Demystifying Myths Surrounding Life Insurance In The African Culture


Death is one of those subjects you don’t sit around the table discussing with your family and friends-atleast not in the African culture. This invariably means topics like life insurance hardly crop up. Those who buy life insurance, some wrongly believe, are inviting death-which is inevitable anyway. Financial guru Betty Achapa, in a separate interview with this writer, emphasized the importance of planning for such eventualities like death or hospitalization.

In her videos on YouTube touching on life insurance, Ms Achapa points out at the wrong perception most Africans have on insurance. “Life insurance acts as a shield to your family in case you die, fall terminally ill, or you are crippled,” the financial expert told this writer. She cited examples of families disposing their investments to clear hospital bills-a reality in most African homes.

“If you fall sick or become disabled you have a soft landing as you will not dispose your personal effects to clear your hospital bills. The first investment is your health and the others follow,” she reiterates.

Simply put, this kind of insurance provides financial security to the dependents of the insurance policy holder when he/she dies. Facing the reality that we will all die is enough reason why Africans should detach themselves from some of these cultural beliefs. We will discuss more on how life insurance works in subsequent articles.

Another reason Africans shy away from taking life insurance is the fear that their dependents may end up not receiving death benefits upon their demise. Ms Achapa advises prospective life insurance policy buyers to seek advice from specialist like herself.

On the issue of taboos associated with planning for one’s death, the financial expert advises Africans to come out of some of their parochial cultural beliefs for the sake of their dependents when the grim reaper comes calling.
Except from a post appearing on Achapa’s website reads:

“Life insurance is the best inheritance you can pass on to your generations. When I put in life insurance for somebody I know, I am not only changing one generation but also building a legacy for the next one. This is something that the white folks have known for years. They buy this stuff then pass it on to their children and grandchildren..”

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