Life Insurance : Top 10 Companies in Nigeria

Life Insurance in Nigeria: Top 10 Companies and Benefits

Life insurance in Nigeria is a vital contract between an insurer (insurance company) and a policyholder (customer), guaranteeing a designated beneficiary a sum upon the policyholder's death or severe illness. Often referred to as Life Assurance, it emphasizes the immense value attached to life.

Benefits of Life Insurance

Life insurance serves three primary benefits:

1. Assurance in Emergencies or Death: In case of death, the family or next of kin becomes the beneficiary of the insurance claim.
2. Provision for Dependents: Provides financial support to dependents upon the policyholder's death.
3. Medical Bill Coverage: Assists in covering medical bills during terminal diseases.

Top 10 Insurance Companies

1. African Alliance Insurance Company Limited:
   1. Experience: Over 60 years
   2. Noteworthy: Settled claims of over 9 billion in 2019
   3. Website: africanallianceplc.com
   4. Location: 54, Awolowo Road, Ikoyi, Lagos
2. Custodian Life Assurance Limited:
   1. Options: 14 different options under 4 product classes
   2. Website: custodianplc.com.ng
   3. Location: 16A, Commercial Avenue, Sabo, Yaba, Lagos
3. Capital Express Assurance Limited:
   1. Experience: Over 20 years
   2. Options: 9 personal insurance options and 7 group insurance options
   3. Website: capitalexpressassurance.com
   4. Location: Capital Express House, 13 Bishop Kale Close, Victoria Island, Lagos
4. Mutual Benefits Life Assurance Limited:
   1. Incorporation: 2007
   2. Claims Payout: Over 8 billion
   3. Website: mutualng.com
   4. Location: Aret Adams House, 233 Ikorodu Road, Ilupeju, Lagos
5. FBN Insurance Limited:
   1. Commencement: September 1, 2010
   2. Claims Settled: Over 11 billion naira
   3. Location: 34, Marina Street, Old NIPOST Building, Lagos
6. Royal Exchange Prudential Life Assurance Limited:
   1. Establishment: April 2007
   2. Notable: Pioneered GSM-based electronic platform
   3. Website: royalexchangelife.com
   4. Location: New Africa House, 31 Marina Lagos
7. Prudential Zenith Life Insurance Limited:
   1. Formerly: Zenith Life Insurance
   2. Affiliation: Prudential Plc
   3. Website: prudentialzenith.com
   4. Location: 7th Floor Civic Towers, Ozumba Mbadiwe Str., Victoria Island, Lagos
8. Heirs Life Insurance Limited:
   1. Specialization: Specialist life insurance company
   2. Options: At least 10 options
   3. Website: heirslifeassurance.com
   4. Location: No 107b, Ajose Adiogun Street, VI, Lagos
9. Stanbic IBTC Insurance Limited:
   1. Affiliation: Stanbic IBTC Bank
   2. Services: Broad range, including Group Credit line and Retiree annuity
   3. Website: stanbicibtcinsurance.com
   4. Location: Wealth House, Plot 1678, Olakunle Bakare Close, Victoria Island, Lagos
10. Enterprise Life Assurance Company Limited:
    1. Affiliation: Enterprise Group Plc
    2. Products: 4 categories, obtainable with as low as 5,000 naira
    3. Website: myenterprisegroup.com
    4. Location: No. 46/48, Awolowo Road Southwest Ikoyi, Lagos

Conclusion

Securing life through insurance is crucial, and the top life insurance companies in Nigeria provide diverse options to ensure the well-being of individuals and their dependents in unforeseen emergencies.

Read Also:

• Health Insurance – Top 10 Health Insurance Companies in Nigeria

• Home Insurance: A Quick Application Guide

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