What happens when the unthinkable occurs and you're gone too soon? Who will pay your children's school fees? How will your family maintain their standard of living? These aren't comfortable questions, but they're vital ones.
In this powerful conversation, Benedicta Wugah—known throughout Ghana as the "Insurance Queen"—shares her heartrending journey from poverty to becoming a financial protection advocate. After losing her father to cancer with no insurance coverage, teenaged Benedicta was forced to become a "kayayo" (head porter) at Ghana's borders, facing exploitation and abuse just to pay for schooling. This personal trauma transformed into purpose as she dedicated her life to preventing others from suffering similar fates.
"Most Ghanaians don't believe in insurance," Benedicta explains, addressing widespread misconceptions head-on. Many view policies as scams, bad omens, or luxuries for the wealthy. Yet with funeral costs averaging 50,000-60,000 cedis, families often resort to loans or deplete savings during their most vulnerable moments. Benedicta demystifies various insurance products—from pure life plans covering critical illness and death to endowment policies with investment components—explaining how coverage can be secured for as little as 3 cedis monthly.
Through compelling client stories, including a man whose one million cedi policy now supports his widow and children with annual payments, Benedicta demonstrates that insurance isn't merely about death benefits but about creating financial legacies. As she poignantly states, "Insurance helps you make a will before you make money."
Ready to rethink how you protect your loved ones? This episode offers clear, actionable advice for securing your family's future regardless of your income level. Subscribe now and join the conversation about true financial security that extends beyond your lifetime.
Watch the video episode of this on YouTube - https://linktr.ee/konnectedminds
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
I went to one of my father's friends to get money to
pay my brother's fees.
He drove me to a movie house sohe gave me 80 cedars.
I asked myself if you don't buyinsurance, you want your
children to suffer?
Most Ghanaians don't believe ininsurance.
Somebody would prefer to dosuicide than to buy a life
(00:22):
insurance, because some peoplethink that it's a scam to sit
down to buy a life insurance.
Because some people think thatit's a scam.
I have a client when she didtheir policy two months after
and their mother died.
People think they'll die.
Speaker 2 (00:33):
What is the purpose of insurance cover?
Speaker 1 (00:35):
The purpose is for those you leave behind, so why
will you want to die and makethem suffer?
Speaker 2 (00:41):
I want a life plan of 500,000 up to the age of 70.
How much would I pay?
Speaker 1 (00:45):
You pay a month.
If nothing happened to you,we'll give you 10 million Ghana
cities.
However, if you should passaway, we are going to give your
beneficiaries 10 million and atthe end of the 15 years, we'll
give them another 10 millionGhana cities again.
Speaker 2 (01:08):
Hey, welcome to Connected Minds Podcast.
My name is Derek Abayte.
Of course this podcast weexplore wealth, mindset and
success, and today's episodewe're going to focus on
financial planning and estateprotection.
This is a crucial topic forsecuring your future.
Our special guest is BenedictaUga, and she's often called the
insurance queen of Ghana.
(01:29):
Benedicta is a leadingfinancial consultant and she's
also known for her passion ineducating people on protecting
their assets and loved ones.
We'll have an informativeone-on-one conversation that is
packed with actionable tips andhacks that you can apply in your
own financial life.
Look our guest, benedetta'sbackground and why she's known
(01:52):
as the queen of insurance.
It's really simple becauseshe's a top consultant in the
financial industry in Ghana andshe's also a member of the
Million Dollar Round round table, which is recognized for its
exceptional service.
She's here to help us understandhow to navigate those
uncertainties with the rightinsurance and financial planning
(02:14):
strategies, from how wealthyindividuals use insurance for
wealth protection and why youngpeople should get a life
insurance early, because youknow what Insurance is not only
for the rich.
Listeners will also gain aclear understanding of what
insurance covers and how claimswork, and the tangible tips to
(02:38):
secure their assets and theirfinancial future.
You know this is a veryimportant conversation and I
want everyone to pay attentionand if you make it to the end,
please let me know in thecomments section.
Let's welcome our guest,benedicta.
How did you set yourself up onthe journey of trying to empower
people to get insurance?
Speaker 1 (03:01):
Okay, I'm the only daughter of my parents and I
have three brothers.
My parents moved to Nigeria toseek for greener pastures.
They decided I should come toGhana to further my education.
I attended Dora Memorial MaoliSchool and I have a diploma in
(03:26):
marketing from UPSA.
My life turned around when Iwent to Nigeria.
After junior high school,that's after my final exam, I
went to Nigeria.
One night my dad fell ill and wetook him to the hospital.
(03:52):
The next day he was diagnosedof prostate cancer.
Then we spent three days at thehospital and the night he was
discharged.
Anne Roberts came to our home.
They did away with all ourvaluables and cash.
(04:14):
It was at gunpoint.
So you can imagine a 12,13-year-old girl going through
that Now.
My mom was a housewife then, soshe was not working.
She had to move from Nigeria toBenin to go start a trade,
because her siblings are inBenin.
They are also seeking forgreener vaches there, so she
(04:35):
started selling food and allthat.
So this situation made me Ididn't start school with my
colleagues at Maule.
Immediately I spent about atime at home and when I came
life was tough.
You know the situation.
The breadwinner is criticallyill at the house, so you know
(04:58):
how things were not okay.
But with the help of friendsand some church members who
supported me through school, nowsometimes I go to Benin to go
help my mom to sell their food.
You know Benin, they speakFrench, we speak English, so you
(05:20):
can imagine the languagebarrier.
So I have to depend on thebonjour bonsoir that they taught
us in school to roll.
Anyway, some days, derek, I goto Aflau border to do kayaye.
I mean, I was a head portergirl, so I take load from Lume
(05:40):
into Aflau, then Aflau, crossingthe border, just to get some
money to come to school.
I'm saying all this for you toknow how passionate I am about
this job.
It's not just a job for me.
For me it's I'm saving lives.
This is my way of evangelism.
So my dad does.
I was home for about six years.
(06:02):
In 2010, I came to Ghana.
I started UPSA with my twoyounger siblings Right there.
My father, the week of mymatriculation, my father passed
away and it was tough.
In school.
I have to wash my friends'things.
(06:24):
I have to sell at Mad dinnermarket.
I sew shoes Like I did a lotjust to survive with my younger
siblings, with the help of mymom the little she gets she
sends to support.
Now that's how the journey hasbeen, just like any, any parents
.
Then I was like 26.
My mom wanted me to settle down.
(06:47):
Did I?
Yes, but the relationshiplasted for just six months.
I couldn't.
So I ran away Because thepressure from my family that I
have to make it work.
I had to run away and came backto Ghana and when I came, my
(07:09):
friend helped me.
So one day, I think the ladywho brought me to my company,
she went to sell to one of myhelper, prosper Detono, and he
was the one who and she askedhim do you know anybody looking
for a job?
And I was looking for a job?
And he said okay, I have mysister, this, this, and I
started and I went through.
(07:32):
So, on the 17th of April 2015,I graduated from my training and
I started working, and it'sbeen a decade and I'm sitting
right in front of you as afinancial consultant.
Wow, you've done amazing.
Yes, front of you as afinancial consultant.
Speaker 2 (07:45):
Wow, you've done amazing.
Speaker 1 (07:47):
Yes, you've done amazing yes.
Speaker 2 (07:49):
But there's something about you that makes it so.
It's almost very personal toyou.
Speaker 1 (07:54):
Yes.
Speaker 2 (07:55):
And when I read the post that you put out there,
it's very informative and it'salmost as if you're trying to
get everybody to get a cover yes, I wish everybody in ghana will
have an insurance.
Speaker 1 (08:09):
Why?
Because of my personalexperience, the things I've gone
through you, my father'sfriends a close friend they
(08:33):
sacked my younger brother forfees and I went to him to get
money to pay my brother's fees.
Just when I went to him and Itold him guess what he did he
drove me to a movie house tohave carnal knowledge of me to
(08:54):
before he would give me how muchwas it?
50 Ghana cedars, Wow.
So he gave me 80 cedars.
Speaker 2 (09:01):
This was a friend of.
Speaker 1 (09:03):
Of my dad yes, very bosom friend of my dad.
So I asked myself, and a lot ofpeople, I'm sure, after
watching this podcast, if theymight want to speak.
A lot of children out there aregoing through this kind of
things Whereby even to get a jobespecially the ladies, I would
(09:30):
say the men are also abused.
Just that you know, men youdon't speak about it, often you
are able to hold on, but womenthey take advantage of us.
So for me it's very personal.
If you don't buy insurance, youwant your children to suffer.
Speaker 2 (09:47):
You think you went through that because dad could
not put certain measures inplace prior to his demise?
Speaker 1 (10:01):
Yes, because when he had prostate cancer he was
around 45 thereabouts.
So let's assume my 100,000summer short policy example he
would be paying around 180 CDs50 pesos for 100,000 cover and
with prostate cancer, if he hadthat amount and they gave it to
(10:23):
us, when do you think my momwill go to Benin to start
selling?
You think I'll be a kayayo atAflau border.
You know the ricks.
That's been a kayayo there.
I was sleeping in cars and someof the drivers want to sleep,
(10:43):
have carnal knowledge with you,and there was a guy there.
I'll never forget him.
His name is Kwame.
If he's watching this podcast,I'm telling him thank you.
He always fought for me, hecovered me and when the drivers
(11:03):
do that, he'll give me money.
I'll go to your mother inNigeria, go back to Nigeria to
go, and you know, then I'll goto Nigeria, help my mom a bit,
get money and come back.
So I believe that if my dad hadat least a hundred thousand
cover, it would have taken mefar to even finish school
(11:24):
quickly, start work quickly andall that cover.
It would have taken me far toeven finish school quickly,
start work quickly and all that,yes.
Speaker 2 (11:30):
so I know there was a time I was involved in a
conversation and then I wastelling this couple that they
should go for a life insurancecover this was over a
conversation we were having inthe UK and the lady straight
(11:50):
away, very quickly, before Icould even finish, she said now
the reason why I don't want usto go for a life insurance cover
is because I don't want oneperson to kill the other, to
take the money.
You see what people think aboutwhen they think about a cover.
Speaker 1 (12:08):
Yes, traditionally, most Ghanaians don't believe in
insurance because we have beensacked or we'd rather go for
landed properties.
Or we go for go for landedproperties or we go for loans or
(12:28):
mortgages, right, or we go, webuy a car or we do treasury bill
, in fact, common susu.
Somebody would prefer to dosusu than to buy a life
insurance, as because of theperception, because some people
think that it's a scam.
Okay, that's what.
(12:49):
The first thing Some do theirreligious belief.
They think that my religion,especially my Muslim brothers,
they don't spend a lot forfuneral, so after the funeral I
would spend only, let's say, athousand cedis for the funeral.
(13:10):
What happened?
Speaker 2 (13:13):
But then what's really the truth?
What is the purpose of aninsurance cover, A life cover?
Speaker 1 (13:20):
The purpose is for those you leave behind.
And I always say this Fritz, ifyou are a good trustee, the
question is are you a goodtrustee?
You have a child, right?
If we are on a story building,if your child is up, let's say
there's fire here and your childis at a balcony and you ask
(13:42):
your child to drop, you are downand you said jump, I'll catch
you.
