How exactly do you register for Life Insurance in Nigeria?
As it turns out, even though a handful of Nigerians search for this on Google, not many actually know what Life Insurance really means. Allow me to lecture you .
What is Life Insurance?
The word insurance is not a new term to us, no, not by any chance. I guess you can say the most popular type of Insurance in Nigeria is Car insurance which is understandable. However, other types also exist like Life Insurance, House or property Insurance, Guarantee Insurance, Liability Insurance, Social Insurance yada, yada, yada (dem plenty small sha).
Life Insurance (otherwise known as personal Insurance) in Nigeria and pretty much anywhere else is simply an insurance agreement that pays out an initially agreed sum of money either on the death of the insured person involved in the deal or after a set period of time.
Also read: Top Life Insurance Offers in Nigeria (Infographics)
Those of you who watch foreign movies have probably heard about how one newly widowed woman with kids goes to the bank or whatever financial institution to inquire about that (usually more often than not) hefty Insurance money her husband accumulated over his lifetime. Yeah. That’s kind of what this is.
How to register for Life Insurance in Nigeria
Buying or registering for Life Insurance can be a very confusing task, especially when you consider all the Insurance jargon and terminologies involved that can quickly format your brain when attempting to read those their bulky agreements.
Have no fear.
Below, I’ve outlined the eight steps you need to take to purchase life insurance.
Step 1: Understand the Insurance Jargon
I just wrote a few moments ago about the issue cramming the meaning of all those big big grammar when trying to fill out an Insurance application. It’s paramount you understand each and every term.A few of them include words like Death Benefit, Term, Premium, Beneficiary, Policy, Coverage and so on.
Once you’re done learning what they mean, then the possibility of them cheating you has reduced. If you’re perhaps the lazy type, there’s always the second option of letting your Lawyer do all the dirty work of interpretation for you.
Step 2:Determine how much Insurance you need.
In an article we wrote about some facts about Life Insurance most people don’t know, we stated that 20% of those who don’t own Life Insurance have precisely no clue just how much Life Insurance they need.
When going about how to register for Life Insurance, it’s advisable to first take stock of what your current expenses are and what sort of expenses you anticipate you may need in the far future.
For example, if you have kids now or you at least plan on having kids soon, issues like their college education money becomes a priority. If your spouse is retiring soon, if you need to pay House rent and so on and so forth. These are some of the things to consider before you register.
Step 3: Get a free quote and pick up a Life Insurance policy.
I also mentioned earlier, when addressing what rates Insurance companies charge. Most of them simply tell you to make an inquiry and get a quote. So go to the website of your preferred Insurance company and get a quote.
Step 4: Provide important documents
like proof of Identity, Nationality and age, proof of income, proof of residency etc.
Step 5: Completion of application
Complete the application and a phone interview that will follow.
Step 6: Undergo a Medical examination
Wait for Underwriting approval (the Underwriter pretty much decided your fate) . If you are approved, go ahead and pay for your policy.
How do I register for Life Insurance?
Simply click here to register now.