Life Insurance Cover in Nigeria
The Smart Shopper’s Guide to Buying Individual Life Insurance
Identify your needs
The first thing you should do when buying individual life insurance is to estimate your needs. If you have children, you will probably want the insurance company to pay for their college. This is possible, but it will drive up the cost of your individual life insurance. You will need to take […]
How Does a Life Insurance Calculator Work?
You can use an online life insurance calculator to estimate how much your life insurance will cost. Most life insurance companies have a life insurance calculator somewhere on their website. Let’s take a look at some life insurance terminology that you might run across if you decide to use a life insurance calculator to estimate […]
9 Tips for Understanding Personal Accident Insurance
Know your exclusions
Exclusions are scenarios in which an accident occurs, but the personal accident insurance company doesn’t have to pay. Be sure to read these over first before you sign. If you think that one or more of the exclusions are unreasonable, work with your insurance agent and get a waiver that will change […]
Whole Life Insurance Terminology Explained: 9 Essential Phrases
Whole life insurance covers you from the minute you pick up the insurance to the day of your death. That’s why they call it “whole life”– it covers your entire life. Whole life insurance never expires. Let’s take a look at a few terms you should know before you pick up whole life insurance coverage.
Top 5 Life Insurance Companies in Nigeria
Old Mutual is a Fortune 500 company that has been providing life insurance since 1845. In an article from the Vanguard, Group Chief Executive Officer of Old Mutual West Africa said that he was committed to turning Nigerians who may be skeptical about promises from insurance companies into loyal customers. Old Mutual has […]
Life Insurance Policy in Nigeria Explained
Life Insurance Policy in Nigeria: Think of life insurance as an investment
Some people believe that taking out life insurance is a waste of money. They’re totally wrong. Did you know that you could earn back all the money that you invest into life insurance, simply by keeping up with your monthly payments? According to the […]
What is Term Life Insurance? A Brief Explanation..
A limited period of time
To understand term life insurance, let’s start with the first word– term. When you buy term life insurance, you are paying to be covered for a limited period of years. If you die before your insurance expires, your family will receive the payout. If you die after the period covered by […]
Group Life Insurance Pros and Cons
Group life insurance is usually paid for by an employer. Unlike individual life insurance plans, the risk involved in group life insurance is spread out over a large group of people. Employers provide group life insurance coverage to their employees so that they can rest assured that their families will be taken care of if […]
Fast Facts About Life Insurance Quotes
What to consider when searching for life insurance quotes
Each life insurance policy has these four main, important parts to consider when seeking life insurance quotes: the premium (or amount to be paid in set payments), the death benefit (amount to be paid to beneficiaries after death of the policyholder), the term (amount of time the […]
What Is the Difference Between Endowment Insurance and Whole Life Insurance?
Endowment insurance basics
It is important to know the exact terms of your contract when signing an endowment policy to avoid getting caught with any disappointing surprises in the instance a tragedy should occur. Important factors to pay attention to when purchasing an endowment insurance policy include: the length and terms of coverage, the benefits at […]