This content emphasizes the critical importance of insurance and financial planning in Ghana, driven by personal experiences of hardship and loss, to protect individuals and their families from unforeseen financial devastation.
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I went to one of my father's friend to
get money to pay my brother's fees. He
drove me to a movie house. So he gave me
80 cities. I asked myself if you don't
buy insurance, you want your children to
suffer. Most Ghanaians don't believe in
insurance. Somebody will prefer to do
than to buy a life insurance because
some people think that it's a scam.
I have a client when she did the policy
2 months after and the mother died.
People think they'll die.
What is the purpose of insurance cover?
The purpose is for those you leave
behind. So why will you want to die and
make them suffer? I want a life plan of
500,000 up to the age of 17. How much
would I get? You pay a month. If nothing
happened to you, we'll give you 10
million Ghana cities. However, if you
should pass away, we are going to give
your beneficiaries 10 million and at the
end of the 15 years, we'll give them
another 10 million Ghana cities [Music]
[Music]
again. Hey, welcome to Connected Minds
podcast and my name is Derek Abite. Of
course, this podcast we explore wealth
mindset and success. And today's episode
we're going to focus on financial
planning and estate protection. This is
a crucial topic for securing your
future. Our special guest is Benedict
Auga and she's often called the
insurance queen of Ghana. Benedicta is a
leading financial consultant and she's
also known for her passion in educating
people on protecting their assets and
loved ones. We will have an informative
one-on-one conversation that is packed
with actionable tips and hacks that you
can apply in your own financial life.
Look, our guest uh Benedict's background
and why she's known as the queen of
insurance, it's really simple because
she is a top consultant in the financial
industry in Ghana and she's also a
member of the milliondoll round table
which is recognized for its exceptional service.
service.
She's here to help us understand how to
navigate those uncertainties with the
right insurance and financial planning
strategies from how wealthy individuals
use insurance uh for wealth protection
and why young people should get a life
insurance early because you know what
insurance is not only for the rich.
Listeners will also gain a clear
understanding of what insurance covers
and how claims work and the tangible
tips to secure their assets and their financial
financial
future. You know this it's a very
important conversation and I want
everyone to pay attention and if you
make it to the end please let me know in
the comments section. Let's welcome our
guest Benedicta. How did you set
yourself up on the journey of trying to
empower people to get insurance?
Okay. Um I'm the only daughter of my
parents and I have three
brothers and my parents moved to Nigeria
to seek for greener
pastures. Um they decided I should come
to Ghana to further my education.
Um, I attended Dura Memorial Maui School
and I have a
diploma in marketing from
UPS. Um, my life turned
around when my I went to Nigeria after
junior high
school. That's after my final exam. I
went to
Nigeria. Um, one night my dad fell
ill and he was we took him to the
hospital. The next day he was diagnosed
of prostrate cancer. Wow.
Then he we spent 3 days at the hospital
and in the night the night he was
discharged, armed robbers came to our home.
home.
They did away with all our valuables and
cash. It was at gun point. So you can
imagine a 12, 13 year old girl going
through that. Now my mom was a housewife
then. So she was not working. She had to
move from Nigeria to Benin to go start a
trade because her siblings are in Benin.
They're also seeking for greener vashes
there. So she started selling food and
all that. So this situation made me I
didn't start school with my colleagues
at Maui immediately. I spent about a
term at home and when I came life was
tough. You you know the situation the
bread winner is critically ill at the
house. So you know how things were not
okay. but with the help with of friends
and um some church members who supported
me through school. Now sometimes I go to
Benin to go help my mom to sell their
food and you know Benini they speak
French I speak English so you can
imagine the language barrier. So I have
to depend on the bonjour bona that they
taught us in school to roll. Anyway, some
some
days I go to AFLU bord to do kay. I was
a headquarter girl. So I take load from
a lum into a crossing the b just to get
some money to come to school. I'm saying
all this for you to know how passionate
I am about this job. It's not just a job
for me. For me it's I'm saving lives.
This is my way of evangelism.
