Against the backdrop of economic recession plaguing Nigeria’s economy, culminating in loss of jobs by many, insurance sector operators said they are handy to bring succor to affected employees, who acted wisely to take insurance cover against job loss.
Anchor Insurance is one of such insurance firms as it has recently in this regard put smiles on the faces of 120 workers from and outside financial institutions who were relieved of their duties as a result of restructuring exercise embarked by their employers to survive the recession.
These include those who lost their jobs in 2016.
At the presentation of Anchor Insurance Loss of Employment (LoEIS) claims cheques to the beneficiaries, who had adequately taken cover against sudden loss of employment while in full employment, the company advised that it is important that every employee helps protect him/herself from market risks through insurance policy like the Anchor Insurance loss of employment cover.
Aderemi Adesibikan, one of the beneficiaries of claims paid by the company, and a former employee of Heritage Bank, while receiving her claims cheque, narrated her experience, recounting that, she got laid off as a result of restructuring exercise which took place in the bank in December 2016,
According to her, it was an occurrence she never expected adding that she would have been seriously devastated despite her severance package from the bank, With the insurance policy she took, she said she was better off adding that she would remain grateful to Anchor Insurance for introducing such insurance cover that will enable her earn income in the next 24 months while searching for another job. In her words “this is really a shock absorber.”
Gbenga Ademola, a former staff of Zenith Bank, who is a full beneficiary of the scheme, said, the only regret he had was not to have insured his full salary, He was however happy that with his sum assured, he would successfully carry his financial responsibility until he gets another job.
Eberechi Ige, another beneficiary who is a former employee of UBA Plc also appreciated the innovativeness of Anchor Insurance for designing such a product. She recounted her experience as someone who has insurance culture; hence, embracing the product was not an accident.
The General Manager Retail division Anchor Insurance, Uzoma Ofurum, while presenting the cheques on behalf of the Managing Director, of the company, congratulated the beneficiaries for taking wise step to safeguard their employment income against sudden loss of job. He further reiterated that beyond any adverse economic state of Nigeria, it is expedient and wise for employees that value their jobs to take appropriate measures to safeguard their employment income through insurance covers such as Loss of Employment Income policy.
He noted that lack of salary but huge unpaid bills could be devastating and can lead to financial depression or even death especially for employees whose retirement age is still far.
Speaking, the Managing Director/CEO of the Anchor Insurance, Mayowa Adeduro, said, there is no doubt that preservation of life and livelihood is the greatest pre-occupation of man since creator breadth life into man.
According to him, income is the building block of our financial life which helps to handle financial responsibilities and achieve desired dreams. This he added, means that man must work every day to ensure there is consistent income for sustenance of livelihood..
“Many firms and organisations were faced with the harsh economic challenge which is beyond their control; hence, losing job or getting laid off can happen with little or no warning. It’s unfortunate that this very common occurrence can affect anyone at anytime.
It is a fact that people do become financially disabled once they lose their employment, and a long-term financial disability brings serious financial and emotional consequences especially for a bread-winner with chains of responsibilities”.
He said Anchor LoEIS, is a product developed out of the yearnings of millions of Nigerians for a product that meet their needs and address their challenges.
He said the product, enjoys adequate technical support from reinsurance companies and an Actuarial Firm.
Anchor LoEIS,was approved in 2015 by National Insurance Commission (NAICOM).
Anchor Loss of Employment Insurance Scheme is the newest and latest solution to protect employment income; it is also a safety net, shock absorber or cushion for the harsh effect of a sudden loss of job.