Some say what you don’t know can’t hurt you. Here, it probably will. We will be breaking the ice on what you don’t know about life insurance
Many Nigerians be getting Life Insurance all twisted up like some Nollywood film. Life Insurance ain’t no Nollywood movie…it’s real life and serious! In real life, what you don’t know about Life Insurance could actually do more than just hurt you.
We want to elaborate on 10 key facts most of you probably do not know about Life Insurance policies. Follow me jejely:
What you don’t know about life insurance
Fact No. 1
23% and below companies or employers are offering Life Insurance to their employees (otherwise known as Group coverage.). In 2017, only 48% of employers offered Life Insurance to their employees and this figure is less than what it was the year before.
Fact No. 2
20% of those who don’t own Life Insurance have precisely no clue just how much Life Insurance they need. Hence the need for content like this.
Fact No. 3
16% of spouses and partners also have no freaking clue how much Life Insurance they significant other has (like it’s some Secret Society they can’t talk about or something).
Fact No. 4
25% of people in Nigeria and above have never been approached by a Life Insurance agent before. If you’re an Insurance company exec reading this, that should tell you something.
Fact No. 5
Approximately 50% of people above 18 years who want to buy Life Insurance source for information online (pretty much like what you’re doing right now).
Fact No. 6
Almost 33% of people who search for Life Insurance online attempted to buy or went ahead to buy an Insurance plan over the internet. Of this number, 73% made up of millennials preferred to meet face to face with the financial advisor (see what Yahoo boys have caused).
Fact No. 7
This one is a no-brainer: The Whole life Insurance plan is bought 70% of the time by Generation Xers and Baby Boomers more than any other age group (you may know them as your parents).
Fact No. 8
What you don’t know about Life Insurance is that a staggering 19 million shoppers begin the process of buying a Life Insurance plan but never finish. The people who do this don’t know that they are playing NaijaBet with their loved ones’ financial futures simply because they didn’t complete the Insurance application.
Fact No. 9
50% of people would prefer to skip the Life Insurance Medical exam…in other words, they should just throw it away. I guess it’s safe to say that this exam is most likely one of the reasons 19 million potential buyers give up on the matter.
Fact No. 10
There were over $237 billion dollars in Insurance Premiums paid in 2017 alone. That is more than the $115 billion paid the year before (it’s these type of figures i don’t like to attempt to convert into Naira).
There you have it, people, some of the best facts about what you didn’t know about Life Insurance.
Where can I get Life Insurance in Nigeria?
Get your Life insured today by clicking here.