So my dad was I was home for about 6
years. In 2010 I came to Ghana. I
started UPSA with my two younger
siblings. Right there
my my father the week I of my
matriculation my father passed
away and it was tough in school. I have
to wash my friends things. I have to
sell at Medina market. I sold shoes like
I did a lot just to survive with my
younger siblings with the help of my
mom. The little she gets she sends to
support. Now that's how the journey has
been just like any parent. Then I was like
like
26. My mom wanted me to settle
down. Did I? Yes. But the relationship
lasted for just 6 months.
I couldn't so I ran away because the
pressure from my family that I have to
make it work I had to run away and came
back to Ghana and when I came a friend
helped me. So one day I think the lady
who brought me to my company, she went
to sell to one of my helper
prosper and he was the one who and she
told asked him do you know anybody
looking for a job and I was looking for
a job and he said okay I have my sister
this this and I
started and I went through. So on the
17th of April 2015, I graduated from my
training and I started working and it's
been a decade and I'm sitting right in
front of you as a financial consultant.
Wow. You've done amazing. Yes. You've
done amazing. Yes. But but there's
something about you that makes it so
it's almost very personal to you. Yes. [Music]
[Music]
And when I read the post that you you
put out there, it's very informative and
it's almost as if you're trying to get
everybody to get a cup. Yes. I wish
everybody in Ghana will have an
insurance. Why? Because of my personal
experience, the things I've gone
through, you know, it's not everything
we can say, but it's it's it's tough out
there. I
remember is it one of the days I went to
uh one of my father's friend a close
friend we my they sacked my younger
brother for fees and I went to him to
get money to pay my brother's fees just
when I went to him and I told him guess
what he did he drove me to a movie
house to have canal knowledge of me to
before he'll give me how much was it? 50
Ghana cities. Wow. Yes. So he gave me 80
cities. This was a friend of of my dad.
Yes. Very bosom friend of my
dad. So I asked myself and a lot of
people I'm sure after watching this
podcast if they might want to speak.
A lot of children out there are going
through this kind of things
whereby even to get a job especially the
ladies I won't say the men are also
abused just that you know men you don't
speak about it often you are able to
hold on but women they take advantage of
us so for me is very personal if you
don't buy
insurance you you want your children to
suffer M you you think you went through
that because dad could not put certain
measures in place prior to his demise?
Yes. Because when he had prostrate
cancer he was around
45 thereabouts. So let's assume my
100,000 some
assured policy example he would he would
be paying around 180 cities 50 pesos
for 100,000 cover and with prostrate
cancer if he had that amount and they
gave it to us one do you think my mom
will go to Benin to start selling do you
think I'll be a
kayo at a flaw border. You know the
risks at being a kayo there. I was
sleeping in cars and some of the the the
the drivers we want to sleep. I have
canal knowledge or with
you and I there was a guy there I will
never forget him. His name iswami if
he's watching this podcast I'm telling
him thank you. He always fought for me.
He he he he covered me and when the
drivers do that he'll give me money. I
go to your mother in Nigeria, go back to
Nigeria to go and you know then I'll go
to Nigeria, help my mom a bit, get money
and come back. So I believe that if my
dad had at
least a 100,000
cover, it would have taken me far to
even finish school quickly, start work
quickly and all
know there was a time I was involved in a
a
conversation and then I was telling this
couple that they should go for a life
insurance cover this was over a
conversation we're having in the
UK and the lady straight away very
quickly before I could even finish she
said now the reason why I don't want us
to go for a life insurance cover is
because I don't want one person to kill
the other to take the
money. You see what people think about
when they think about a cover. Mhm. Yes.
Traditionally, most Ghanaians don't
believe in insurance because we have
been psyched or we rather go for landed
properties or we go
for loans or mortgages.
Right? Or we go we buy a car or we do
treasury bill. In fact, common suzu,
somebody will prefer to do suzu than to
buy a life insurance. It's because of
the perception. No, because some people
think that it's a scam. Okay, that's
what the first thing some do their
religious belief. They think that
that
um my religion especially my Muslim
brothers they don't spend a lot for
funeral. So after the funeral the what I
will spend only let's say thousand
cities for the funeral. What happened?
Well but then what's really the truth?
