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Is your life insurance cover adequate? Find out

Is your life insurance cover adequate? Find out

Having inadequate life insurance protection could be as devastating for your dependent family members as not having a life insurance cover at all. If you don’t have any life insurance cover, you may identify your insurance requirement and get the appropriate product. But if your life insurance size is inadequate, you may not know it until you review it correctly.



a close up of an umbrella: Insurance needs change with changes in age, income, expenses, debt, lifestyle, inflation, etc.; and you need to factor in these changes and top-up your insurance purchases.


© Provided by The Financial Express
Insurance needs change with changes in age, income, expenses, debt, lifestyle, inflation, etc.; and you need to factor in these changes and top-up your insurance purchases.

Hence, it’s essential to understand why you may still be underinsured, how it may impact your family’s financial future and how much protection would you require for adequate coverage.

How to determine adequate cover size

One of the key purposes of a life insurance policy is to ensure financial support to the insured’s dependent family members after his or her death. There are various ways to ascertain the financial need from the insurance point of view; however, the thumb rule is to have life cover of at least 10 times your current annual income. Meaning, if your current annual income is Rs 10 lakh, you should have a life insurance cover worth at least Rs 1 crore. If your cover is less than Rs 1 crore, you are underinsured. Another method to ascertain your life insurance requirement is using the Human Life Value (HLV) method. Under the HLV method, you need to consider your current income, expenses, expected future responsibilities, and goals to determine the insurance need. You may take the help of any HLV calculator available online.

Why your life cover may be inadequate

There are several reasons why your insurance cover may prove to be inadequate. If you have taken your life insurance several years back

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Nigeria: Abu – Adequate Telecoms Towers Will Bridge Infrastructure Gap

Nigeria: Abu – Adequate Telecoms Towers Will Bridge Infrastructure Gap

The Chief Executive Officer of Pan African Towers Limited, an indigenous infrastructure company, Mr. Wole Abu, speaks about the need for government to support additional deployment of telecoms masts and towers, to bridge Nigeria’s infrastructure gap and enhance access to telecoms services in underserved communities. Excerpts:

What’s your general assessment of the infrastructure segment of the African telecoms market, where you currently operate?

The infrastructure segment of the African telecoms market has actually seen a lot of growth since the entrance of major players at the global level into Africa around 2012. From then, infrastructure and tower deals have grown year on year. Also, it is beginning to see cloud and fibre deployment at an increasing rate in Africa. So, infrastructure for telecommunication is growing and this is being driven by demand. In terms of adequacy, off course, there is still a demand-supply gap. Infrastructure is still not adequate. We still have a huge gap in that space. In Nigeria, filling the gap will demand an estimated investment worth $136 billion, according to the Ministry of Communication and Digital Economy, and the Nigerian Communications Commission (NCC) .

Over the years, and even before the coming of Pan-African Towers, deploying infrastructure has been faced with some bottlenecks. What are those challenges you have identified since you commenced operation?

Truly, many challenges are bedeviling the sector. There are social challenges like theft, vandalism, community issues and so on. And also, there are the business environment issues like multiple taxation, unfavourable or harsh government policies, forex scarcity and lack of long-term capital for investment in infrastructure in local currency. All these are the issues. Then of course, you also look at failure in power supply. Availability of power is important since all telecoms infrastructure, which are distributed across the country, rely on

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Abu: Adequate Telecoms Towers Will Bridge Infrastructure Gap

Abu: Adequate Telecoms Towers Will Bridge Infrastructure Gap

Chief Executive Officer of Pan African Towers Limited, Mr. Wole Abu

The Chief Executive Officer of Pan African Towers Limited, an indigenous infrastructure company, Mr. Wole Abu, speaks about the need for government to support additional deployment of telecoms masts and towers, to bridge Nigeria’s infrastructure gap and enhance access to telecoms services in underserved communities. Emma Okonji presents the excerpts:

What’s your general assessment of the infrastructure segment of the African telecoms market, where you currently operate?

The infrastructure segment of the African telecoms market has actually seen a lot of growth since the entrance of major players at the global level into Africa around 2012. From then, infrastructure and tower deals have grown year on year. Also, it is beginning to see cloud and fibre deployment at an increasing rate in Africa. So, infrastructure for telecommunication is growing and this is being driven by demand. In terms of adequacy, off course, there is still a demand-supply gap. Infrastructure is still not adequate. We still have a huge gap in that space. In Nigeria, filling the gap will demand an estimated investment worth $136 billion, according to the Ministry of Communication and Digital Economy, and the Nigerian Communications Commission (NCC) .

Over the years, and even before the coming of Pan-African Towers, deploying infrastructure has been faced with some bottlenecks. What are those challenges you have identified since you commenced operation?

Truly, many challenges are bedeviling the sector. There are social challenges like theft, vandalism, community issues and so on. And also, there are the business environment issues like multiple taxation, unfavourable or harsh government policies, forex scarcity and lack of long-term capital for investment in infrastructure in local currency. All these are the issues. Then of course, you also look at failure in power supply. Availability of power

Read the rest