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 Managing Director of African Alliance Insurance, policyholders can get all their money back at the end of the term, provided that they remember to pay the premium every month. A small amount invested each month toward life insurance could translate into a life saving payout for your family if something bad should happen to you during your life insurance term.
Life Insurance Policy in Nigeria: NAICOM has addressed insurance fraud
In the past, insurance companies illegally refused to pay when policyholders in good standing took out claims. Nigeria’s National Insurance Commission (NAICOM) has changed the situation. Reforms have changed the insurance landscape in Nigeria. Today, if an insurance company tries to cheat they get shut down by the government. All insurance companies need to comply with regulations in order to remain in business.
Life Insurance Policy in Nigeria: More Nigerians are purchasing life insurance policies
Nigerian society is changing quickly. In the past, young people could find good work without needing to attend school. Today, however, the best jobs require education. A primary school diploma doesn’t mean much anymore. Young people need at the very least a college degree to stay competitive both at home and abroad. But how will your children afford to get an education if you pass away? If you die without having taken out a life insurance policy, your children won’t get to go to school. They will be forced into taking menial jobs to make ends meet.
Life Insurance Policy in Nigeria: Insurance isn’t just for rich people anymore
One downside of being rich is that you have to pay more money to insure what you have. If you don’t have property, you won’t have to pay as much for life insurance. Also, the less money you have, the more critical it is that you purchase life insurance today to keep your family above water if you pass away. If you are barely scraping by today, just think about how things will be if you die tomorrow. Even investing just N5,000 a month toward a life insurance policy will get you the coverage you need.
Life Insurance Policy in Nigeria: Insure before you invest
It makes no sense to invest money if you don’t have insurance to protect your investments. If something bad happens, you and your family could lose everything. Financial experts agree that it makes more sense to insure against disaster first before investing money in stocks, bonds, mutual funds or other financial products.