Why is Wealth Protection so Important?

Building wealth is an easy concept to understand, as it’s one that most of us strive for on a daily basis. Even if you’re just starting out your career as a small cog in a big corporate machine and are years away from earning that huge salary, you still put on your jacket every morning and head to work with the goal of achieving success and hopefully earning more one day.

No matter what stage of life we’re at, most of us are aiming to build up more wealth so we have more freedom to buy what we want and do what we want. In this way, we’re building up our asset base – and hopefully bettering our own life and those we love in the process.

Protecting the wealth you’ve already built up is a subtler concept and one that fewer people make a priority in their lives, even though they should. But it’s just as important. Why? Because life can be unpredictable, so it’s always worth safeguarding your assets so you can keep your financial plans on track. 

What will happen to you or your family if you don’t have wealth protection?

If you or your family don’t have any sort of wealth protection in place for your car, home, business or life, this will directly impact on any efforts you’re making to create wealth. We can’t predict the future, so a loss of any kind, such as an accident that writes off your car, or a structural defect in your home, could severely impact on your finances, elevate your stress levels and affect your emotions too.

You’d have to dig deep into your pockets to bridge the gap created by these financial losses, and this may throw all your careful financial plans out of the window as you regress and regroup.

There are also various legal issues to consider. For example, if you own a vehicle in Kenya, you’re legally required to have motor insurance. Not doing so is breaking the law and you could end up getting prosecuted or even worse, going to jail.

What sort of events does your wealth protection/insurance cover?

It could be anything, from natural disasters such as floods wrecking your home or business, to damage to valuable assets such as your car, to third party liabilities such as a wall collapsing on your neighbour’s property. You’d not only have to repair and rebuild the wall, but you may face legal action by your neighbour that you could have never predicted.  And the same applies to not having a car while it’s in the repair shop. Besides the cost of new parts and labour, you may also miss out on business opportunities because you can’t get to where you want to be.

It’s not only assets you need to protect though – it’s also people. Accidents, illnesses and even death are unfortunate events that do happen, and when they do, you deserve to have all the financial support you and your family needs.

What's the best way to buy insurance?

The way you buy and manage your insurance policies is totally up to you, and depends squarely on what you or your business needs. As a direct customer, you can contact us directly with any queries you have, or you can visit our network branches throughout the region.

We also know that as a client of ours, you may prefer to work through an intermediary. That’s why we also have a large framework of broker partners that we work with. If you have a corporate account with us, some of the risks may be more complex to understand, so you may feel more comfortable using an intermediary who can make the process simpler and explain things clearly to you.

We process numerous insurance claims a month, helping people protect their wealth and keep their financial dreams on track. Interested in finding out more? Get in touch with us for a quote or contact your broker or agent.