Everything you need to know about insurance in Nigeria

Have you ever wondered what insurance is or asked yourself ‘why do I need insurance?” Well, I’m here to enlighten you.

WHAT IS INSURANCE?

Insurance is an amount of money that you pay at regular intervals ( during you salary earning time) or in full upfront, that can help you in case any unforseen circumstance like death or accident happens.

For instance, your health insurance would cover medical bills if you ever have an expensive treatment to pay for.

Now that we have gotten that part, let’s talk about why you need insurance.

WHY DO YOU NEED INSURANCE?

1) In case of death

Insurance secures the future of your family members in case of a fatality. Unlike many other ways of securing your assets, insurance give access to your family without going through too much processes as it is tailored to attend to such situations.

2) To live a worry free retirement.

Now you’re able to work, but a time will come when you won’t be able to and your insurance would cover you.

3) You won’t waste money.

Instead of spending your money on things that won’t matter in the long run, insurance is a sure fire way to make sure your money is kept for when you need it.

Now the most common question (especially in Nigeria) when it comes to insurance is how much is enough for insurance.

Well, many insurance companies have flexible plans depending on your budget. So you can get insured no matter your salary.

Note that you can insure anything, from life to education to your bicycle.

Below are few insurance companies in Nigeria

1) Allco insurance PLC
2) Leadway Assurance
3) AXA mansard insurance
4) Cornerstone insurance
5) Custodian and Allied Insurance