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Life Insurance Companies And Policy Rates

Life insurance comes in different forms and hues depending on the company offering them. Some companies will be used here to demonstrate the variation and similarities among different life insurance policies. The different life insurance companies and the policies have been tabulated here for easy comparison.

For the sake of our write up, four popular life insurance companies will be referenced. They are:

1. First Bank Life Insurance

2. Old Mutual Life insurance

3. Zenith Life Assurance

4. Leadway Life Assurance

Below are the product comparison between these life insurance companies in terms of features, benefits, cover requirements and limits.

S/NoName of CompanyFeaturesBenefitsCover Requirements and Limits
1First Bank Life InsuranceSure4Life airtime insurance: It is a simple and convenient way to access affordable life protection plan with your phone for registered Etisalat subscribers at N100/month with a benefit plan of N100, 000 upon death and N10, 000 for medical expenses resulting from road accident only.The benefit is payable upon death and medical expense resulting from road traffic accident of the Life Assured (Etisalat subscriber) with no medical examination required.Plan covers death and permanent disability.Policy is renewable annually.Entry age is capped at 64years (subject to a minimum entry age of 18years).There is a waiting period of 3 months for death resulting from natural causes.
2First Family Shield Plan: This is a protection plan designed to provide succor to families in case the unexpected happens.It comes in Classic, Premium, Silver and Gold variants and is designed to offer financial security that would give the insured peace of mind to go about his daily activities without fear and at the same time enable his family continue their life should the unexpected happen.Hassle-free and convenient. Affordable insurance plans. Financial security is guaranteed. Payment even for Accidental Permanent Disability No medicals required for subscription.
3Group Life insurance: Group Life Assurance policy helps to meet the needs of employers, employees and workers in social entities and club members or any group of people with a common interest recognized by law against the risks of death, permanent/total disability, critical illness and medical expenses as a result of death or accidents.Group Life Assurance provides a one-off cash sum on the death of the life assured to stated beneficiary(ies). The policy covers the employees or members of the group. It covers death either through natural or accidental means. The sum assured (Life Cover) is usually a multiple of the employee's annual emolument or a defined amount. May be extended to cover named critical illnesses. May also be extended to cover permanent and total disability, medical expenses as a result accident and funeral expenses. May also be extended to cover Personal Accident.Minimum age of entry is 18 Maximum age to enjoy death and medical expense benefit shall be 80 years. Monthly premium of N100 is payable for an insurance cover of N100,000 for death and N10,000 medical expenses resulting from road accident per Etisalat line.
4Old Mutual Life insuranceGroup Life experience that ensures delivery of practical group life cover solutions to meet their clients’ needs. The Group Life offering consists of a compulsory life cover component which is payable on the death of the member.Paid out as a defined lump sum benefit. Benefits can be expressed as a multiple of salary, formula-driven or as a flat cover (monetary) amount. The lump sum payable creates immediate access to cash for dependants of the deceased.
5Credit Life Assurance If an individual should die, he or she may have outstanding loan amounts. Credit Life helps to repay the outstanding loan amount in the event of the death of the borrower.Benefits are paid directly to our clients, i.e. no ceding of policies required. Protection in the event of death of the borrower. No medicals will be required for loan applications under N30 million.
6Zenith Life AssuranceGroup Life Assurance A yearly renewable group term assurance policy effected to provide cover under a single policy for a number employees or member of an association, who exist as a group and are independent of any pension arrangement.Benefits are arranged in multiples of employee’s salary say 3 or 5 times annual salary and it is payable on death in service. The essential feature of the scheme is that because of the size of membership, concessions can be granted in waiving evidence of health up to a maximum sum, known as the free cover limit.To obtain the required premium the following information will be required: names of staff, date of birth, age, date of employment, job description and annual earnings of all employees in each class which should include the basic salary, housing and transport.
7Endowment Assurance Endowment policies provide for the payment of the amount assured either in the event of the death of the life assured within a specified period or upon his survival to the end of the term.This plan is designed to serve various needs and can be adapted to serve much life’s expectation, such as facility collateral and children’s education for instance.
8Leadway Life AssuranceLeadway Term Assurance product is a simple but flexible life insurance product that pays out a lump sum if death occurs during the period of cover. You choose the amount of that lump sum and the length of cover, and your premium is calculated accordingly. For an additional sum, you can extend cover to apply where you contract certain named critical illnesses or becomes permanently disabled because of an accident anywhere in the world. You can choose to pay your premiums in a way that suits you best: you can pay a single one-off premium, or you can pay monthly, quarterly, half yearly or annually. The premiums you pay qualify you for tax relief and can therefore reduce your tax bill. You have the right to cancel your policy and receive a full refund of premiums paid if you do so within 30 days of receipt of the full policy documentation.
9Group Life Assurance provides death benefit cover on lives of employees with an optional additional disability benefit payable if the employee becomes permanently and totally disabled, while in the employment.
10Credit Life insurance provides cover for the loans granted to Mortgagors/borrowers of a lending institution. It repays the outstanding balance of a loan in the event that the debtor dies or becomes permanently disabled before the loan is fully repaid. In the event of death/disability, the lending institution will be paid the outstanding amount that is owed by the deceased customer. Credit Life cover can be bundled to Personal Loans, Mortgage Loans, Asset Finance schemes, Overdraft facilities, Credit Cards and other loan products Lending Institutions provide to borrowers.

One comment

  1. Hey, that’s powerful. Thanks for the news.

    Comment by Jodie on July 22, 2016 at 10:49 am

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