Do you think your child is at abalcony and you ask your child
to drop?
You are down and he said jump,I'll catch you.
Do you think your child willjump?
Yes, why do you think yourchild will jump?
Speaker 2 (13:52):
you've done it several times.
Speaker 1 (13:53):
You trust me she trusts you, so your child will
jump because she trusts you andthat child trusts you with their
future.
I believed my daddy would paymy fees and he told me that he
wants me to be the first femalepresident of Ghana that's what
he told me and he'll buy a carfor me when I'm coming to the
(14:15):
university.
Did he fulfill that dream?
No, I think I won't forgive him.
But I've forgiven him, right?
He didn't know.
It's ignorance.
I'm sure somebody has spoken tohim about insurance and there
are a lot of people out therewho have the perception of what
the lady said.
So people think they'll die.
(14:36):
I have a client who came undermy post and said when she did
the policy two months after andthe mother died, and she felt
that because she did the policytwo months after and the mother
died, and she felt that becauseshe did the insurance, that is
why the mother died.
Speaker 2 (14:50):
That's such a limiting belief, what?
Wow, yes.
Speaker 1 (14:57):
Yes, so that's some of the beliefs you have and, as
I said, the people.
But insurance is not for you,as I said, it's for those.
But insurance is not for you,as I said, it's for those you
will leave behind.
They trust you, so why will youwant to die and make them
suffer?
We are not spelling doom andall insurance policies even
though there's death in it.
(15:18):
There are some.
You get lump sums at the end ofthe term.
Okay, so it's not just aboutdeath.
Critical lump sums at the endof the term Okay, so it's not
just about debt, criticalillness, all those things Talk
to us about all of it.
Okay, so we have different types.
We have the pure life plan thatcovers your critical illness,
permanent disability and death.
We have one that covers you,for it's an endowment plan.
So the endowment plan has aninvestment component in it.
(15:42):
So let's say, derek, I'mensuring you said oh, the kind
of school and lifestyle yourfamily is.
You want 10 million ganas todiscover that, in the event you
pass away, we should give yourfamily 10 million.
Derek, I'm telling you, at theend of the term, if nothing
happens to you, we'll give you10 million ganas to this.
(16:05):
However, if you should passaway.
Let's say you paid for twoyears and you are doing it for
15 years and you pass away.
We are going to give yourbeneficiaries 10 million
Annually.
They'll come for 10% of the 10million till the end of the 15
years and at the end of the 15years we'll give them another 10
(16:27):
million.
Ghana cities again.
Okay, alright so you see, withinthe time you passed, your dream
was to maybe your daughter youwanted to go to have, go to a
certain school university.
So you did 15 let me go over.
You did a 15 year time.
You took, let's say, 2 millionGhana cities as your cover
(16:52):
example for 15 years and youpaid for 2 years tortured.
God called you as you'll coverexample for 15 years and you
paid for two years Tattooed, godcalled you.
We'll pay your beneficiaries 2million ganasides.
That's called the death benefit.
At that point Now, every year,if you were alive, there's an
(17:12):
income you'll be bringing onboard, just like my story.
Your child will still be goingto school.
This house needs to bemaintained, the car needs to be
full right, the standard ofliving, the kind of school they
attend.
They still need to continuethat school.
It's not because daddy is gone.
So I was attending ST&T Regency, which is like one of the top
(17:34):
schools in Lagos, right, butbecause of my dad's situation, I
dropped.
I went to a very small school.
So this the annual amount isgoing to be paying you, paying
them 10% till the end of their15 years.
Your goal was 1 million, so weare saying that goal will not be
shut down.
(17:55):
At the end of the 15 yearswe'll give them another 1
million Ghana cities again.
Speaker 2 (18:02):
Well, I guess the biggest question is how much
does it cost?
I earn, and I'm going to talkabout a local Ghanaian, and then
we're going to talk about thediaspora.
I earn 2,000 cities every month.
I earn 2,000 CDs every month.
Okay, 2,000 CDs every month.
Speaker 1 (18:19):
Okay.
Speaker 2 (18:20):
So what cover can I have for a 35-year-old man who
earns?
Speaker 1 (18:26):
2,000 CDs every month to protect me.
Okay.
So for me the advice I give iseither your summer share should
either be 10 times your annualincome, so that's, that would be
240.
Say this 240,000, so that's2,000 Times, 12 Right Okay Times
(18:48):
, 10 Times 10 Right, that's240,000 Right.
So that's the what I wouldadvise you To take.
Okay, for how many years?
So, depending on, or 40,000,right, so that's the what I
would advise you to take.
Speaker 2 (18:56):
Okay, for how many years?
Speaker 1 (18:58):
So, depending on if you have a child, so I use the
last, the age of the last child,okay, the age of the last child
, that's what I used to projector advise you on the term.
But if you don't have a child,I ask you what are your goals or
what do you want to achieve?
So, like me, I have a cover of1 million.
(19:21):
I don't celebrate birthday, butmy 50th birthday I want it to
be big, okay, so I have a policyfor that Right.
So for this person, he will bepaying around 550 CEDIS every
month, every month from the 2000yes okay if it is too much, he
(19:45):
can start with 100,000, which isthe minimum.
Increase it annually by anescalator till the end of the
term.
By the end of the term he willget around.
Let's say, if we even add 10%or 15%, he will still get around
the 240,000 ganas.
Speaker 2 (20:03):
See, the question I always ask when it comes to
insurance is I know thatinsurance companies make a lot
of money.
Insurance companies, I mean,I've been paying comprehensive
for like, and usually I get anaccident and I fix it myself.
Right, I know insurancecompanies may make a lot of
money, you're not supposed tofix it.
Because you know what happens.
(20:23):
Do you know what happens assoon as you go and fix it, your
premium goes up the next year.
So it's I usually say that tobe able to do an insurance that
really would make sense, saythat To be able to do an
insurance that really would makesense, there has to be interest
also paid on the payout.
Speaker 1 (20:45):
Okay For insurance and I think that's some concerns
of people Insurance is not aninvestment.
We need to separate the two.
Insurance is not an investment.
We need to separate the two.
Okay, insurance is not aninvestment.
Insurance is indemnifying youto where you were before.
It's putting you at the stateyou were before the event or
(21:06):
came.
So that's why, when you have acar, you can't insure one car
with two companies.
So maybe your car?
You can't insure one car withtwo companies.
So maybe your car, you insureit with company A, you insure it
with company B?
No, you can't do it.
But because the moment you wantto insure with the two
(21:27):
companies, it means that you aremaking profits.
So if there should be somethinglike that, the two companies
will come together and pay you.
That is for the property, thecar, the vehicle insurance,
those ones.
But for life, I can't quantifyyour life.
I can't say, derek, you areworth 2 million Ghana cities or
(21:48):
5 million Ghana cities.
So in a way, so for us, we haveaffordability for the life
insurance.
There is possibility of you, inquotes, making profits.
But when you go in to insurancewith making profits or interest
, you will not see the need forit, and that is one of the
(22:11):
challenge of most Ghanians.
So how much will I make?
No, look at the.
What if I pass away?
What if I am critically ill?
I'm sure you're on social media.
You've seen a lot of peoplecoming on social media begging
for 100,000 Ghana CDs and Ialways say like 35 years for a
pure life covered criticalillness.
(22:32):
You'll pay around 90 CDs, 50pesos a month.
Speaker 2 (22:36):
If you take me through that where I want a life
plan of 500,000 after the ageof 70, how much would I pay?
Speaker 1 (22:45):
You'll pay 450 to these 50 pesos a month.
Speaker 2 (22:49):
Okay, and what if I live beyond age 70?
Speaker 1 (22:54):
At your 70th birthday at the end of the term, we give
you all your totalcontributions without an
interest.
Total contributions.
Speaker 2 (23:02):
Yes, If whichever is less.
Speaker 1 (23:06):
So let's assume you paid 200,000.
Speaker 2 (23:10):
But then the payout was supposed to be half a
million.
Half a million.
You still pay me 200,000.
You still pay 200,000.
Speaker 1 (23:15):
Naturally, we are not supposed to give you anything.
That's the natural thing.
Because imagine you paid 450for six months.
That should be, let's say, 50times six, that's 3,000.
It should be around 3,000cities.
In your seventh month youbecome critically ill.
We will pay your beneficiaries250,000000 cities.
(23:37):
In your seventh month youbecome critically ill, we will
pay your beneficiaries 250,000Ghana cities.
If, after two years, like mydad, he was critically ill for
some time he was under policy,he passed away You'll pay your
beneficiaries another 500,000Ghana cities.
Again, we've paid out 250,000,remember, and we are paying
because you remember and we arepaying because you passed away.
We are paying another $500,000to this.
Speaker 2 (24:00):
Okay, Okay, I get it.
Speaker 1 (24:02):
I get it.
Speaker 2 (24:03):
Where do you think we get the money from?
From other people?
Speaker 1 (24:06):
Yes, I have been paying for 10 years.
My foster father is not dead,my mom is not dead, is not dead.
My mom is not dead, they areall alive and I've been paying.
But I have a client who paidfor nine months, okay, and the
parents passed away and she gotthe claim, can you?
So it's just like welfare, ourchurch welfare.
So, to break it down for thelame man, which 80% of our, the
(24:33):
workforce in Ghana, fall underthe informal sector.
So I want to break it downbecause they'll be listening to
this for them to understand.
Insurance is like welfare, likeyour church welfare.
So I do the welfare.
Kojo Papa lost their mother.
We paid Me.
(24:55):
I've been on it for 10 years,my father has not passed away,
but I'm still paying.
Why am I paying?
So that the day my father passaway, their welfare will pay me,
okay?
So this is the moment youunderstand insurance like
welfare.
You are good to go.
Speaker 2 (25:17):
Let me stop you here for a minute.
If you've been watching thisshow, I want you to subscribe
and become part of the family.
We are on a journey of changingthe lives of people on this
channel and we appreciate youfor being here, but if you
haven't become part of thefamily, connect with us, hit the
subscribe button and let'scarry on the conversation.
(25:37):
So majority of my audience arebetween the age of 24 to about
44 yes I want us to go down onthe younger audience.
Okay, they always listen to meon conversations about mindset,
money, success, and today we aretalking about financial
planning.
Yes, so essentially all I'msaying is that after you've made
(26:00):
the money you really want tosecure yourself, you need to put
it into.
You need to have an insurance,yes, but the real question is,
how can a 24-year-old boy seethe need to have an insurance, a
life cover, at that age?
Speaker 1 (26:20):
Okay, so, for a 24-year-old boy, what are your
goals, what are your aspirationsFor me?
When you come to me, I ask yousome.
I do some fact-finding, sorry.
Now, the reason I do thefact-finding is to know are your
parents alive?
Speaker 2 (26:37):
Okay.
Speaker 1 (26:39):
Oh, my dad is alive, my mom is alive, that's great.
Do you have dependents?
Are you married?
Do you have children?
So now, based on thesequestions, I know what to tell
you.
So let's assume you are myclient and your parents are
alive.
You have a, you are married,you have dependents.
I'll ask you where do you seeyour child in the next 15 years?
(27:02):
Oh, I want my child to go touniversity.
I want my child to be a doctor.
That's what they say, and Ifollow up.
