Mutual Benefits pays death, medical compensation on late journalist

Underwriting firm, Mutual Benefits Assurance plc has paid death and medical compensation to the Financial Correspondents Association Nigeria (FICAN) on the death of one of its members.

FICAN had taken a group life insurance policy with the insurance company, covering its over 200 members for death and medical compensation in the event of death or permanent disability during the course of their job, either as a result of accident or natural causes.

The policy, which was signed last year, matured a few months after, with the death of Nathaniel Amogu, a member of the association and journalist with Nigeria Pilot Newspapers, before his death.

Presenting the cheque in Lagos, Akin Ogunbiyi, group managing director, Mutual Benefits Assurance, said “insurance is the best financial planning anybody can make, because it comes handy to support the bread winner’s family or dependants when the person will not be there.

“In fact, it is moral irresponsibility not to provide for your family, should the unexpected happen.”

Earlier, Femi Asenuga, managing director, Mutual Benefits Life, said “the hallmark of a sound insurance company is the speed with which it settles customers claims when the risk crystalises.

“At Mutual Benefits Assurance, we pride our self as a responsible organisation that takes its obligations very seriously because that is why we are in business.”

According to him, “we made a promise and we keep our promise. This is an indication that insurance works.”

Asenuga commended the executive arm of FICAN for thinking it wise to arrange this kind of insurance scheme for its members, saying that the effect of death could be traumatic and at the same time economic impact huge.

Without an insurance protection, the dependants of the deceased are thrown off balance and it could become more delicate continuing with life and all it demands, he said, and used the event to advise other Nigerians to take insurance very seriously and provide for their family and dependants in case the unexpected happens.

Babajide Komolafe, chairman, FICAN, who received the cheque on behalf of his members, said the response time by Mutual Benefits and how the company commiserated with the family and the association when death occurred had given a new impression and picture of what “insurance has been perceived to be.

“We can confirm with this incident that insurance truly are partners and worth taking a financial plan.”

There is an increased confidence by his members about insurance, Komolafe said, believing that this experience would encourage many more people to start to consider taking insurance as a major financial plan.

He encouraged Mutual Benefits to create more awareness and reach out to the larger population on what people stand to gain by taking insurance, assuring that FICAN will take the message far more than the company would imagine.

 

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