What what is the purpose of an insurance
cover? A life cover. The purpose is for
those you leave behind and I always say
this phrase if you are a good
trustee the question is are you a good
trustee okay you have a child right if
we are on a story building if your child
is up let's say there's fire here and
your child is at a balcony and you ask
your child
to drop you are down and you said jump
I'll catch you do you think your child
will jump. Yes. Why do you think your
child would jump? You've done it several
times. You trust me. She trusts you. So
your child will jump because she trusts
you. And that child trust you with their
future. I believed my daddy will pay my
fees and he told me that I he wants me
to be the first president, female
president of Ghana. That's what he told
me. And he will buy car for me when I'm
coming to the university. Did he fulfill that
that
dream? No. I think I won't forgive him.
But I forgiven him. Right? He didn't
know. It's ignorance. I'm sure somebody
has spoken to him about insurance. And
there are a lot of people out there who
might who have the perception of what
the lady said. So people think they'll
die. I have a client who came under my
post and say she did when she did the
policy two months after and the man the
mother died and she felt that because
she did the insurance that is why the
mother died. That's such a limiting belief.
belief.
What? Wow.
Yes. Yes. So that's some of the beliefs
you have and as I said the people but
insurance is not for you. As I said,
it's for those you will leave behind.
They trust you. So why will you want to
die and make them
suffer? We are not spelling doom. And
all insurance policies even though
there's death in it, there are some you
get lump sums at the end of the term.
Okay. So it's not just about debt,
critical illness, all those things. Talk
to us about all of it. Okay. So we have
different types. We have the pure life
plan that covers your critical illness,
permanent disability and death.
We have one that covers you for it's an
endowment plan. So the endowment plan
has um an investment component in it. So
let's say Derek I'm insuring you said oh
the kind of school and lifestyle your
family is you want 10 million Ghana to
discover that in the event you pass away
we should give your family 10 million.
Derek, I'm telling you at the end of the
term, if nothing happened to you, we'll
give you 10 million Ghana
cities. However, okay, if you should pass
pass
away, let's say you paid for 2 years and
you you are doing it for 15 years and
you pass away, we are going to give your
beneficiaries 10 million annually,
they'll come for 10% of the 10
million till the end of the 15 years.
And at the end of the 15 years, we give
them another 10 million Ghana cities again.
Okay. All right. So you see within the
time you passed your dream was to maybe
your daughter you wanted to go to have
go to a certain school university to you
did 15 let me go over you did a 15 year
thing you took let's say 2 million Ghana
cities as your cover example for 15
years and you paid
for 2 years touched God called you we'll
pay your
beneficiaries 2 million Ghana Ghana
that's called the death benefit at that
point. Now every year if you were alive
there's an income you'll be bringing on
board just like my story your child will
still be going to school this house need
to be maintained the car need to be full
right the standard of living the kind of
school they attending they still need to
continue that school it's not because
daddy is gone so I I was attending stnt
regency which is like um one of the top
schools in
Lagos right but Because of my dad's
situation, I dropped I went to a very
small school. So this the annual amount
is going to be paying you paying them
10% till the end of the 15 years. Your
goal was 1 million. So we are saying
that goal will not be shut down. At the
end of the 15 years, we'll give them
another 1 million Ghana cities again.
Well, I guess the biggest question is
how much does it cost? I [Music]
[Music]
earn I earn and I'm going to talk
about a local Ghanaian and then we're
going to talk about a diaspora. I earn
2,000 cities every month. Okay.
2,000 cities every month. Okay. So, what
cover can I have for a 35 year old man
who earns 2,00 2,000 Ghana cities to
protect me? Yeah. Okay. So for me I the
advice I give is either your summer
should either be 10 times your annual
income. So okay that's um that will be
240 cities 24,000 Ghana. That's 2,000 *
12, right? Okay. Time 10 * 10, right?
That's 240,000, right? Ghana cities. So
that's the um what I advise you to do to
take Okay. For for how many years? So
depending on if you have a child, so I
use the last the age of the last child.
Okay. The age of the last child. That's
what I used to project or advise you on
the term. But if you don't have a child,
I ask you what are your goals or what do
you want what do you want to um achieve?