Okay, you know how much itcosts today for at medical
school.
You know how much it coststoday at medical school.
You know how much it costs.
It's around 60,000 to 100,000.
(27:22):
Yes, for upkeep, school fees,accommodation Around 100,000.
That's great.
Now, how much are you earningmonthly?
Some people are open to giveyou exact amount.
Some will say I'm earningaround maybe 4,000.
Then I'll tell you that we need20% of that money to go into
(27:51):
insurance.
Speaker 2 (27:53):
20%, yes, please 20% of any income.
Speaker 1 (27:56):
Yes, monthly income I see, to go into insurance.
Now, out of that 20%, I'llbreak it down based on your
needs.
So this person needs aneducation policy.
This person needs an endowmentplan to plan for his future or
retirement.
This person needs a pure lifeplan, which you call income
(28:16):
protection plan, where criticalillness I've spoken about it
earlier critical illness,permanent disability and death
this person needs this and thisperson needs a funeral policy
also.
So, based on this, I'll explainthe details of the policy for
you and most times I get themunderstanding me and I share my
(28:39):
personal story.
Yes, I share my personal storyto them and because I don't want
any child to go through what Iwent through, I'm in a diaspora.
Speaker 2 (28:51):
I'm in the UK, yes, and I've got my mom and dad
living in Ghana.
Speaker 1 (28:56):
Yes.
Speaker 2 (28:57):
But now, how do I go about getting a cover for them?
Speaker 1 (29:03):
Okay, I want to thank the insurance industry.
Now we are going digital, soyou can we have the conversation
.
As I speak, I'm going to have aZoom meeting this evening with
a group of friends in thediaspora, so we can do meetings
via Zoom.
We talk, we go through theprocess, you send your details
and we sign on the cover.
Speaker 2 (29:24):
But who is going to pay every month?
Speaker 1 (29:26):
You will pay Okay from your bank account, From
your bank account in Ghana.
Speaker 2 (29:29):
It's going to be in Ghana, right?
So?
The person needs to have a bankaccount in Ghana.
Speaker 1 (29:34):
Yes, so we deduct from your account in Ghana.
Yes, and some people maybe theyhad an account they are not
using.
I just told them okay, let'suse it to complete the
formalities.
Now you can pay through mobilemoney, so you just pay through
mobile money.
Speaker 2 (29:49):
You know you spoke about the funeral cover.
Speaker 1 (29:53):
Yes.
Speaker 2 (29:55):
And I've done some research and then I realized
that the average funeral cost inGhana is between $30,000 to
$38,000, which is around maximum$4,000.
Speaker 1 (30:05):
Yes.
Speaker 2 (30:06):
I'm not sure whether that's a true statement, but I
don't know what figures you have.
Speaker 1 (30:12):
It depends on your status, it depends on what you
want to do, but I think in myexperience, just last month a
client made a claim the figuresare around that figure, but she
I think the total cost wasaround 50,000.
Okay 50 to 60,000 for thefuneral.
Because why I say so?
(30:33):
The coffin an average coffin islike 4,000 cedars.
The graveyard was, I think,8,000 cedars.
This is from a client.
I don't know how true it is,but this is what she said.
Now their food is costing 60cedars per plate and they are
expecting about 400 people forthe event.
Speaker 2 (30:55):
That's way more than that.
That's way more than 38,000.
Yes, Then their drinks, theircanopy, I think their music, and
it's like a three or four dayevent, isn't it?
Speaker 1 (31:07):
Yes, so that cost is something I can't imagine how
people are able to do this?
Speaker 2 (31:16):
How do they do it Traditionally?
How do people and how do theycater for this?
Speaker 1 (31:22):
Okay, so some people go for a loan.
Speaker 2 (31:25):
What.
Speaker 1 (31:26):
They go for a loan sir.
Speaker 2 (31:27):
For a loan.
Speaker 1 (31:28):
Yes, please.
Okay, they go for a loan andsome their family come together
and contribute and maybe maybewe are four siblings.
Let's say my mom passed maybethe total.
The family will say you guysshould bring 20,000.
So the four of us will share5,000, 5,000 each.
(31:50):
Then the family will alsocontribute their money.
From their end they will cut,they will give everyone a quota
Now, after the funeral.
The money people donated, theyshare.
The money they shared it's like, okay, you paid 530,000, take
(32:10):
this one paid this, take out oftheir contribution.
So you hear that some familieswill say Right.
You see, like they've done afuneral and they've lost.
That means they didn't getmoney from enough contribution
from those who came to see them.
Speaker 2 (32:31):
So this is in the hope I'm going to take a loan
for the funeral, in the hopethat when the guests come in
they will contribute enough forme to go and offset that debt,
Debt yes, yes, yes.
Speaker 1 (32:39):
Or some people take their savings or their
investments that debt Debts, yes, yes, yes.
Or some people take theirsavings or their investments and
this week I did a point.
I said you can't, it's not good, it's not financially prudent
to use your savings to do afuneral.
It's not, it's not financiallyprudent to do that at all.
Speaker 2 (33:05):
So while daddy was strong and working in his 30s
and 40s, mommy was strong andworking.
They should have had a cover.
Yes, that would take care ofthem when they die, as well as
the children the children.
Speaker 1 (33:18):
Yes, that's it.
That's all we're saying, that'sall we are saying, that's all
we are preaching, and that's it.
That's all we are saying.
That's all we are saying,that's all we are preaching, and
that's what I am preaching, notjust about death.
Critical illness some peoplecan be sick for three years.
You have an accident even anaccident and it's not working
anymore.
Yes, I had a client last year.
I felt, really I felt that if Ihave not achieved anything as
(33:41):
an insurance agent, this, if Ihave not achieved anything as an
insurance agent, this isfulfilling.
He had an accident.
He's over 38 years.
He had an accident and hepassed away and he bought a one
million Ghana cities cover, thepolicy I explained.
It was around March yes, aroundMarch last year and he passed
(34:03):
away.
It was a March, yes, aroundMarch last year and he passed
away.
It was a very devastatingmoment.
The family kind of took oversome things from the woman.
I know, if they don't like youas a woman, don't frustrate your
life.
And I said if you love yourfamily as much as you care, you
say you love them, you protectyour life and I'm glad let's
(34:24):
call him Mr Atta.
Mr Atta did that policy.
We paid the family one millionganasidas.
That's the wife, because shewas the trustee.
We gave her one millionganasidas.
This year she came for herfirst hundred thousand and we
are going to pay for the next 10years.
He did a 10 years plan.
We are going to pay for thenext 10 years.
He did a 10 years plan.
We are going to pay for thenext 10 years and we will pay
(34:47):
another 1 million at the end ofthe term.
Speaker 2 (34:49):
I mean this all sound well and good.
I've had this in the situationswhere you guys don't pay out
one if you don't meet thewaiting period.
Speaker 1 (34:57):
What does that mean?
That's okay, so there's aduration for you to pay before
you qualify for the benefits.
So let's assume six months.
Some are six months, somepolicies are one year.
So let's assume we start today.
Your policy starts from 1stJune.
So June, july, august, you passaway within that period.
(35:19):
If it's true an accident, likemy client, for accidental deaths
, there are no waiting period.
If it's true, an accident, likemy client, for accidental
deaths, there are no waitingperiod, we pay out.
But if it's a natural, likesickness, those ones we return
depending on the policy.
For some policies we return thepremium you pay back to you,
but for some that's the end ofthe policy.
So if you don't meet thewaiting period we won't pay.
Speaker 2 (35:44):
I have a life cover in the UK.
Can I have a life cover in?
Speaker 1 (35:45):
Ghana as well.
Yes, yes, yes.
For life covers, you can haveas many as you can.
Okay, because we can't costyour life.
I said it in my earliersubmission.
I can, as I say, I think mycover is about 2 million Ghana
cities, Because I know ifsomething happened to me today.
I'm the breadwinner of my home,so I don't want my siblings to
(36:06):
suffer.
So you can have as much and youcan buy with any company.
Speaker 2 (36:12):
You can buy with company A, company B, company C,
but we don't tie you for lifeinsurance you know it's
definitely better to have Ithink you mentioned better to
have, I think you mentionedbetter to have a cover than not
to have at all, than not to have, or even you know they start
doing a GoFundMe page for whenthe person is critically ill yes
(36:33):
or you know, passes away.
You know, especially we seethat a lot with the celebrities,
it happens a lot.
I mean I don't understand, it's400 50.
CDs 50 CDs a month.
Speaker 1 (36:46):
It's because of the mindsets.
I said one, the religiousmindsets.
That's the first one.
The second one is people thinkit's a scam, we are not used to
it and there's not enougheducation.
The education is low.
Speaker 2 (37:05):
Okay.
Speaker 1 (37:06):
And we speak a lot of insurance jargons, like you
said.
I said waiting period.
I felt you should know, butyour audience watching us will
not know what waiting period is,so I need to explain.
It is the duration for you andbecause the salespeople are
working on commission so theyare in a hurry to go.
(37:28):
So instead of educating, we areselling, right.
Speaker 2 (37:33):
Let me stop you here for a minute.
If you've been watching thisshow, I want you to subscribe
and become part of the family.
We are on a journey of changingthe lives of people on this
channel and we appreciate youfor being here, but if you
haven't become part of thefamily, connect with us, hit the
subscribe button and let'scarry on the conversation.
(37:54):
A lot of people are also sayingthat insurance is for rich
people.
Speaker 1 (37:58):
Yes, that's true, it's something for the rich If
you've made all your money.
Speaker 2 (38:03):
You know what do they call them.
Trust fund babies or somethinglike that, you know.
So the average broke man is notgoing to think about it at all,
why should they?
Yes, it's true, it's true.
Speaker 1 (38:21):
See, I spoke to my uncle before coming to the issue
.
He told me that that is theproblem.
One, the education is low.
Two, the policies seemexpensive.
But I can tell you confidently,today we have policies that you
can pay.
Three Ghana cities, threecities, one one, one city three
for a 5,000 cities cover Okay.
Speaker 2 (38:42):
All right, 5,000 cities, yeah, that's not bad.
But you see, it's always alsofor a 5,000 cities cover.
Okay, all right, 5,000 citieshere, that's not bad.
But you see, it's always alsothe value of the money, right?
The value, the value that itretains over time, yes, so, for
example, 500,000 today, if youpay me 500,000 today, in about
20, 30 years, 500,000, it's notgoing gonna have the same value
as it's probably almost in ghanaright now 10 years.
Speaker 1 (39:11):
That's half of that.
10 years ago, when I started,people who I sold to told me the
same same thing that oh, 50 000for funeral there is very small
, yeah, but today is stillwithout.
Let's assume they didn't eventake escalator.
50 000 still make something.
Even if it can't meet theirneeds or settle all their needs,
it will do something.
So we have measures to help you.
(39:32):
Which is the escalator?
So you see, people complainyeah, I do the insurance and
every year they are justincreasing it.
People say that a lot.
Speaker 2 (39:42):
But do you do that?
Do you increase policies?
We tell you, but why do youincrease policies?
I don't understand.
Speaker 1 (39:47):
We increase the premium to curve against
inflation what you just said.
So as your premium increase,your sum assured also increases.
No hold on.
Speaker 2 (39:58):
If you have a fixed payout 500k fixed payout there's
no incremental interest on it.
