120 Beneficiaries Of Job Loss Insurance Received Compensation From Anchor Insurance In The Year 2016

Anchor Insurance Company Limited had paid claims to a total number of 120 Employees who experienced sudden loss of job in the year 2016.

This statement was released during the week by the company at the presentation of Anchor LoEIS cheques to some of the beneficiaries who had adequately taken cover against sudden loss of employment while in full employment reiterating the view that every employee can help protect him/herself from market risks.

 Aderemi Adesibikan, a former employee of Heritage Bank, while narrating her experience, recounted that, she got laid off as a result of restructuring which took place in the bank in December 2016, an occurrence she never expected and she would have been seriously devastated despite her severance package from the bank, but she is grateful to Anchor Insurance for introducing such an insurance cover that will enable her earn income in the next 24 months while searching for another job.  In her words “this is really a shock absorber”.  Gbenga Ademola, a former staff of Zenith Bank who is a full beneficiary of the scheme, said, the only regret he had was not to have insure his full salary, but he is happy that, with what he insured, he can successfully handle his financial responsibility to the maximum until he gets another job.

Eberechi Ige, another beneficiary who is a former employee of UBA Plc also appreciated the innovativeness of Anchor Insurance for designing such a product. She recounted her experience as someone who has insurance culture; hence, embracing the product was not an accident.

The General Manager Retail, Mr. Uzoma Ofurum while presenting the cheques on behalf of the Managing Director, congratulated the beneficiaries for taking wise step to safeguard their employment income against sudden loss of job.  He further reiterated that, beyond any adverse economic state of nation, it is expedient and wise for employees that value his/her self esteem, to take appropriate measures to safeguard their employment income through insurance covers such as Loss of Employment Income.

General Manager, Retail, Anchor Insurance, Mr. Uzoma Ofurum; Eberechi Ige, former staff of UBA Plc, Aderemi Adesibikan, former staff of Heritage Bank and Group Head, Anchor LoEIS, Mr. Kehinde Olaniyi

He stated that not having a salary and having your bills pile up without hope of any income can be very devastating and can eventually lead to financial hardships, depression or even death. In reality, the money set aside for Pensions would not be easily accessible especially where the age of the affected staff is way below the designated retirement age of the firm.  He advised that you may not be able to control what the unemployment market would be doing, but you can sure take the steps today to control your income.

In the words of the Managing Director/CEO of the Anchor Insurance, Mr. Mayowa Adeduro, he said, “no doubt preservation of life and livelihood is the greatest pre-occupation of man since creator breath life into man. Income is the building block of our financial life which helps to handle financial responsibilities and achieve desired dreams. This means, man must work every day to ensure there is consistent income for sustenance of livelihood”. 

Many firms and organizations were faced with the harsh economic challenge which is beyond their control; hence, losing job or getting laid off can happen with little or no warning. It’s unfortunate that this very common occurrence can affect anyone at anytime.

It is a fact that people do become financially disabled once they loose their employment, and a long-term financial disability do bring serious financial and emotional consequences especially for a bread-winner with chains of responsibilities.

PRODUCT INNOVATION, APPROVAL AND REGULATORY FRAMEWORK

Anchor LoEIS is a product developed out of the yearning of millions of Nigerians for a product that meet their needs and address their challenges.  The product enjoys adequate technical support from Reinsurance Companies and an Actuarial Firm.  Anchor LoEIS was approved in 2015 by National Insurance Commission (NAICOM).

Anchor Loss of Employment Insurance Scheme is the newest and latest solution to protect employment income; it is also a safety net, shock absorber or cushion for the harsh effect of a sudden loss of job.  In the mist of economic recession and uncertainties inherent in our environment, Anchor LoEIS is sure the most preferred insurance cover for workers.