What Your Insurance Policy Should Be Doing for You – And How We Deliver

When Raphael bought his life insurance policy after the birth of his twin sons in 2000, it was just another responsible thing he was advised to do as a new father. He was indifferent about it because he was thriving in his career as a civil engineer and had all he needed to care for his family.

The policy was affordable, and the insurance agent who sold it to him repeatedly told him that this policy would change his family’s life. The agent was right. Raphael passed away unexpectedly in 2016, three months after the twins resumed their first year at one of Nigeria’s finest private universities.

Survival was the last thing Raphael’s family was concerned about amid their grief because they knew they were sorted. The payout from his life insurance policy put the twins through university and provided capital for a new family business that is thriving till date.

Most families in this situation would have been plunged into a financial crisis, but Raphael’s life insurance prevented that by doing what it was meant to do – providing the much-needed soft landing necessary to make it through the adversities of life. Stories like Raphael’s are powerful, but they are not as common as they should be in Nigeria.

Ignorance, apathy, and under-utilization continue to be the three main factors that prevent people from harnessing insurance to the maximum. Many Nigerians get life insurance because they do not understand what it can do for them, and even those who have it, are not fully informed about all the features, riders, and benefits that accrue to them, outside of the death benefit.

A life insurance policy is more than a policy one obtains and just waits patiently for the other shoe to drop.  It’s a financial tool that is designed to give you more than you know. In this article, we discuss in depth five essential things that your insurance policy should be doing for you.

Five Things Your Insurance Policy Should Do for You

• Tranquility

Tranquility is an immaterial state of being that many aspire to. It is also the core benefit of having a life policy.

Individuals who value peace and orderliness in their affairs get life insurance because they understand that it is a financial safety net that will enable them to live and plan confidently and make long-term decisions.

• Protect Your Loved Ones

When an individual becomes disabled or passes away, their dependents usually take a huge hit emotionally and financially.

A life policy cushions the blow, giving them a soft landing financially that enables them to cover funeral expenses, finance debt or education, and even to stay afloat afterwards.

• Build Generational Wealth

Life insurance continues to be one of the most fail-proof yet underrated instruments for generational wealth. Funds received from a life insurance payout can give a head start to a policyholder’s children, giving them an unfair advantage through education, business, or home ownership.

• Passive Investment

Several insurance providers offer life insurance products with an investment or cash back feature or clause, allowing their policyholders to accumulate and access lump sums when they need it to tend to a crucial expense.

• Access to Living Benefits

Now more than ever, life insurance policies support policyholders when they experience life’s adversities, long before they pass away.

Life policies in recent times now cater to policyholders through living benefits such as critical illness cover, medical expenses coverage for accidents, disability support, and more.

What We Do for Those We Serve

Coronation’s mission is to provide innovative and impactful solutions that address Africa’s challenges. The byproduct of this mission is the development of enduring legacies and financial independence across generations by leveraging technology.

Our customers are our number one priority, and our approach to making their insurance policy valuable to them is encompassed by empowering them with information, offering optimum support to them at their points of need, and protecting them when it matters most.

Technology is one of our strongest allies at Coronation. We leverage it to build digital platforms that enable our customers to buy, track, and manage their policy with ease. Innovative features such as our premium calculators, and claims portal have aided us in our goal of significantly lowering the barrier of entry to insurance adoption, making it more accessible and seamless instead.

At Coronation, people are one of our greatest investments. Our robust team of professionals and licensed financial service associates are skilled at matching customers with the policy that addresses their specific needs and engages them in-depth to help them understand their coverage in detail.

Immense effort has been invested into designing life assurance plans that align with the needs and reality of the people we are serving. Whether it’s an education-focused product like Education Legacy Plan or a flexible life insurance product with living benefits such as Enhanced Term Insurance, our customers remain at the center of our product development process.

Trust and innovation are non-negotiable at Coronation. This is why we ensure we deliver on our promises to our customers when life happens. With our 100% digital claims portal, our claims process is designed to be stress-free for policyholders; lightening their load in a time of dire need. Because of this, our customers enjoy digital documentation, 24/7 support, and quick payout.

Finally, improving our customer experience is a never-ending endeavor. We constantly organize customer-centric initiatives that are aimed at eroding the apathy and knowledge gap associated with insurance in Nigeria.

Webinars, internship programs, and insurance product education campaigns are some of the initiatives we invest time and effort into doing for our customers. We hope that soon, more Nigerians and Africans at large will embrace insurance as a valuable necessity.

What You Should Do: Get Covered

Life is full of surprises – some joyful, others challenging. While we cannot predict the future, we can prepare for it. The right life insurance policy ensures that, no matter what happens, your loved ones are protected, your goals stay on track, and your legacy is preserved.

At Coronation Life Assurance, we don’t just offer policies – we deliver on promises, secure futures, and provide peace of mind for our policyholders. From covering school fees to protecting family income or safeguarding your retirement plans, our solutions are designed to meet real-life needs.

If you do not yet have a life insurance policy, this is your cue to get one. You deserve the assurance of knowing that, come what may, your family and everything you’ve worked for are protected.

To read more articles from Coronation Life Assurance Ltd, please visit https://coronation.ng/insights/

Contact us via email at info@coronationinsurance.com.ng or call us on 02-012275475, 02-012275476 to get covered today.