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Nigerian Life Insurance and Coverage Plans

When it comes to life insurance, we all have our questions. To start with, do you really need life insurance? And if so, how much life insurance do you need, and what plan/type is most appropriate for you? Well, as a starting point, you should not wait until you have a major life threatening event to revisit these questions. In this post is most of what you need to know about life insurance, together with details on Nigerian life insurance and coverage plans.

With statistics demonstrating that only about 6% of Nigerians do have life insurance coverage, one can only get the real picture. This means that 18 out of every 20 people you come across on the street aren’t covered! Well, considered the fact that huge insurance companies in the nation are still running their marketing departments, seems like there is so much more we need to know about life insurance. Life insurance focuses on providing the much needed financial hand-holding to the insured’s family in the aftermath of death. And considering the world of mishaps that we are living in, one can never be too sure that we don’t need this type of coverage. Well, think about your life, your financial obligations and capabilities, and try to see whether you can come up with an idea of how much life insurance you need. Since all of us have diverse needs and expenses, you can only buy a plan that you can afford.

Life Insurance Service Providers in Nigeria

Here is a section of popular life insurance providers in the nation.

1.      Industrial and General Insurance PLC – the IGI Group Life Assurance is a life insurance policy that provides death-in service to employees of a firm or group of individuals under similar exposure. With this plan, a lump sum payment is made to the family (beneficiaries) of a deceased member of the scheme.

This insurance plan is open to employers and social organizations that exist as a group. Additionally, the plan covers both the event of death and the event of disappearance as a presumed death. The IGI plan is renewable yearly, is for persons above 18 years of age and is a without-profit life assurance policy.

2.      AIICO PLC Credit Life & Terms – AIICO offers this policy as an insurance plan to cover loans against the unfortunate event of death. The policy is aimed towards helping the family of the diseased get some peace of mind without having to go through a long, inconvenient claim process. It can be used as collateral security in obtaining a loan; premium is levied throughout policy duration and protects the borrower’s estate in the event of death.

3.      Standard Chartered Group Life Insurance Scheme – this is a death-in service that provides lump sum payment benefits to the dependents of the deceased (also covers permanent disability). The cost of medical assessment for this plan is covered by the insurer, they have an installment payment plan and allow permanent disability coverage for staff earning money in excess of 1 million Naira.

Well, these are just a few of the popular insurance companies offering life insurance. According to a recent study, only 16 insurance companies are known to the Nigerian public. Any of these companies might not be best suited for you. As thus, it is important that you dig out to unearth the ideal life insurance policy for your specific circumstances before you actually commit. One of the easy ways to get a hold of this is to obtain free price and coverage quotes prior to making up your mind.

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