How Income Insurance Works

Our salaries make living bearable. Necessities and luxuries can be afforded owing to this stable stream of income Invariably, the satisfaction that comes with this stability is worth protecting.

For a developing economy recovering from socio-economic down sides of the pandemic, a job loss is the worst occurrence to happen to anyone. Here’s some statistics to put things into perspective:

  1. The National Bureau of Statistics (NBS) released the labour force report for Q4 2020 in March 2021, with an unemployment rate of 33.3%. This implies that at least 23 million Nigerians were unemployed. 33.3% is the highest on record.
  2. And as if the rising rate wasn’t bad enough, the country’s labor force population fell by nearly 10 million in the fourth quarter of 2020, to 69.7 million.
  3. Similarly, the number of full-time employed residents fell by 14% from 35.6 million in Q2 2020 to 30.6 million at the end of the year. This means 5 million employees lost their jobs at the end of the year 2020.

While the economy recorded a 4.03% growth in 2021, unfortunately, this has not translated to more jobs for the unemployed or those who have lost their jobs. The above facts emphasizes the difficulty in gaining employment after a current job loss.

So, asides a box of tissues to wipe your tears. A plan is needed to protect your income from any contingency. This is where income protection comes in.

Let’s show you how this is done;

  1. What is Income Protection?

It’s a type of coverage you buy against a job loss. If you lose your job. You get paid an amount monthly for up to 6 months.

2. So, how do you protect your income?

With Casava, you can get Income Protection for as low as N500 monthly.

  • Open a free account
  • Get one month free to verify your profile
  • Pay your monthly premiums to keep your coverage active
  • Get paid for 6 months if you lose your job.

3. “I have questions, who do i contact?

Choose to protect your income. Choose Casava

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Simplifying insurance for Africans.

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Casava

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Simplifying insurance for Africans.

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