Smart Nigerian Guide to Buying Individual Life Insurance

Below are some unbelievable individual life insurance buyers guide every single Nigerian must have an eye for:

Nigeria individual life insurance

  • Individual life insurance #1 Know your needs

The primary thing you have to do when securing an individual life insurance is to know your needs. If you have kids, you will most likely want the insurance firm to pay for their school. This is possible, but it will increase the cost of your individual life insurance.

You will need to put into account not only your daily living expenditures but also any expenditures connected to cars, burials and hospital bills. If some all of the cost can be secured by your current savings, this will reduce the cost of your life insurance premium.

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  • Individual life insurance #2 Decide which kind of life insurance is right for you

There are countless diverse kinds of individual life insurance. Term life continues for a set number of years before it expires. Whole life insurance lasts your whole life and you can make use of it in obtaining loans, but it’s usually more expensive. Universal life plans are a little risky because the insurance company has to invest your cash into the stock market, but prospective tax profits make universal life the best choice for some individuals. Check all the options with your insurance representative and choose the plan that’s right for you.

  • Individual life insurance #3 Choose an insurance company

The status of the life insurance company is the main thing here. If the company has a high status of refusing claims, this makes more brains to go with a more trustworthy insurance firm for your individual life insurance needs.

You may also wish to look at the life insurance company’s balance sheet before signing up. If the company goes broke tomorrow, your policy won’t do come to your aid. Also, if your insurance representative hurries through the paperwork or leaves you feeling inconvenient in any way, you have to make a request to work with a different agent. It’s important that you understand all the fine print before you sign up for individual life insurance.

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  • Individual life insurance #4 Take a medical exam

Individual life insurance plans involve policyholders to get a medical exam before signing up. This permits the company to assess what kind of risk you are presenting into their system. If you are new with no major fitness issues, the cost of your life insurance will be small. Remember: if you provide false information during the medical exam or during the application process, the insurance company may be able to reject future claims– to be truthful.

Read Also: Affordable Health Insurance Program for Nigerians

  • Individual life insurance #4 Know what to do if you have a complaint

Current reforms have critically improved the worth of insurance in Nigeria. Nigeria’s National Insurance Commission (NAICOM) is the place to call if you are sure that your insurance firm is trying to fraud you out of your hard-earned money. If an insurance company infringes the rules put forth by NAICOM governing how insurance works in Nigeria, they risk losing their license. Without a license, insurance companies can’t-do business.