Just like there are many good reasons to get insurance for your business, the need for personal protection is equally important. A disability can completely change every aspect of your life. In the light of this awareness, some famous Ghanaian celebrities have called for disability insurance products to protect their bodies and finances.
This request was made at a workshop organized and hosted by the National Insurance Commission of Ghana.
Before I brief you on the details of the celebrities call, let’s start with what disability insurance is all about.
What is disability insurance?
Disability insurance is a type of insurance product that pays you a portion of your income when you are unable to work as a result of a debilitating illness or injury.
The US Social Security Administration estimates that, just over one in four people become disabled of a sort at some point before age 67.
Let’s be frank, accidents happen more often than you think, and we can’t always anticipate when. So having a disability insurance cover will pay your medical fees and possible rehabilitation cost in the event that you can’t work.
How does disability insurance work?
According to GuardianLife, disability insurance will pay you a percentage of your income if you get seriously ill or experience an injury that prevents you from working.
Some of the disability policies cover you in the short term immediately after an accident, while others pay you if your injury lasts for an extended period.
Who needs a disability insurance?
The Human Resource of the University of Washington reports that based on insurance claims, the average worker who is disabled misses work for about two and half years.
While sometimes an unlucky accident is the cause, most disabilities are due to relatively common sickness such as neck and back pain, cancer, nervous system disorders, mental health problems, and heart conditions.
So anyone who depends on their income to pay for their expenses can considered buying a disability insurance policy.
Disability insurance products in Ghana
A number of Ghanaian celebrities in arts, sports, and entertainment have met with the NIC to propose the possibility of disability insurance policies for their professions.
The celebrities made this suggestion at a ‘PRINCIPLES OF INSURANCE’ workshop that was organized by the insurance regulator for them. The general demand for this insurance product revolved around the idea of bodily injury in the performance of their work.
Unanimously, the celebs were of the opinion that, all of them use parts of their bodies in performing their arts hence the need to protect those parts.
To add weight to their call, it was said that a music artiste needs an insurance to protect his or her voice as much as a footballer needs a policy to protect his or her feet / legs.
The Commissioner of Insurance, Dr. Justice Ofori, who spoke with the celebs hinted that there are policies available on the Ghanaian insurance market that are tailored for these unforeseen incidents as in Disability Insurances. He added that;
“The definition of disability may vary depending on the part of the body that earns the Celebrity regular income. For instance, a footballer whose source of income is playing of football can be described under the disability policy as incapable of playing football once he can no longer (temporarily or permanently) be able to earn an income as a result of a bad injury”.
“Similarly, a singer could be described as incapable of singing if he or she loses the voice. All of these can be defined variously under the disability insurance”.
Some of the celebs who were in attendance include but not limited to;
|Quame Eugene||Abeiku Santana||Okyeame Quame||Ameyaw Debrah|
|Gyedu-Blay Ambulley||Benedicta Gafah||Akuapem Poloo||Jackline Mensah|
|Emmanuel Agyemang-Badu||Arnold Asamoah-Baidoo||George Quaye (Aboagye)||Ishew Stephen Tetteh Charway|
|Bosom Pyung||Zionfelix||Yvonne Nelson||Ohemaa Mercy|
|Cece Twum||GhKwaku||Vicky Zugah||Nana Asaase|
|Habiba Sinare||Rabby Blay||Winston Martin||David Dontoh|
The participants were excited to learn that, there are insurance policies available on the Ghanaian market, designed for their individual or group needs. The Commissioner of insurance however indicated that, on top of the priority list of the Celebs should be a public liability insurance which will serve their purpose.
This and similar campaigns have raised the confidence of the public in the Ghanaian insurance sector.
Ghanaians attitude towards insurance
“The Confidence Index (CI) however has seen significant increase, rising to an all-time high of 0.5813 from 0.5666 in 2020 and 0.4650 in 2019.” – latest NIC report.
Surprisingly, the knowledge index keeps moving downward. “Knowledge index in 2019 stood at 0.5992. The figure in 2020 was 0.5392 while the knowledge index recorded in 2021 was 0.5132.” – NIC Report.
The National Insurance Commission (NIC) continues to engage persons in all working categories to have a fair understanding and appreciation of insurance as a risk mitigating mechanism.
The commission is yet to publish its 2021 annual report to tell the full state of the Ghanaian insurance Industry.