So like me, I have a cover of 1 million.
I don't celebrate birthday but my 50th
birthday I want it to be big. Okay. So
that's so I have a policy for that.
Right. Aha. So for this person he'll be
paying around 550 cities every month.
Every month from the 2,000. Yes.
Okay. If it is too much, you can start
with 100,000 which is the minimum.
Increase it annually by an escalator
till the end of the term. By the end of
the term he will get around let's if we
even add 10% or 15% he will still get
around the 240,000 Ghana. See the
question I always ask when it comes to
insurance is I know that insurance
companies make a lot of money. the
insurance companies. I mean, I've been
paying comprehensive for like and
usually I get an accident and I I fix it
myself, right? I know insurance
companies may make a lot of money.
You're not supposed to fix it. Well,
because you know, do you know because
you know what happens? Do you know what?
As soon as you go and fix it, your
premium goes up the next the next year.
that to be able to do an insurance that
really would make sense,
there has to be interest also paid
on the
payout. Okay. For insurance and I think
that's some concerns of people.
Insurance is not an investment. We need
to separate the two. Okay. Insurance is
not an investment. Insurance is
indemnifying you to where you were
before. It's putting you at the state
you were before the event
occur. So that's why when you have a
car, you can't insure one car with two
companies. So maybe your car, you insure
it with the company A, you insure with
company B. No, you can't do it. But
because the moment you want to insure
with the two companies it means that you
are making
profits. So if an event if there should
be something like that the two companies
will come together and pay you that is
for the property the car the vehicle
insurance those ones but for life I
can't quantify your life I can't say
Derek you are worth 2 million Ghana
cities or 5 million Ghana cities. So in
a way so far as you have affordability
for the life insurance there is
possibility of you in quotes making
profit but when you go
in to insurance with h making profit or
interest you will not see the need for
it and that is one of the challenge of
most Ghanaians. So when you sell so how
much will I make? No, look at the what
if I pass away? What if I am critically
ill? I'm sure you're on social media.
You've seen a lot of people coming on
social media begging for 100,000 Ghana
cities. And I always say like 35 years
for a pure life cover critical illness.
You'll pay around 90 cities 50 pesos a
month. If you take me through that where
I want a life plan of 500,000 Mhm. up to
the age of 70, how much will I pay? You
pay 450 cities 50 pesos a month.
Okay. And what if I live beyond age 70?
At your 70th birthday, at the end of the
term, we give you all your total
contributions without an interest. Total
contributions. Yes. If whichever
whichever is less. So let's assume you
paid um 200,000 but then the payout was
supposed to be half a million. Half a
million. You still pay me 200,000. still
pay you 200,000. Naturally, we are not
supposed to give you
anything. That's the natural thing
because imagine you paid 450 for 6
months. That should be let's say 50 * 6
that's 3,000. It should be around 3,000
cities. In your seventh month, you
become critically ill. We will pay your
beneficiaries 250,000 Ghana cities. If
after two years like my dad he was
critically ill for some time he was on a
policy he passed away they'll pay your
beneficiaries another 500,000 Ghana
cities again we've paid out 250 remember
and we are paying because you passed
away we are paying another 500,000 Ghana
cities too okay okay I get it I get it
where do you think we get the money from
other people yes I have been paying for
10 years mm M my foster father is not
dead. My mom is not dead. They are all
alive and have been paying. But I have a
client who paid for 9 months. Okay. And
the parent passed away and she got the
claim. Can you So it's just like
welfare, our church welfare. So to break
it down for the lane man which 80% of
our in the workforce in Ghana fall under
the informal sector. Yep. So I want to
break it down because they'll be
listening to this for them to
understand. Let's go. Insurance is like
welfare like your church
welfare. So I do the welfare. Cojo papa
lost the mother. We paid me I've been on
it for 10 years. My father has not
passed away but I'm still paying. Why am
I paying? So that the day my father pass
away, the welfare will pay me.
Okay. So this is the moment you
understand insurance like welfare, you
are good to go. Let me stop it here for
a minute. If you've been watching this
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conversation. So majority of my audience
are between the age of 24 to about 44.
Yes. I want us to go down on the younger audience.
