Life Insurance 101: What Every Nigerian Adult Should Know

Many Nigerian families are vulnerable to the adversities of life, with no safety nets to sustain them if their breadwinner stops earning or passes away. According to the National Insurance Commission (NAICOM), life insurance adoption in Nigeria trends below 1%, with most individuals with covered by employer sponsored group life policies,   signaling a critical need for awareness.

This is why Coronation Life Assurance successfully hosted its webinar titled Life Insurance 101: What Every Nigerian Adult Should Know to equipping Nigerians with the knowledge they need to make informed decisions about life insurance and it’s impact on the wellbeing of their loved ones.

The webinar which was skillfully moderated by Vinson Asekhamhe, Data Marketing Manager, Coronation, kicked off with a thought-provoking opening remark by the MD/CEO of Coronation Life Assurance, Adebowale Adesona, followed by an insightful keynote speech delivered by Abimbola Tiamiyu, CEO, Chartered Insurance Institute of Nigeria (CIIN).

She explained in detail the different life insurance products that exist, backed by relevant use cases to emphasize their value.

“Many people don’t realize that life insurance policies can be used to plan towards milestones. I bought my first life assurance policy at the age of 22, to mature when I turn 40. When the time came, I received my payout and used it to fund things that were important to me.” – Abimbola Tiamiyu shared.

The panel session followed next, featuring strong contributions from Florence Awodogan, Deputy Manager, Scib Nigeria & Co Ltd, and Kenneth Essu, Head of Life Underwriting, Coronation Life Assurance. The discussion addressed common misconceptions about life insurance and the undeniable financial armor it gives to those who have it.

Attendees were advised to consider life insurance as an essential part of financial planning rather than an afterthought. It is an effective risk management instrument that ensures that dependents can forge ahead if life happens, and long-term goals are feasible.

Our mission at Coronation Life Assurance remains unchanged. We are committed to offering affordable life insurance policies in Nigeria, and advancing in insurance literacy initiatives that fortify individuals with the knowledge they need to give themselves and their loved ones the best.

To learn more about Coronation Life Assurance and our life insurance products, watch the webinar here, please click here, or contact us via email at info@coronationinsurance.com.ng or call 02-01-2275475 | 02-01-2275476.