Nigerian Life Insurance and Coverage Plans

In life insurance, we all have our questions to ask and to answer. To begin with, do you really need l insurance? And if so, how much insurance do you need, and what plan/type of life insurance is most appropriate for you? You should not wait until you have a serious life aggressive event to revisit these questions. This topic will make you know about life insurance, together with details of Nigerian life insurance and coverage plans.

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In Nigeria statistically, it is only 6% of the citizens that have a life insurance coverage. This implies that 20 out of every 22 people you come across on the road aren’t covered! Huge insurance companies are still running their adverts, to create awareness of life insurance. Life insurance centers on providing the much desirable financial hand-holding to the insured’s family in the aftereffects of death.

Nigerian Life Insurance

The world we are living in is full of mishaps. One can never be too sure that we don’t need this type of coverage. One has to think about his or her life, financial responsibilities, and capabilities. Several of us have diverse needs and expenses, you can only buy a life insurance plan that you can afford.

 Service providers of Life Insurance plans in Nigeria

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

  1. Industrial and General Insurance PLC

This insurance firm provides life insurance policy that provides death-in service to employees of a firm or group of individuals. A huge sum of payment is made to the beneficiaries of a deceased member. This insurance plan is open to employers and public 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.

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  1. AIICO PLC Credit Life & Terms

This insurance firm offers a policy that covers loans against the unlucky event of death. The policy is aimed towards assisting the family of the deceased to get some peace of mind without having to go through a long, problematic claim process. It can be used as exchange collateral security in obtaining a loan; premium is levied throughout policy duration and protects the borrower’s estate in the event of death.

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  1. 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 charge of a 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 insurance. From a recent study, we have only 16 insurance companies are known to the Nigerian public. It’s important that you dig out to unearth the ideal life insurance policy for your specific circumstances before you 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.