LIFE INSURANCE IN NIGERIA: All you need to know!

LIFE INSURANCE IN NIGERIA: All you need to know!

Insurance is really an interesting plan that caters to every financial need of an individual. This is achievable only when an individual transfer some risks associated with living to the insurance company.

Whilst many have adopted the habit of insuring their valuables to avoid or limit financial loss; ranging from cars, Luxury Gadgets, Houses, and Businesses amongst others, Many still find it hard to ensure the most necessary aspect which has made the achievements of the aforementioned materials (valuables) possible.

Human life is the most crucial part of Insurance. Without the protection of life, in form of an insurance cover, many of the things an individual has achieved might suffer mishandling, or even be transferred to the wrong hands.

While it is common to see people insuring their cars, houses, and costly automobiles amongst others, you hardly find a substantial number of people taking a bold step to ensure their life. So I decided to make inquiries into why this is so. And I was surprised to find out that it is because many people see life insurance as a death sentence, especially in Nigeria.

But life insurance is far from this; hence this article seeks to throw more insights and give more information on what life insurance is, and how it is the most crucial aspect of every insurance in Nigeria.

LIFE INSURANCE MEANING

First of all , Life Insurance is not a death sentence as thought by many. Rather; Life insurance simply refers to the insurance that provides coverage for an individual life that is insured in terms of financial benefits whilst alive, and even in death.

Life insurance provides funds to compensate you when you lose an aged Father, Mother or Uncles amongst others, as well as the loved ones of any breadwinner of the family who encounters premature demise.

Life insurance is the type of insurance that help ensure that human life is not a liability but rather an asset. Knowing that human life is very fragile and that life is full of uncertainties, with a life insurance cover, the associated liability that might ensue at ones demise is totally avoided or better still turned into an asset.

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