4 Must have Insurance Policies for every individual during the COVID 19 Lockdown

• May 4, 2020
• LUTAKOME
• 1 comment

Many people are wondering whether Uganda’s insurance industry ready for COVID 19 and whether the insurance policies are relevant during this time.
I have put together just 4 incidents that have ready insurance solutions and hereby advise you to consider them as part of your redemption story during the remainder of 2020 and beyond.
To individuals
1. Involuntary Job Loss: The current COVID 19 pandemic is surely affecting a number of sectors in the economy which in turn poses catastrophic repercussions to the businesses that focus on the affected sectors. As predicted, whenever businesses enter a recession the concept of ‘shareholder supremacy’ is immediately invoked.
Whenever this happens, the natural victim is the employee who has to be sacrificed for the survival of the business; if you are employed somewhere you can purchase yourself an insurance plan that caters for the financial effects resulting from loss of your job which could range from meeting day to day bills as well as regular loan obligations. This cover is normally provided by life insurance companies either directly or indirectly through commercial banks which handle workplace banking.
2. Medical Tests and Treatment: With a limitation on the availability of enough test kits, there is growing fear that asymptomatic transmission of the COVID 19 could be imminent in communities and this could lead to a massive spike in the numbers if testing is available. These test kits can be quite costly, and if you are part of any health insurance scheme (employer provided or private), you could find out sooner your status as well as that of your family members since the insurance plans provide for testing and treatment of COVID 19.
3. Theft of Belongings: with the disruption to business activities, one can only imagine that what is standing between a high crime rate and our society is the current curfew. With many pickpockets off the street and a number of informal settlers out of work due to the temporary closure of non-essential services; you cannot afford not to have an insurance cover for your household contents including portables you always move with such as cell phones, laptops, etc. in addition to this, those who own personal cars there has never been a good time to renew your comprehensive insurance because theft of parts is expected to rise after the lockdown especially during the heavy traffic hours.
4. Death in the Family: with the restrictions on the number of people attending a funeral, the worst thing that can happen to you right now is losing a loved one, the ban on public gatherings is very challenging to our cultural instinct of collecting condolences from friends and family in both cash and kind with an intention of giving a decent send off for the departed. The services of the funeral management companies are quite costly but with those with a life insurance plan, these can be managed easily and despite the emotional loss, there is comfort in knowing that your loved one is given a befitting send-off.

Which of the above insurance plans do you currently have for yourself? let me know about it https://lutakome.com/qna/web-article-survey/64/