What is Life Insurance

It is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.

Types of Life Insurance Policies

• Term Life Insurance Policy
• Whole Life Insurance Policy
• Universal Life Insurance Policy
• Variable Life Insurance Policy

As a young person, it is easier for you to get a life insurance at a cheaper rate, compared to older people. The kind of policy that will be recommended to you will be greatly determined by factors like the risks involved in your job or any pre-existing illnesses. Your insurance company may request for a background check on you, family history, medical history, updated medical records, recorded assets value, job status, etc

Benefits Of Life Insurance Plans in Nigeria

• Life insurance plan could serve as a major source of income for your family and dependents following your death especially if your spouse and children solely rely on you for their source of livelihood.
• A Life insurance payment can be used to pay up debts, mortgages, estate taxes or can be used to make funeral arrangements once it is claimable.
• You can customize it to benefit the person(s). In order words, you can pick your beneficiaries and determine those who will be next in line to them
• Your insurance benefit can be calculated in cash value and can also be withdrawn as such. This can be further used for any needed purposes including education, business start-up, retirement, etc.

Car Insurance in Nigeria fall in three major categories:

• The comprehensive insurance policy- Covers loss or damage to the vehicle/motor of the insured, provides indemnity for damages to third party vehicle and properties, and provides cover for consequences resulting from such damages.
• The third party insurance policy- Cover for cases related to injury or death from use or damage to the vehicle of a third party
• The third party fire and theft insurance policy- include the third party cover for damages to your vehicle as a result of fire or theft.

What's not included in your Life Insurance Cover?

This generally depends on the kind of cover you are opting for in the first place. Your life insurance does not cover mortgage payoff, disability, critical illness, death as a result of suicide, or death as a result of reckless behaviors like drunk-driving or car racing.

How do you compare plans before choosing one?

You can check online insurance platforms for the best companies offering life insurance services and you can make comparisons through these sites to get the best quotes, benefits and services. You should also check out the ratings, past customer experiences, and get free quotes in order to determine what exactly you need

What are the documents required?

Your insurance company may request for a background check on you, family history, medical history, updated medical records, assets value, job status, etc.