No, do you still increasepremium?
No, the monthly no, okay.
But if you have, Annually, notmonthly.
Speaker 1 (40:11):
Annually, do you still increase it annually?
No, if you say you don't wantincrement, it will be flat for
you.
Okay, cool, but why do peoplego?
Speaker 2 (40:19):
for increment.
Speaker 1 (40:21):
Because 500,000 today , as you said, has value, Right,
but 500,000 15 years from nowwill not have the same value
like it has today.
So we advise you to take anincrement.
Your premium will increase andyour sum assured.
The 500,000 will increaserelatively.
(40:41):
So, like me, I started myfuneral policy with 30,000
ganasidus and I took anincrement of 30%.
So annually I started with, Ithink, 89 cedis, so annually my
premium was increasing.
Now today I pay around 600 andsomething and it has increased
to.
My sum of short has increasedfrom 30,000 to 115,000
(41:06):
ganassidis.
Speaker 2 (41:08):
Yes, Wow, I'm just really thinking around how
people would take loans for freeloans.
I mean there was a situationwhere one of my uncles passed
away in the UK.
I mean there was a situationwhere one of my uncles passed
away in the UK and they couldn'tafford to even bring his dead
body here or even give him abefitting burial over there.
Speaker 1 (41:32):
That's my father's story.
The day they brought my father,they brought him in a pickup,
his dead body, from the mortuary.
They had three people they wereburying three people that day
and the other families.
They came in a hearse butbecause my dad was poor, they
(41:53):
brought him in a pickup theirpickup boots.
And I vowed and Ecclesiastes 10,19b has been my verse I don't
want to be poor.
Money answereth all things.
So I vowed that no matter whatI do, even if I won't leave
(42:17):
property, I won't leave moneyfor my dependents property.
I will leave money for mydependents.
I will leave money for them.
I'll leave money for them.
With that money they can buyand build or do anything they
want to do in my demand, in myabsence.
And the bible says if you arenot given a good burial because
some people say, if they won'tbury me, me, they should throw
(42:39):
me away on the street the Biblesays I'm a Christian.
So that's why I'm quoting theBible If you are not given a
good burial, an infidel isbetter than you or a stillborn
is better than you.
Speaker 2 (42:51):
Yes, I see.
Speaker 1 (42:53):
Yes.
Speaker 2 (42:55):
And I guess, since you are talking about people,
look how quoting this is money.
Speaker 1 (42:57):
I see yes.
Speaker 2 (42:56):
And I guess, since you are talking about look how
cool it is, and this is money, Ican also say this one I don't
know where the quote is, butit's somewhere in the Bible that
says that a good man lives ininheritance for his children.
So this is very important thatwe talk about our financial
planning, especially if you arepart of my audience where we are
so focused on building ourlives.
Speaker 1 (43:17):
Yes.
Speaker 2 (43:17):
You know, because, look, I'm not just having this
conversation because, you know,I just want to have an episode
out.
I have a cover, you know, andit's beautiful.
I keep telling my wife and Itell my children that it's very
important what we have done forthem At this age.
There are certain plans thatI've put together for these kids
and for my, plans that I've puttogether for these kids and for
(43:39):
my wife that I don't know.
Speaker 1 (43:42):
If, today, you should pass away, if you should pass
away today, your wife will leaveyour legacy and I say you need
to have an insurance to do yourwill before you make money.
Speaker 2 (43:54):
Yes.
Speaker 1 (43:54):
Insurance helps you to make a will before you make
money.
You see the way I'm so babblingand like if I die today, my
family will be rich.
I don't have a car, I don'thave a house, I don't have maybe
liquid cash, but I know if Ishould pass on today my family
will be.
There will be millionairesbecause you've covered I have
(44:14):
covered myself, at least enoughfor now to my capacity, of my
income.
So even if you are earning 500CDs, please three CDs.
Cocoa money, do insurance.
Speaker 2 (44:29):
Has there been any client of yours where you've
paid out towards the Afeno?
Personally, for my personal nono, no, no, no, as for your,
from your company.
Speaker 1 (44:40):
Yes, the guy who died last year.
Speaker 2 (44:43):
Okay, you actually paid.
Speaker 1 (44:45):
We gave them their family one million.
Okay, we gave them one million.
Their wife sorry, not family,okay, that's his family now.
So we gave his nuclear familyone million, I see.
So we gave his nuclear familyone million Annually.
She came this year for 100,000.
She don't receive it, so that10th year and at the 10th year
they'll come for another onemillion.
(45:06):
Ghana cities again.
Speaker 2 (45:08):
Wow, yes, okay, okay, berekta, is there any question
that I could have asked you?
That I haven't that, we canstill talk about.
Speaker 1 (45:20):
Yes, maybe.
How do we reach out now?
How is the claim process?
Like, okay, let's go, becausesome people feel the claim
process is cumbersome.
These are some of themisconceptions of people that
the claim processes arecumbersome.
Speaker 2 (45:37):
Alright, talk to me.
Speaker 1 (45:37):
But now we've made it so simple, we've digitalized it
from anywhere.
So, like you, maybe you coveredyour parents and you are in UK
and they passed away Just sendyou the details.
So what you need for lifeinsurance, you need medical,
cost of death or deathcertificates.
Okay, if the person passed awayin the house or through an
(46:01):
accident, you need a policereport.
So that's the second thing.
Then you need your ID card andyour parents' ID card.
So for the ID cards, we takehealth insurance, snit card,
buddhist ID, any Ghanaian IDcard, right, national ID we take
(46:23):
them.
Then we need mortuary receipts.
If you are a Christian or theperson is in the mortuary, we
need mortuary receipts.
For our brothers who are notChristians or they don't take
their people to mortuary, theyneed someone, a legal person, to
write on a letterhead to statethat, okay, the A, b, c, d
(46:46):
person has passed away.
So for the Muslims, their imamin their mocks can do that, but
it needs to be on a letterhead,okay.
Then after that you need maybeburial permit.
I'm giving all the documents,for some it's either or, but if
you have all it is good.
(47:06):
It makes the claim processfaster.
So these are the basic thingsyou need for a claim process For
deaths.
If it is for critical illness,the doctor will give you a
report, will also give you aform to send to the doctor and
the doctor will fill it.
We just want to know theseverity of the illness and we
(47:26):
pay out what constitutes acritical illness?
so, depending on the policy andthe documents, the illnesses
that cover cover so illnessesthat make you not work for three
months or more.
Example renal failure.
All cancerous diseases arecovered, Stroke, blindness,
(47:53):
madness Sorry, I lost my mind ofsight.
So a lot, there's a lot of youknow so depending.
So just read your documentswhen speaking to the agents, ask
them to show you the what's thepolicy cover.
And I think this is something,uh, our most Ghanaians don't do.
(48:16):
They don't ask those questionsand they don't read.
They don't read.
So for me, after I signed thepolicy, I send you the documents
, I send the documents and Isend you the claim documents as
well.
So, right from the word go, weare good to go.
You know what to do, andsometimes I ask the clients
(48:38):
explain what I told you.
Explain it for me, Okay, To me.
I want to know that youunderstand what I said.
Speaker 2 (48:47):
If, for example, the payout is 500K, do you pay it
all out complete or you pay itin bits?
Speaker 1 (48:53):
No, depending on the claim, if it's death, we pay 500
outright.
Speaker 2 (48:58):
Okay, great.
Speaker 1 (49:00):
But if it's the income protection policy.
So if you are critically illyou are covered half of the
500,000.
So that will pay 250.
You are still on cover Ifpermanent disability or care
after, depending on the degreeof disability, you will get up
to 500,000.
So if you lost, like your armhere, and the doctor says this
(49:24):
disability is, let's say, 50%,so that means we'll pay you 50%
of the 500,000.
Then you come again, for in theevent death should occur, we'll
pay another 500,000 again.
Okay, so you can do multipleclaims on the income protection
policy.
Speaker 2 (49:44):
I have some favorite questions here that I usually
ask.
Okay, the first one ismotivation or discipline.
Speaker 1 (49:52):
I'm a disciplinarian, so discipline.
Speaker 2 (49:55):
Okay, why do you think it's important?
Disciplinarian, so disciplineOkay.
Speaker 1 (49:57):
Why do you think it's important?
So when discipline fails, whenmotivation fails, discipline
keeps you going.
People can't keep motivatingyou always, but when you are
disciplined, you are able to go,for even in the midst of
adversities, you push through.
Yes, I could have told youtoday that I can't be here,
(50:20):
honestly, but, and on my way, Itold the guy that I might be 10
minutes late Because, looking atthe time from when I picked the
Uber to a hidden place, it's acalculation and I hate to be
late.
So I told him I might be 10minutes late.
Kindly pardon me.
So I was so happy I got here ontime, but to some people, oh,
(50:43):
they don't care it's 11, ghanatime.
11.30 is fine, but no, 11 is 11.
If I tell you that ABCD is whatmy policy do, believe me.
That is what my policy do.
Believe me, that is what thepolicy do.
Speaker 2 (51:00):
So I've done a policy here 20 million cover.
Speaker 1 (51:07):
Okay.
Speaker 2 (51:08):
But then I passed away in Dubai.
How would that work?
Speaker 1 (51:12):
Were you in Ghana when you signed the policy.
Yep, yes, we'll pay.
So we need the documents fromDubai because the moment anybody
die, they will give medicalcause of death.
You have your Ghanaian ID, yourGhanaian ID cards, so we'll
contact the hospital.
So your family will justforward the details on the email
(51:32):
.
Now we are digital, so you sendit to us on email and we will
do our checks.
Now another thing is there area lot of fraudulent claims out
there.
I want to use your platform tosay it.
Maybe the industry is quiet onit, but a lot of people are
(51:53):
doing fraudulent claims.
Last year, a post went viralwhere somebody wrote that how
will an insurance company asksomebody to bring when they give
weighing card?
Speaker 2 (52:06):
Okay.
Speaker 1 (52:08):
That the person was.
He was advocating for someonethat the insurance company asked
the person to bring weighingcard of the deceased.
You see it's funny, right?
So people tagged me on Facebookon that post and I picked it up
.
Speaker 2 (52:25):
Okay.
Speaker 1 (52:26):
Derek and I immediately I called because I
know a few people at NIC,because he tagged NIC and I
called the person, asked fortheir story, got their story and
I called NIC.
They're like no company A isnot paying this so-and-so client
.
What is the issue?
The long and short of it isthat the person covered somebody
(52:47):
he didn't have insurableinterest on.
So when we say insurableinterest, we have people.
If they pass away, you willfeel it financially.
So you, derek, I can't coveryou.
I'm not your sibling, I'm notyour spouse, I'm not your.
You know I'm not anything closeto you, so I won't get up and
(53:10):
do insurance for you.
Because so this situation theperson knew that that person was
sick, so he went to doinsurance for the person.
Wow, then the event deathdidn't even occur.
I don't know how he got all thedocuments and brought it to the
company, and if you haveprocessed claim for a long time,
(53:30):
when the document is notcorrect, you will know.
So they asked him to bring theweighing card of the person and
that's what made the person gohaywire.
At the end of the day, theyjust had to.
You know, he should have beenarrested and brought out so that
people will know that peopleare doing fraudulent claims.
