Stories by Ebere Nwoji
The Executive Director, Leadway Assurance Company Limited, Adetola Adegbayi, has charged Nigerians to subscribe to term life insurance products, saying, “people should form the habit of buying what they cannot save, through term assurance policy.”
Speaking at the Leadway Assurance Media Training for Insurance and Pension journalists in Lagos recently, Adegbayi stressed that with little premium, people can buy the product that has a minimum sum assured of N1 million.
He urged the middle and low income earners to see the package as an opportunity to enrich their lives.
Using Leadway Term Assurance product, as an example, she said, the plan was a simple but flexible life insurance product that pays out a lump sum if death occurs during the period of cover.
You choose the amount of that lump sum and the length of cover, and your premium is calculated accordingly, she said.
For an additional sum, she said, intending subscribers can extend cover to apply to critical illnesses or when the person becomes permanently disabled because of an accident anywhere in the world.
“You can choose to pay your premiums in a way that suits you best: you can pay a single one-off premium, or you can pay monthly, quarterly, half-yearly or annually. “The premiums you pay qualify for tax relief and can therefore, reduce your tax bill,” she noted.
He stated that a policyholder has the right to cancel his or her policy and receive a full refund of premium paid if done within 30 days of receipt of the full policy documentation.
According to her, “Take a little money to buy a N10 to N15 million. If anything should happen, your family has about N10 million to fall back to. It takes care of school fees of your children and other financial needs. Maybe, you can buy N10 million with N50,000 premium, for example.”