5 Things You Did Not Know A Life Insurance Plan Can SAVE You From In Nigeria


The average Nigerian income earner often shies away from discussions about life insurance because they think life insurance does benefit them while they are alive and in good health. Some are not even aware of “money-back life insurance” plans, while some others believe that their pension (RSA) is enough security for them despite the fact that many retired folks still struggle financially.

Apart from this, many are not well informed about the various categories of life insurance products available, such as: endowments, term-life, and whole-life policies; nor the unique benefits each of these products do offer.

You see, life insurance is actually meant to provide financial protection for only the living - but maybe you weren't initially aware that life insurance will save you from the following situations while you’re still alive, hale, and hearty here in Nigeria:

1. Paying High Taxes: One of the benefits of having an active life insurance policy is that it provides you with significant income tax reduction. So if you are fed up with losing your hard-earned money as a result of high income tax, then having a life insurance policy is really good for you.

2. Financial Crisis: Nothing is permanent in life, and in the world today nothing is more risky than having to depend solely on a single source of income. It becomes more risky if you happen to be a parent or the one taking care of your aged parents. Hence, there are some life insurance products designed to allow you earn annuity payments after a period of time, thereby providing you with extra income apart from your regular income long before you retire.

3. Lack of Funds to Finance Major Projects: At some point you will want to start a business of your own, own some real estate assets, finance personal projects, upgrade your standard of living, sponsor your children’s education, travel the world, fund philanthropic projects, pay for medical emergencies and so on, which usually require huge funding. The best way to tackle such expenses is by investing in an endowment life insurance policy.

4. Financial Dependence in Your Old Age: When you add the maturity benefits you get on some life insurance plans to your pension/gratuity after your retirement, and then convert it to annuity payments you can be guaranteed to have enough income to last you for a life-time. With this, you will never be a burden to your grown-up children.

5. Losing a Business Opportunity: Your life insurance policy possesses enough value to be put up as collateral for a loan with any (or most) financial institutions. So even if you don’t have a house or land yet, with a well funded life insurance policy you can still secure a good loan to fund your project or invest in a business.

In conclusion, life insurance is an asset you buy when you don't need it so that you can have it when you do need it.

My name remains Christopher, so feel free to reach out to me for a life insurance policy that works best for you in Nigeria.

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Christopher is a brilliant content writer and digital marketing executive who enables brands to connect in a human way with their audience on the internet. He is also a trained investment advisor, with a passion for helping people secure and maximize their financial resources.

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