I was confident I could do it too. My capital was my life savings which was a little over N1M so this business needed to work out. I had no plan B.
My family supported my decision but they had so many concerns. My older brother only asked that I get goods-in-transit insurance. At the time, I thought it was unnecessary so I pushed back. I eventually did it grudgingly. The first truck of onions I brought from Sokoto did well without any hiccups and I was happy. Every penny I made went back into getting a second truck of onions.&nbsp;
The second truck of onions never even made it to Lagos. There was a fatal accident involving my truck driver and other vehicles. Some of the onions were destroyed while the rest were scooped away by scavengers. There are no words to describe how devastated I was. 14 days later, I received a claim payout from my goods-in-transit insurer but I was too scared to try again.&nbsp;
I spent three months planning how to approach the business afresh and source for funds. I got nothing. I ended up using my claim payout as my new capital because that was all I had. It panned out well. This onion business paid for my first car and helped me fund other businesses.&nbsp;
Yemisi, 40
My husband passed away in a plane crash on his way back home from a work trip in 2010. At that time, I had been a stay-at-home mum for five years because our three children were under 8. My husband and I didn’t come from money and I never thought something like that would ever happen so I didn’t have any money stashed away.&nbsp;
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In my grief, I started thinking about what I could do to earn money to take care of my children. We had been getting by on monetary gifts from family and friends but I knew it wasn’t sustainable in the long term. A month after my husband’s funeral, the HR manager at his place of work called me to inform me I was the beneficiary of his group life insurance policy payout so I would receive some money.&nbsp;
My husband never mentioned anything about that to me so I wasn’t expecting much. When the money came, I was so shocked that I cried profusely. It provided so much relief for me and my children.
I was able to start a business and employ people, pay for a part-time course at UNILAG, and take care of my children’s needs without begging people. I am the established woman that I amOur lives would be forever changed because of it.&nbsp;
Mabel, 26
My three siblings and I were raised by my dad after my mum passed due to childbirth complications. I’m the eldest so I supported him a lot, especially financially. I ran a laundry business and other gigs while I was in university to make ends meet. After I graduated, I got a job at a reputable tech startup that gave me health insurance as one of my employee benefits.&nbsp;
In 2022, exactly two years into working at the startup while simultaneously operating my laundry business, I became very ill and was diagnosed with Lupus. My business was heavily dependent on my availability so when I became hospitalized, it shut down. My income took a massive hit.&nbsp;
Thankfully, the health insurance policy at my workplace covered my Lupus treatment. I didn’t pay out of pocket for any of my procedures and medications in the weeks I spent at the hospital and home during recovery. I’m happy because I wouldn’t have been able to pay for my treatment without running into debt.
Because I didn’t have the burden of sourcing funds to pay my medical bills, I had the mental space to think about how to restart my business and operate it in a way that wasn’t dependent on me through a partnership with a friend. It’s now a self-service laundromat in the mainland area of Lagos. I still go to the hospital for routine checks and medicine without paying out of pocket.&nbsp;
Palang, 35
I’m a 3rd generation heir of my family’s fruit farmland in Plateau, Jos. Out of 5 children, I was the only one who took an interest in farming so I was happy to take over it. When I announced it to my close friends, they were so excited for me. One of them, Debbie, advised me to get agricultural insurance for the farmland.&nbsp;
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I told her I would do it some other time because I wanted to inject all the money I had into the farm to grow our strawberries for export but Debbie kept insisting that I got the agricultural insurance for the crops so I did it. Six months later, 70% of the strawberries on the farm were infected with grey mould and destroyed.&nbsp;
I was very sad because I was unable to meet the supply demands of my clients, and the money I put into the farm had gone down the drain. Remedying the damage done to the crops was going to cost a lot of money that I didn’t have at the time. I spoke to my friend Debbie about it and she told me to inform my insurer. I was sceptical because I didn’t think I would get a favourable response to my claim request.&nbsp;
To my greatest surprise, I got approval for my claim request a few days later. I used the money from the claim payout to fix the damage and diversify the crops on the farm so it wasn’t only strawberries anymore. I recently secured a deal as the official supplier for a fruit juice brand in March 2024. Exciting times ahead!
Call to Action&nbsp;
The financial progress of women is primed to improve the lives of everyone around them and the nation at large. Insurance gave financial power to Ebele, Judith, Yemisi, Palang, and Mabel. It can also be the same for thousands of women in Nigeria if they are aware.&nbsp;
Everyone (women and men)&nbsp; should join their voices in the “Her Money, Her Power” movement using the hashtag #HerMoneyHerPower to share ideas, ask questions, and amplify women’s economic power. For updates, follow @theshetank and @bellanaija.
Read also: <a href="https://technext24.com/2024/10/10/grye-mycover-ai-insurance-roundtable/" rel="noopener noreferrer nofollow">Grye, MyCover.ai collaborate to organise IBS Insurance Innovation Roundtable in Lagos, Nigeria</a>
The post <a href="https://technext24.com/2024/10/11/5-women-reveal-insurance-secured-finance/" rel="noopener noreferrer nofollow">5 Women Reveal How Insurance Secured Their Finances</a> first appeared on <a href="https://technext24.com" rel="noopener noreferrer nofollow">Technext</a>.

5 Women Reveal How Insurance Secured Their Finances

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