We saved almost 1.4 millionGhana cities two years ago on
(53:57):
fraudulent claim.
I see yes.
Speaker 2 (54:01):
Predator, what's the best advice you've ever received
?
Speaker 1 (54:07):
Never give up, never, ever, never give up, no matter
what you are going through.
The sun will definitely shineon you when the journey gets
tougher.
Know that that is when yourbreakthrough is coming.
Speaker 2 (54:26):
I've enjoyed this conversation.
Thank you so much.
Speaker 1 (54:29):
Thank you.
Speaker 2 (54:31):
And if you've been here and if you did make it to
the end, you're a champion.
Speaker 1 (54:35):
Leave a comment and let me know that you definitely
did.
Speaker 2 (54:39):
My name is Derek Abaite.
Stay connected.
I went to one of my father's friends to get money to
pay my brother's fees.
He drove me to a movie house sohe gave me 80 cedars.
I asked myself if you don't buyinsurance, you want your
children to suffer?
Most Ghanaians don't believe ininsurance.
Somebody would prefer to dosuicide than to buy a life
(00:22):
insurance, because some peoplethink that it's a scam to sit
down to buy a life insurance.
Because some people think thatit's a scam.
I have a client when she didtheir policy two months after
and their mother died.
People think they'll die.
Speaker 2 (00:33):
What is the purpose of insurance cover?
Speaker 1 (00:35):
The purpose is for those you leave behind, so why
will you want to die and makethem suffer?
Speaker 2 (00:41):
I want a life plan of 500,000 up to the age of 70.
How much would I pay?
Speaker 1 (00:45):
You pay a month.
If nothing happened to you,we'll give you 10 million Ghana
cities.
However, if you should passaway, we are going to give your
beneficiaries 10 million and atthe end of the 15 years, we'll
give them another 10 millionGhana cities again.
Speaker 2 (01:08):
Hey, welcome to Connected Minds Podcast.
My name is Derek Abayte.
Of course this podcast weexplore wealth, mindset and
success, and today's episodewe're going to focus on
financial planning and estateprotection.
This is a crucial topic forsecuring your future.
Our special guest is BenedictaUga, and she's often called the
insurance queen of Ghana.
(01:29):
Benedicta is a leadingfinancial consultant and she's
also known for her passion ineducating people on protecting
their assets and loved ones.
We'll have an informativeone-on-one conversation that is
packed with actionable tips andhacks that you can apply in your
own financial life.
Look our guest, benedetta'sbackground and why she's known
(01:52):
as the queen of insurance.
It's really simple becauseshe's a top consultant in the
financial industry in Ghana andshe's also a member of the
Million Dollar Round round table, which is recognized for its
exceptional service.
She's here to help us understandhow to navigate those
uncertainties with the rightinsurance and financial planning
(02:14):
strategies, from how wealthyindividuals use insurance for
wealth protection and why youngpeople should get a life
insurance early, because youknow what Insurance is not only
for the rich.
Listeners will also gain aclear understanding of what
insurance covers and how claimswork, and the tangible tips to
(02:38):
secure their assets and theirfinancial future.
You know this is a veryimportant conversation and I
want everyone to pay attentionand if you make it to the end,
please let me know in thecomments section.
Let's welcome our guest,benedicta.
How did you set yourself up onthe journey of trying to empower
people to get insurance?
Speaker 1 (03:01):
Okay, I'm the only daughter of my parents and I
have three brothers.
My parents moved to Nigeria toseek for greener pastures.
They decided I should come toGhana to further my education.
I attended Dora Memorial MaoliSchool and I have a diploma in
(03:26):
marketing from UPSA.
My life turned around when Iwent to Nigeria.
After junior high school,that's after my final exam, I
went to Nigeria.
One night my dad fell ill and wetook him to the hospital.
(03:52):
The next day he was diagnosedof prostate cancer.
Then we spent three days at thehospital and the night he was
discharged.
Anne Roberts came to our home.
They did away with all ourvaluables and cash.
(04:14):
It was at gunpoint.
So you can imagine a 12,13-year-old girl going through
that Now.
My mom was a housewife then, soshe was not working.
She had to move from Nigeria toBenin to go start a trade,
because her siblings are inBenin.
They are also seeking forgreener vaches there, so she
(04:35):
started selling food and allthat.
So this situation made me Ididn't start school with my
colleagues at Maule.
Immediately I spent about atime at home and when I came
life was tough.
You know the situation.
The breadwinner is criticallyill at the house, so you know
(04:58):
how things were not okay.
But with the help of friendsand some church members who
supported me through school, nowsometimes I go to Benin to go
help my mom to sell their food.
You know Benin, they speakFrench, we speak English, so you
(05:20):
can imagine the languagebarrier.
So I have to depend on thebonjour bonsoir that they taught
us in school to roll.
Anyway, some days, derek, I goto Aflau border to do kayaye.
I mean, I was a head portergirl, so I take load from Lume
(05:40):
into Aflau, then Aflau, crossingthe border, just to get some
money to come to school.
I'm saying all this for you toknow how passionate I am about
this job.
It's not just a job for me.
For me it's I'm saving lives.
This is my way of evangelism.
So my dad does.
I was home for about six years.
(06:02):
In 2010, I came to Ghana.
I started UPSA with my twoyounger siblings Right there.
My father, the week of mymatriculation, my father passed
away and it was tough.
In school.
I have to wash my friends'things.
(06:24):
I have to sell at Mad dinnermarket.
I sew shoes Like I did a lotjust to survive with my younger
siblings, with the help of mymom the little she gets she
sends to support.
Now that's how the journey hasbeen, just like any, any parents
.
Then I was like 26.
My mom wanted me to settle down.
(06:47):
Did I?
Yes, but the relationshiplasted for just six months.
I couldn't.
So I ran away Because thepressure from my family that I
have to make it work.
I had to run away and came backto Ghana and when I came, my
(07:09):
friend helped me.
So one day, I think the ladywho brought me to my company,
she went to sell to one of myhelper, prosper Detono, and he
was the one who and she askedhim do you know anybody looking
for a job?
And I was looking for a job?
And he said okay, I have mysister, this, this, and I
started and I went through.
(07:32):
So, on the 17th of April 2015,I graduated from my training and
I started working, and it'sbeen a decade and I'm sitting
right in front of you as afinancial consultant.
Wow, you've done amazing.
Yes, front of you as afinancial consultant.
Speaker 2 (07:45):
Wow, you've done amazing.
Speaker 1 (07:47):
Yes, you've done amazing yes.
Speaker 2 (07:49):
But there's something about you that makes it so.
It's almost very personal toyou.
Speaker 1 (07:54):
Yes.
Speaker 2 (07:55):
And when I read the post that you put out there,
it's very informative and it'salmost as if you're trying to
get everybody to get a cover yes, I wish everybody in ghana will
have an insurance.
Speaker 1 (08:09):
Why?
Because of my personalexperience, the things I've gone
through you, my father'sfriends a close friend they
(08:33):
sacked my younger brother forfees and I went to him to get
money to pay my brother's fees.
Just when I went to him and Itold him guess what he did he
drove me to a movie house tohave carnal knowledge of me to
(08:54):
before he would give me how muchwas it?
50 Ghana cedars, Wow.
So he gave me 80 cedars.
Speaker 2 (09:01):
This was a friend of.
Speaker 1 (09:03):
Of my dad yes, very bosom friend of my dad.
So I asked myself, and a lot ofpeople, I'm sure, after
watching this podcast, if theymight want to speak.
A lot of children out there aregoing through this kind of
things Whereby even to get a jobespecially the ladies, I would
(09:30):
say the men are also abused.
Just that you know, men youdon't speak about it, often you
are able to hold on, but womenthey take advantage of us.
So for me it's very personal.
If you don't buy insurance, youwant your children to suffer.
Speaker 2 (09:47):
You think you went through that because dad could
not put certain measures inplace prior to his demise?
Speaker 1 (10:01):
Yes, because when he had prostate cancer he was
around 45 thereabouts.
So let's assume my 100,000summer short policy example he
would be paying around 180 CDs50 pesos for 100,000 cover and
with prostate cancer, if he hadthat amount and they gave it to
(10:23):
us, when do you think my momwill go to Benin to start
selling?
You think I'll be a kayayo atAflau border.
You know the ricks.
That's been a kayayo there.
I was sleeping in cars and someof the drivers want to sleep,
(10:43):
have carnal knowledge with you,and there was a guy there.
I'll never forget him.
His name is Kwame.
If he's watching this podcast,I'm telling him thank you.
He always fought for me, hecovered me and when the drivers
(11:03):
do that, he'll give me money.
I'll go to your mother inNigeria, go back to Nigeria to
go, and you know, then I'll goto Nigeria, help my mom a bit,
get money and come back.
So I believe that if my dad hadat least a hundred thousand
cover, it would have taken mefar to even finish school
(11:24):
quickly, start work quickly andall that cover.
It would have taken me far toeven finish school quickly,
start work quickly and all that,yes.
Speaker 2 (11:30):
so I know there was a time I was involved in a
conversation and then I wastelling this couple that they
should go for a life insurancecover this was over a
conversation we were having inthe UK and the lady straight
(11:50):
away, very quickly, before Icould even finish, she said now
the reason why I don't want usto go for a life insurance cover
is because I don't want oneperson to kill the other, to
take the money.
You see what people think aboutwhen they think about a cover.
Speaker 1 (12:08):
Yes, traditionally, most Ghanaians don't believe in
insurance because we have beensacked or we'd rather go for
landed properties.
Or we go for go for landedproperties or we go for loans or
(12:28):
mortgages, right, or we go, webuy a car or we do treasury bill
, in fact, common susu.
Somebody would prefer to dosusu than to buy a life
insurance, as because of theperception, because some people
think that it's a scam.
Okay, that's what.
(12:49):
The first thing Some do theirreligious belief.
They think that my religion,especially my Muslim brothers,
they don't spend a lot forfuneral, so after the funeral I
would spend only, let's say, athousand cedis for the funeral.
(13:10):
What happened?
Speaker 2 (13:13):
But then what's really the truth?
What is the purpose of aninsurance cover, A life cover?
Speaker 1 (13:20):
The purpose is for those you leave behind.
And I always say this Fritz, ifyou are a good trustee, the
question is are you a goodtrustee?
You have a child, right?
If we are on a story building,if your child is up, let's say
there's fire here and your childis at a balcony and you ask
(13:42):
your child to drop, you are downand you said jump, I'll catch
you.
Do you think your child is at abalcony and you ask your child
to drop?
You are down and he said jump,I'll catch you.
Do you think your child willjump?
Yes, why do you think yourchild will jump?
Speaker 2 (13:52):
you've done it several times.
Speaker 1 (13:53):
You trust me she trusts you, so your child will
jump because she trusts you andthat child trusts you with their
future.
I believed my daddy would paymy fees and he told me that he
wants me to be the first femalepresident of Ghana that's what
he told me and he'll buy a carfor me when I'm coming to the
(14:15):
university.
Did he fulfill that dream?
No, I think I won't forgive him.
But I've forgiven him, right?
He didn't know.
It's ignorance.
I'm sure somebody has spoken tohim about insurance and there
are a lot of people out therewho have the perception of what
the lady said.
