How much does Life Insurance cost? What is the rate plan of Life Insurance in Nigeria?
I bet a few of you have these questions and more on your very puzzled minds.
Like you, I too like to know the price of something before I venture to actually buy it. Perhaps that’s why I find it a tad bit annoying when I go to a smartphone retail store in Computer Village and I want to jejely browse through their inventory all by myself and one employee of the company is busy following me about like a love struck puppy asking if i’m going to buy right there and then.
I usually am tempted to be like, “Hey sister, mind your own business…I’m window shopping.” Fact is that she’s minding her own business and I really wish I could spout such an arrant nonsense from my mouth (if only I wasn’t so well brought up).
Anyway, you get my point.
Now let me reveal to you the rate of getting a Life Insurance plan in Nigeria.
Rate for Group Life Insurance
A Group Life Insurance plan is the plan that covers a group of people bound by a common denominator. For instance, it’s the type of plan a company could do for all their employees as a “Group”.
According to the National Insurance Commission (NAICOM), they allow the regulator in the Nigerian insurance industry to collect a maximum of 8% commission from underwriters (people who test the risks of potential clients like you and me)
Instant Life Insurance
AXA Mansard offers people up to N100,000 on their Instant Life Insurance package at just N1,000 Premium per annum and this plan is best suitable for low income earners.
Cornerstone Life Insurance
Cornerstone Insurance PLC incorporated in 1991 offers life cover of up to N1 Million, and single insurance premium payment ranging from N1000 to N10,000.
Also read: Top Life insurance companies in Nigeria
Under their term plan, Wapic Insurance PLC will grant you a ‘no medical examination’ issue and a same-day approval if you can pay your Life Insurance coverage less than N10 million naira and premiums all at once upfront or in installments.
The bottom line when searching for the rate plan of Life Insurance in Nigeria is that most times you are not going to stumble upon their prices on their website like an online shop for buying and selling Insurance policies online.
Most of the time, these Insurance companies do not state their plans and rates on their website, instead, they require you to contact them to get a quote based on your needs and situation. It’s really not like buying soft, white Agege bread from a nearby shop.
On the site, Disabled-world.com, they have an actual online calculator to calculate how much you could likely pay for a Life Insurance cover.
Get your life Insurance plan right now, click here.