So people think they'll die.
(14:36):
I have a client who came undermy post and said when she did
the policy two months after andthe mother died, and she felt
that because she did the policytwo months after and the mother
died, and she felt that becauseshe did the insurance, that is
why the mother died.
Speaker 2 (14:50):
That's such a limiting belief, what?
Wow, yes.
Speaker 1 (14:57):
Yes, so that's some of the beliefs you have and, as
I said, the people.
But insurance is not for you,as I said, it's for those.
But insurance is not for you,as I said, it's for those you
will leave behind.
They trust you, so why will youwant to die and make them
suffer?
We are not spelling doom andall insurance policies even
though there's death in it.
(15:18):
There are some.
You get lump sums at the end ofthe term.
Okay, so it's not just aboutdeath.
Critical lump sums at the endof the term Okay, so it's not
just about debt, criticalillness, all those things Talk
to us about all of it.
Okay, so we have different types.
We have the pure life plan thatcovers your critical illness,
permanent disability and death.
We have one that covers you,for it's an endowment plan.
So the endowment plan has aninvestment component in it.
(15:42):
So let's say, derek, I'mensuring you said oh, the kind
of school and lifestyle yourfamily is.
You want 10 million ganas todiscover that, in the event you
pass away, we should give yourfamily 10 million.
Derek, I'm telling you, at theend of the term, if nothing
happens to you, we'll give you10 million ganas to this.
(16:05):
However, if you should passaway.
Let's say you paid for twoyears and you are doing it for
15 years and you pass away.
We are going to give yourbeneficiaries 10 million
Annually.
They'll come for 10% of the 10million till the end of the 15
years and at the end of the 15years we'll give them another 10
(16:27):
million.
Ghana cities again.
Okay, alright so you see, withinthe time you passed, your dream
was to maybe your daughter youwanted to go to have, go to a
certain school university.
So you did 15 let me go over.
You did a 15 year time.
You took, let's say, 2 millionGhana cities as your cover
(16:52):
example for 15 years and youpaid for 2 years tortured.
God called you as you'll coverexample for 15 years and you
paid for two years Tattooed, godcalled you.
We'll pay your beneficiaries 2million ganasides.
That's called the death benefit.
At that point Now, every year,if you were alive, there's an
(17:12):
income you'll be bringing onboard, just like my story.
Your child will still be goingto school.
This house needs to bemaintained, the car needs to be
full right, the standard ofliving, the kind of school they
attend.
They still need to continuethat school.
It's not because daddy is gone.
So I was attending ST&T Regency, which is like one of the top
(17:34):
schools in Lagos, right, butbecause of my dad's situation, I
dropped.
I went to a very small school.
So this the annual amount isgoing to be paying you, paying
them 10% till the end of their15 years.
Your goal was 1 million, so weare saying that goal will not be
shut down.
(17:55):
At the end of the 15 yearswe'll give them another 1
million Ghana cities again.
Speaker 2 (18:02):
Well, I guess the biggest question is how much
does it cost?
I earn, and I'm going to talkabout a local Ghanaian, and then
we're going to talk about thediaspora.
I earn 2,000 cities every month.
I earn 2,000 CDs every month.
Okay, 2,000 CDs every month.
Speaker 1 (18:19):
Okay.
Speaker 2 (18:20):
So what cover can I have for a 35-year-old man who
earns?
Speaker 1 (18:26):
2,000 CDs every month to protect me.
Okay.
So for me the advice I give iseither your summer share should
either be 10 times your annualincome, so that's, that would be
240.
Say this 240,000, so that's2,000 Times, 12 Right Okay Times
(18:48):
, 10 Times 10 Right, that's240,000 Right.
So that's the what I wouldadvise you To take.
Okay, for how many years?
So, depending on, or 40,000,right, so that's the what I
would advise you to take.
Speaker 2 (18:56):
Okay, for how many years?
Speaker 1 (18:58):
So, depending on if you have a child, so I use the
last, the age of the last child,okay, the age of the last child
, that's what I used to projector advise you on the term.
But if you don't have a child,I ask you what are your goals or
what do you want to achieve?
So, like me, I have a cover of1 million.
(19:21):
I don't celebrate birthday, butmy 50th birthday I want it to
be big, okay, so I have a policyfor that Right.
So for this person, he will bepaying around 550 CEDIS every
month, every month from the 2000yes okay if it is too much, he
(19:45):
can start with 100,000, which isthe minimum.
Increase it annually by anescalator till the end of the
term.
By the end of the term he willget around.
Let's say, if we even add 10%or 15%, he will still get around
the 240,000 ganas.
Speaker 2 (20:03):
See, the question I always ask when it comes to
insurance is I know thatinsurance companies make a lot
of money.
Insurance companies, I mean,I've been paying comprehensive
for like, and usually I get anaccident and I fix it myself.
Right, I know insurancecompanies may make a lot of
money, you're not supposed tofix it.
Because you know what happens.
(20:23):
Do you know what happens assoon as you go and fix it, your
premium goes up the next year.
So it's I usually say that tobe able to do an insurance that
really would make sense, saythat To be able to do an
insurance that really would makesense, there has to be interest
also paid on the payout.
Speaker 1 (20:45):
Okay For insurance and I think that's some concerns
of people Insurance is not aninvestment.
We need to separate the two.
Insurance is not an investment.
We need to separate the two.
Okay, insurance is not aninvestment.
Insurance is indemnifying youto where you were before.
It's putting you at the stateyou were before the event or
(21:06):
came.
So that's why, when you have acar, you can't insure one car
with two companies.
So maybe your car?
You can't insure one car withtwo companies.
So maybe your car, you insureit with company A, you insure it
with company B?
No, you can't do it.
But because the moment you wantto insure with the two
(21:27):
companies, it means that you aremaking profits.
So if there should be somethinglike that, the two companies
will come together and pay you.
That is for the property, thecar, the vehicle insurance,
those ones.
But for life, I can't quantifyyour life.
I can't say, derek, you areworth 2 million Ghana cities or
(21:48):
5 million Ghana cities.
So in a way, so for us, we haveaffordability for the life
insurance.
There is possibility of you, inquotes, making profits.
But when you go in to insurancewith making profits or interest
, you will not see the need forit, and that is one of the
(22:11):
challenge of most Ghanians.
So how much will I make?
No, look at the.
What if I pass away?
What if I am critically ill?
I'm sure you're on social media.
You've seen a lot of peoplecoming on social media begging
for 100,000 Ghana CDs and Ialways say like 35 years for a
pure life covered criticalillness.
(22:32):
You'll pay around 90 CDs, 50pesos a month.
Speaker 2 (22:36):
If you take me through that where I want a life
plan of 500,000 after the ageof 70, how much would I pay?
Speaker 1 (22:45):
You'll pay 450 to these 50 pesos a month.
Speaker 2 (22:49):
Okay, and what if I live beyond age 70?
Speaker 1 (22:54):
At your 70th birthday at the end of the term, we give
you all your totalcontributions without an
interest.
Total contributions.
Speaker 2 (23:02):
Yes, If whichever is less.
Speaker 1 (23:06):
So let's assume you paid 200,000.
Speaker 2 (23:10):
But then the payout was supposed to be half a
million.
Half a million.
You still pay me 200,000.
You still pay 200,000.
Speaker 1 (23:15):
Naturally, we are not supposed to give you anything.
That's the natural thing.
Because imagine you paid 450for six months.
That should be, let's say, 50times six, that's 3,000.
It should be around 3,000cities.
In your seventh month youbecome critically ill.
We will pay your beneficiaries250,000000 cities.
(23:37):
In your seventh month youbecome critically ill, we will
pay your beneficiaries 250,000Ghana cities.
If, after two years, like mydad, he was critically ill for
some time he was under policy,he passed away You'll pay your
beneficiaries another 500,000Ghana cities.
Again, we've paid out 250,000,remember, and we are paying
because you remember and we arepaying because you passed away.
We are paying another $500,000to this.
Speaker 2 (24:00):
Okay, Okay, I get it.
Speaker 1 (24:02):
I get it.
Speaker 2 (24:03):
Where do you think we get the money from?
From other people?
Speaker 1 (24:06):
Yes, I have been paying for 10 years.
My foster father is not dead,my mom is not dead, is not dead.
My mom is not dead, they areall alive and I've been paying.
But I have a client who paidfor nine months, okay, and the
parents passed away and she gotthe claim, can you?
So it's just like welfare, ourchurch welfare.
So, to break it down for thelame man, which 80% of our, the
(24:33):
workforce in Ghana, fall underthe informal sector.
So I want to break it downbecause they'll be listening to
this for them to understand.
Insurance is like welfare, likeyour church welfare.
So I do the welfare.
Kojo Papa lost their mother.
We paid Me.
(24:55):
I've been on it for 10 years,my father has not passed away,
but I'm still paying.
Why am I paying?
So that the day my father passaway, their welfare will pay me,
okay?
So this is the moment youunderstand insurance like
welfare.
You are good to go.
Speaker 2 (25:17):
Let me stop you here for a minute.
If you've been watching thisshow, I want you to subscribe
and become part of the family.
We are on a journey of changingthe lives of people on this
channel and we appreciate youfor being here, but if you
haven't become part of thefamily, connect with us, hit the
subscribe button and let'scarry on the conversation.
(25:37):
So majority of my audience arebetween the age of 24 to about
44 yes I want us to go down onthe younger audience.
Okay, they always listen to meon conversations about mindset,
money, success, and today we aretalking about financial
planning.
Yes, so essentially all I'msaying is that after you've made
(26:00):
the money you really want tosecure yourself, you need to put
it into.
You need to have an insurance,yes, but the real question is,
how can a 24-year-old boy seethe need to have an insurance, a
life cover, at that age?
Speaker 1 (26:20):
Okay, so, for a 24-year-old boy, what are your
goals, what are your aspirationsFor me?
When you come to me, I ask yousome.
I do some fact-finding, sorry.
Now, the reason I do thefact-finding is to know are your
parents alive?
Speaker 2 (26:37):
Okay.
Speaker 1 (26:39):
Oh, my dad is alive, my mom is alive, that's great.
Do you have dependents?
Are you married?
Do you have children?
So now, based on thesequestions, I know what to tell
you.
So let's assume you are myclient and your parents are
alive.
You have a, you are married,you have dependents.
I'll ask you where do you seeyour child in the next 15 years?
(27:02):
Oh, I want my child to go touniversity.
I want my child to be a doctor.
That's what they say, and Ifollow up.
Okay, you know how much itcosts today for at medical
school.
You know how much it coststoday at medical school.
You know how much it costs.
It's around 60,000 to 100,000.
(27:22):
Yes, for upkeep, school fees,accommodation Around 100,000.
That's great.
Now, how much are you earningmonthly?
Some people are open to giveyou exact amount.
Some will say I'm earningaround maybe 4,000.
Then I'll tell you that we need20% of that money to go into
(27:51):
insurance.
Speaker 2 (27:53):
20%, yes, please 20% of any income.
Speaker 1 (27:56):
Yes, monthly income I see, to go into insurance.
Now, out of that 20%, I'llbreak it down based on your
needs.
So this person needs aneducation policy.
This person needs an endowmentplan to plan for his future or
retirement.
This person needs a pure lifeplan, which you call income
(28:16):
protection plan, where criticalillness I've spoken about it
earlier critical illness,permanent disability and death
this person needs this and thisperson needs a funeral policy
also.
So, based on this, I'll explainthe details of the policy for
you and most times I get themunderstanding me and I share my
(28:39):
personal story.
Yes, I share my personal storyto them and because I don't want
any child to go through what Iwent through, I'm in a diaspora.
Speaker 2 (28:51):
I'm in the UK, yes, and I've got my mom and dad
living in Ghana.
Speaker 1 (28:56):
Yes.
Speaker 2 (28:57):
But now, how do I go about getting a cover for them?
Speaker 1 (29:03):
Okay, I want to thank the insurance industry.
Now we are going digital, soyou can we have the conversation
.
As I speak, I'm going to have aZoom meeting this evening with
a group of friends in thediaspora, so we can do meetings
via Zoom.
We talk, we go through theprocess, you send your details
and we sign on the cover.
Speaker 2 (29:24):
But who is going to pay every month?
Speaker 1 (29:26):
You will pay Okay from your bank account, From
your bank account in Ghana.
Speaker 2 (29:29):
It's going to be in Ghana, right?
So?
The person needs to have a bankaccount in Ghana.
Speaker 1 (29:34):
Yes, so we deduct from your account in Ghana.
Yes, and some people maybe theyhad an account they are not
using.
I just told them okay, let'suse it to complete the
formalities.
Now you can pay through mobilemoney, so you just pay through
mobile money.
Speaker 2 (29:49):
You know you spoke about the funeral cover.
Speaker 1 (29:53):
Yes.
Speaker 2 (29:55):
And I've done some research and then I realized
that the average funeral cost inGhana is between $30,000 to
$38,000, which is around maximum$4,000.
Speaker 1 (30:05):
Yes.
Speaker 2 (30:06):
I'm not sure whether that's a true statement, but I
don't know what figures you have.
Speaker 1 (30:12):
It depends on your status, it depends on what you
want to do, but I think in myexperience, just last month a
client made a claim the figuresare around that figure, but she
I think the total cost wasaround 50,000.
Okay 50 to 60,000 for thefuneral.
Because why I say so?
(30:33):
The coffin an average coffin islike 4,000 cedars.
The graveyard was, I think,8,000 cedars.
This is from a client.
I don't know how true it is,but this is what she said.
Now their food is costing 60cedars per plate and they are
expecting about 400 people forthe event.
Speaker 2 (30:55):
That's way more than that.
That's way more than 38,000.
Yes, Then their drinks, theircanopy, I think their music, and
it's like a three or four dayevent, isn't it?
Speaker 1 (31:07):
Yes, so that cost is something I can't imagine how
people are able to do this?
Speaker 2 (31:16):
How do they do it Traditionally?
How do people and how do theycater for this?
Speaker 1 (31:22):
Okay, so some people go for a loan.
Speaker 2 (31:25):
What.
Speaker 1 (31:26):
They go for a loan sir.
Speaker 2 (31:27):
For a loan.
Speaker 1 (31:28):
Yes, please.
Okay, they go for a loan andsome their family come together
and contribute and maybe maybewe are four siblings.
Let's say my mom passed maybethe total.
The family will say you guysshould bring 20,000.
So the four of us will share5,000, 5,000 each.
(31:50):
Then the family will alsocontribute their money.
From their end they will cut,they will give everyone a quota
Now, after the funeral.
The money people donated, theyshare.
The money they shared it's like, okay, you paid 530,000, take
(32:10):
this one paid this, take out oftheir contribution.
So you hear that some familieswill say Right.
You see, like they've done afuneral and they've lost.
That means they didn't getmoney from enough contribution
from those who came to see them.
Speaker 2 (32:31):
So this is in the hope I'm going to take a loan
for the funeral, in the hopethat when the guests come in
they will contribute enough forme to go and offset that debt,
Debt yes, yes, yes.
Speaker 1 (32:39):
Or some people take their savings or their
investments that debt Debts, yes, yes, yes.
Or some people take theirsavings or their investments and
this week I did a point.
I said you can't, it's not good, it's not financially prudent
to use your savings to do afuneral.
It's not, it's not financiallyprudent to do that at all.
Speaker 2 (33:05):
So while daddy was strong and working in his 30s
and 40s, mommy was strong andworking.
They should have had a cover.
Yes, that would take care ofthem when they die, as well as
the children the children.
Speaker 1 (33:18):
Yes, that's it.
That's all we're saying, that'sall we are saying, that's all
we are preaching, and that's it.
That's all we are saying.
That's all we are saying,that's all we are preaching, and
that's what I am preaching, notjust about death.
Critical illness some peoplecan be sick for three years.
You have an accident even anaccident and it's not working
anymore.
Yes, I had a client last year.
I felt, really I felt that if Ihave not achieved anything as
(33:41):
an insurance agent, this, if Ihave not achieved anything as an
insurance agent, this isfulfilling.
He had an accident.
He's over 38 years.
He had an accident and hepassed away and he bought a one
million Ghana cities cover, thepolicy I explained.
It was around March yes, aroundMarch last year and he passed
(34:03):
away.
It was a March, yes, aroundMarch last year and he passed
away.
It was a very devastatingmoment.
The family kind of took oversome things from the woman.
I know, if they don't like youas a woman, don't frustrate your
life.
And I said if you love yourfamily as much as you care, you
say you love them, you protectyour life and I'm glad let's
(34:24):
call him Mr Atta.
Mr Atta did that policy.
We paid the family one millionganasidas.
That's the wife, because shewas the trustee.
We gave her one millionganasidas.
This year she came for herfirst hundred thousand and we
are going to pay for the next 10years.
He did a 10 years plan.
We are going to pay for thenext 10 years.
He did a 10 years plan.
We are going to pay for thenext 10 years and we will pay
(34:47):
another 1 million at the end ofthe term.
Speaker 2 (34:49):
I mean this all sound well and good.
I've had this in the situationswhere you guys don't pay out
one if you don't meet thewaiting period.
Speaker 1 (34:57):
What does that mean?
That's okay, so there's aduration for you to pay before
you qualify for the benefits.
So let's assume six months.
Some are six months, somepolicies are one year.
So let's assume we start today.
Your policy starts from 1stJune.
So June, july, august, you passaway within that period.
(35:19):
If it's true an accident, likemy client, for accidental deaths
, there are no waiting period.
If it's true, an accident, likemy client, for accidental
deaths, there are no waitingperiod, we pay out.
But if it's a natural, likesickness, those ones we return
depending on the policy.
For some policies we return thepremium you pay back to you,
but for some that's the end ofthe policy.
So if you don't meet thewaiting period we won't pay.
Speaker 2 (35:44):
I have a life cover in the UK.
Can I have a life cover in?
Speaker 1 (35:45):
Ghana as well.
Yes, yes, yes.
For life covers, you can haveas many as you can.
Okay, because we can't costyour life.
I said it in my earliersubmission.
I can, as I say, I think mycover is about 2 million Ghana
cities, Because I know ifsomething happened to me today.
I'm the breadwinner of my home,so I don't want my siblings to
(36:06):
suffer.
So you can have as much and youcan buy with any company.
Speaker 2 (36:12):
You can buy with company A, company B, company C,
but we don't tie you for lifeinsurance you know it's
definitely better to have Ithink you mentioned better to
have, I think you mentionedbetter to have a cover than not
to have at all, than not to have, or even you know they start
doing a GoFundMe page for whenthe person is critically ill yes
(36:33):
or you know, passes away.
You know, especially we seethat a lot with the celebrities,
it happens a lot.
I mean I don't understand, it's400 50.
CDs 50 CDs a month.
Speaker 1 (36:46):
It's because of the mindsets.
I said one, the religiousmindsets.
That's the first one.
The second one is people thinkit's a scam, we are not used to
it and there's not enougheducation.
The education is low.
Speaker 2 (37:05):
Okay.
Speaker 1 (37:06):
And we speak a lot of insurance jargons, like you
said.
I said waiting period.
I felt you should know, butyour audience watching us will
not know what waiting period is,so I need to explain.
It is the duration for you andbecause the salespeople are
working on commission so theyare in a hurry to go.
(37:28):
So instead of educating, we areselling, right.
Speaker 2 (37:33):
Let me stop you here for a minute.
If you've been watching thisshow, I want you to subscribe
and become part of the family.
We are on a journey of changingthe lives of people on this
channel and we appreciate youfor being here, but if you
haven't become part of thefamily, connect with us, hit the
subscribe button and let'scarry on the conversation.
(37:54):
A lot of people are also sayingthat insurance is for rich
people.
Speaker 1 (37:58):
Yes, that's true, it's something for the rich If
you've made all your money.
Speaker 2 (38:03):
You know what do they call them.
Trust fund babies or somethinglike that, you know.
So the average broke man is notgoing to think about it at all,
why should they?
Yes, it's true, it's true.
Speaker 1 (38:21):
See, I spoke to my uncle before coming to the issue
.
He told me that that is theproblem.
One, the education is low.
Two, the policies seemexpensive.
But I can tell you confidently,today we have policies that you
can pay.
Three Ghana cities, threecities, one one, one city three
for a 5,000 cities cover Okay.
Speaker 2 (38:42):
All right, 5,000 cities, yeah, that's not bad.
But you see, it's always alsofor a 5,000 cities cover.
Okay, all right, 5,000 citieshere, that's not bad.
But you see, it's always alsothe value of the money, right?
The value, the value that itretains over time, yes, so, for
example, 500,000 today, if youpay me 500,000 today, in about
20, 30 years, 500,000, it's notgoing gonna have the same value
as it's probably almost in ghanaright now 10 years.
Speaker 1 (39:11):
That's half of that.
10 years ago, when I started,people who I sold to told me the
same same thing that oh, 50 000for funeral there is very small
, yeah, but today is stillwithout.
Let's assume they didn't eventake escalator.
50 000 still make something.
Even if it can't meet theirneeds or settle all their needs,
it will do something.
So we have measures to help you.
(39:32):
Which is the escalator?
So you see, people complainyeah, I do the insurance and
every year they are justincreasing it.
People say that a lot.
Speaker 2 (39:42):
But do you do that?
Do you increase policies?
We tell you, but why do youincrease policies?
I don't understand.
Speaker 1 (39:47):
We increase the premium to curve against
inflation what you just said.
So as your premium increase,your sum assured also increases.
No hold on.
Speaker 2 (39:58):
If you have a fixed payout 500k fixed payout there's
no incremental interest on it.
No, do you still increasepremium?
No, the monthly no, okay.
But if you have, Annually, notmonthly.
Speaker 1 (40:11):
Annually, do you still increase it annually?
No, if you say you don't wantincrement, it will be flat for
you.
Okay, cool, but why do peoplego?
Speaker 2 (40:19):
for increment.
Speaker 1 (40:21):
Because 500,000 today , as you said, has value, Right,
but 500,000 15 years from nowwill not have the same value
like it has today.
So we advise you to take anincrement.
Your premium will increase andyour sum assured.
The 500,000 will increaserelatively.
(40:41):
So, like me, I started myfuneral policy with 30,000
ganasidus and I took anincrement of 30%.
So annually I started with, Ithink, 89 cedis, so annually my
premium was increasing.
Now today I pay around 600 andsomething and it has increased
to.
My sum of short has increasedfrom 30,000 to 115,000
(41:06):
ganassidis.
Speaker 2 (41:08):
Yes, Wow, I'm just really thinking around how
people would take loans for freeloans.
I mean there was a situationwhere one of my uncles passed
away in the UK.
I mean there was a situationwhere one of my uncles passed
away in the UK and they couldn'tafford to even bring his dead
body here or even give him abefitting burial over there.
Speaker 1 (41:32):
That's my father's story.
The day they brought my father,they brought him in a pickup,
his dead body, from the mortuary.
They had three people they wereburying three people that day
and the other families.
They came in a hearse butbecause my dad was poor, they
(41:53):
brought him in a pickup theirpickup boots.
And I vowed and Ecclesiastes 10,19b has been my verse I don't
want to be poor.
Money answereth all things.
So I vowed that no matter whatI do, even if I won't leave
(42:17):
property, I won't leave moneyfor my dependents property.
I will leave money for mydependents.
I will leave money for them.
I'll leave money for them.
With that money they can buyand build or do anything they
want to do in my demand, in myabsence.
And the bible says if you arenot given a good burial because
some people say, if they won'tbury me, me, they should throw
(42:39):
me away on the street the Biblesays I'm a Christian.
So that's why I'm quoting theBible If you are not given a
good burial, an infidel isbetter than you or a stillborn
is better than you.
Speaker 2 (42:51):
Yes, I see.
Speaker 1 (42:53):
Yes.
Speaker 2 (42:55):
And I guess, since you are talking about people,
look how quoting this is money.
Speaker 1 (42:57):
I see yes.
Speaker 2 (42:56):
And I guess, since you are talking about look how
cool it is, and this is money, Ican also say this one I don't
know where the quote is, butit's somewhere in the Bible that
says that a good man lives ininheritance for his children.
So this is very important thatwe talk about our financial
planning, especially if you arepart of my audience where we are
so focused on building ourlives.
Speaker 1 (43:17):
Yes.
Speaker 2 (43:17):
You know, because, look, I'm not just having this
conversation because, you know,I just want to have an episode
out.
I have a cover, you know, andit's beautiful.
I keep telling my wife and Itell my children that it's very
important what we have done forthem At this age.
There are certain plans thatI've put together for these kids
and for my, plans that I've puttogether for these kids and for
(43:39):
my wife that I don't know.
Speaker 1 (43:42):
If, today, you should pass away, if you should pass
away today, your wife will leaveyour legacy and I say you need
to have an insurance to do yourwill before you make money.
Speaker 2 (43:54):
Yes.
Speaker 1 (43:54):
Insurance helps you to make a will before you make
money.
You see the way I'm so babblingand like if I die today, my
family will be rich.
I don't have a car, I don'thave a house, I don't have maybe
liquid cash, but I know if Ishould pass on today my family
will be.
There will be millionairesbecause you've covered I have
(44:14):
covered myself, at least enoughfor now to my capacity, of my
income.
So even if you are earning 500CDs, please three CDs.
Cocoa money, do insurance.
Speaker 2 (44:29):
Has there been any client of yours where you've
paid out towards the Afeno?
Personally, for my personal nono, no, no, no, as for your,
from your company.
Speaker 1 (44:40):
Yes, the guy who died last year.
Speaker 2 (44:43):
Okay, you actually paid.
Speaker 1 (44:45):
We gave them their family one million.
Okay, we gave them one million.
Their wife sorry, not family,okay, that's his family now.
So we gave his nuclear familyone million, I see.
So we gave his nuclear familyone million Annually.
She came this year for 100,000.
She don't receive it, so that10th year and at the 10th year
they'll come for another onemillion.
(45:06):
Ghana cities again.
Speaker 2 (45:08):
Wow, yes, okay, okay, berekta, is there any question
that I could have asked you?
That I haven't that, we canstill talk about.
Speaker 1 (45:20):
Yes, maybe.
How do we reach out now?
How is the claim process?
Like, okay, let's go, becausesome people feel the claim
process is cumbersome.
These are some of themisconceptions of people that
the claim processes arecumbersome.
Speaker 2 (45:37):
Alright, talk to me.
Speaker 1 (45:37):
But now we've made it so simple, we've digitalized it
from anywhere.
So, like you, maybe you coveredyour parents and you are in UK
and they passed away Just sendyou the details.
So what you need for lifeinsurance, you need medical,
cost of death or deathcertificates.
Okay, if the person passed awayin the house or through an
(46:01):
accident, you need a policereport.
So that's the second thing.
Then you need your ID card andyour parents' ID card.
So for the ID cards, we takehealth insurance, snit card,
buddhist ID, any Ghanaian IDcard, right, national ID we take
(46:23):
them.
Then we need mortuary receipts.
If you are a Christian or theperson is in the mortuary, we
need mortuary receipts.
For our brothers who are notChristians or they don't take
their people to mortuary, theyneed someone, a legal person, to
write on a letterhead to statethat, okay, the A, b, c, d
(46:46):
person has passed away.
So for the Muslims, their imamin their mocks can do that, but
it needs to be on a letterhead,okay.
Then after that you need maybeburial permit.
I'm giving all the documents,for some it's either or, but if
you have all it is good.
(47:06):
It makes the claim processfaster.
So these are the basic thingsyou need for a claim process For
deaths.
If it is for critical illness,the doctor will give you a
report, will also give you aform to send to the doctor and
the doctor will fill it.
We just want to know theseverity of the illness and we
(47:26):
pay out what constitutes acritical illness?
so, depending on the policy andthe documents, the illnesses
that cover cover so illnessesthat make you not work for three
months or more.
Example renal failure.
All cancerous diseases arecovered, Stroke, blindness,
(47:53):
madness Sorry, I lost my mind ofsight.
So a lot, there's a lot of youknow so depending.
So just read your documentswhen speaking to the agents, ask
them to show you the what's thepolicy cover.
And I think this is something,uh, our most Ghanaians don't do.
(48:16):
They don't ask those questionsand they don't read.
They don't read.
So for me, after I signed thepolicy, I send you the documents
, I send the documents and Isend you the claim documents as
well.
So, right from the word go, weare good to go.
You know what to do, andsometimes I ask the clients
(48:38):
explain what I told you.
Explain it for me, Okay, To me.
I want to know that youunderstand what I said.
Speaker 2 (48:47):
If, for example, the payout is 500K, do you pay it
all out complete or you pay itin bits?
Speaker 1 (48:53):
No, depending on the claim, if it's death, we pay 500
outright.
Speaker 2 (48:58):
Okay, great.
Speaker 1 (49:00):
But if it's the income protection policy.
So if you are critically illyou are covered half of the
500,000.
So that will pay 250.
You are still on cover Ifpermanent disability or care
after, depending on the degreeof disability, you will get up
to 500,000.
So if you lost, like your armhere, and the doctor says this
(49:24):
disability is, let's say, 50%,so that means we'll pay you 50%
of the 500,000.
Then you come again, for in theevent death should occur, we'll
pay another 500,000 again.
Okay, so you can do multipleclaims on the income protection
policy.
Speaker 2 (49:44):
I have some favorite questions here that I usually
ask.
Okay, the first one ismotivation or discipline.
Speaker 1 (49:52):
I'm a disciplinarian, so discipline.
Speaker 2 (49:55):
Okay, why do you think it's important?
Disciplinarian, so disciplineOkay.
Speaker 1 (49:57):
Why do you think it's important?
So when discipline fails, whenmotivation fails, discipline
keeps you going.
People can't keep motivatingyou always, but when you are
disciplined, you are able to go,for even in the midst of
adversities, you push through.
Yes, I could have told youtoday that I can't be here,
(50:20):
honestly, but, and on my way, Itold the guy that I might be 10
minutes late Because, looking atthe time from when I picked the
Uber to a hidden place, it's acalculation and I hate to be
late.
So I told him I might be 10minutes late.
Kindly pardon me.
So I was so happy I got here ontime, but to some people, oh,
(50:43):
they don't care it's 11, ghanatime.
11.30 is fine, but no, 11 is 11.
If I tell you that ABCD is whatmy policy do, believe me.
That is what my policy do.
Believe me, that is what thepolicy do.
Speaker 2 (51:00):
So I've done a policy here 20 million cover.
Speaker 1 (51:07):
Okay.
Speaker 2 (51:08):
But then I passed away in Dubai.
How would that work?
Speaker 1 (51:12):
Were you in Ghana when you signed the policy.
Yep, yes, we'll pay.
So we need the documents fromDubai because the moment anybody
die, they will give medicalcause of death.
You have your Ghanaian ID, yourGhanaian ID cards, so we'll
contact the hospital.
So your family will justforward the details on the email
(51:32):
.
Now we are digital, so you sendit to us on email and we will
do our checks.
Now another thing is there area lot of fraudulent claims out
there.
I want to use your platform tosay it.
Maybe the industry is quiet onit, but a lot of people are
(51:53):
doing fraudulent claims.
Last year, a post went viralwhere somebody wrote that how
will an insurance company asksomebody to bring when they give
weighing card?
Speaker 2 (52:06):
Okay.
Speaker 1 (52:08):
That the person was.
He was advocating for someonethat the insurance company asked
the person to bring weighingcard of the deceased.
You see it's funny, right?
So people tagged me on Facebookon that post and I picked it up
.
Speaker 2 (52:25):
Okay.
Speaker 1 (52:26):
Derek and I immediately I called because I
know a few people at NIC,because he tagged NIC and I
called the person, asked fortheir story, got their story and
I called NIC.
They're like no company A isnot paying this so-and-so client
.
What is the issue?
The long and short of it isthat the person covered somebody
(52:47):
he didn't have insurableinterest on.
So when we say insurableinterest, we have people.
If they pass away, you willfeel it financially.
So you, derek, I can't coveryou.
I'm not your sibling, I'm notyour spouse, I'm not your.
You know I'm not anything closeto you, so I won't get up and
(53:10):
do insurance for you.
Because so this situation theperson knew that that person was
sick, so he went to doinsurance for the person.
Wow, then the event deathdidn't even occur.
I don't know how he got all thedocuments and brought it to the
company, and if you haveprocessed claim for a long time,
(53:30):
when the document is notcorrect, you will know.
So they asked him to bring theweighing card of the person and
that's what made the person gohaywire.
At the end of the day, theyjust had to.
You know, he should have beenarrested and brought out so that
people will know that peopleare doing fraudulent claims.
We saved almost 1.4 millionGhana cities two years ago on
(53:57):
fraudulent claim.
I see yes.
Speaker 2 (54:01):
Predator, what's the best advice you've ever received
?
Speaker 1 (54:07):
Never give up, never, ever, never give up, no matter
what you are going through.
The sun will definitely shineon you when the journey gets
tougher.
Know that that is when yourbreakthrough is coming.
Speaker 2 (54:26):
I've enjoyed this conversation.
Thank you so much.
Speaker 1 (54:29):
Thank you.
Speaker 2 (54:31):
And if you've been here and if you did make it to
the end, you're a champion.
Speaker 1 (54:35):
Leave a comment and let me know that you definitely
did.
Speaker 2 (54:39):
My name is Derek Abaite.
Stay connected.
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