Insurance in Nigeria is tricky. These are the top 1 life insurance companies are more trustworthy. In simple terms, Life insurance is a contract or an agreement between an insurance company and the insured person (known as an insurance policyholder).
This contract requires that the policyholder agrees to a monthly (or sometimes yearly) payment to the insurance company, with an understanding that insurance the company will, in turn, pay a lump-sum amount to the insured, upon his or her death.
Life insurance is based on the assumption by an insurance company of the risk of death of a policyholder.
Do You Need Life Insurance?
Having briefly seen what life insurance is, the next question that comes to mind is, do you really need it? Here is a candid advice: if your eventual death is likely to result in someone having a financial nightmare, you should urgently consider taking a life insurance policy.
Out of the several insurance companies in Nigeria, here are top 10 life insurance companies to pick from when considering taking a life insurance policy.
LIST OF LIFE INSURANCE COMPANIES IN NIGERIA & THEIR PECULIARITIES
- AIICO Insurance:
American International Insurance Company (AIICO), ranks as the top on our list for several reasons. If you are looking for a reliable life insurance company in Nigeria, this company is your first choice.With headquarters in Lagos, Nigeria and about 400 highly trained insurance agents effectively coordinating from 33 branches spread across the country, AIICO has built an exceptional reputation for itself.Both in the urban and rural settings of Nigeria, AIICO has distinguished itself by providing unbeatable insurance services, presenting policyholders with several top-notch creative insurance products that are at very affordable prices. As of today, AIICO stands tall as the largest insurance company in Nigeria. Website https://www.aiicoplc.com/
- Niger Insurance:
One of the insurances companies in Nigeria that started out as purely a life insurance company is Niger Insurance. They began operations in 1962 with the name Yorkshire Insurance. Niger Insurance has a growing reputation for reliability and plain honesty in dealing with its numerous clients.Providing a free risk management consultation to clients, this insurance company has endeared itself to the hearts of its teaming Nigerian clients.Niger Insurance is known for being transparent and honoring of client’s claims, and they are also known for honouring the rule of law. A testimony to this fact is the appointment of a former Executive Director of Niger Insurance company as Nigeria’s Commissioner for Insurance in 2015. Website https://nigerinsurance.com/
- Mansard Insurance:
An outstanding life insurance company of choice in Nigeria is Mansard Insurance. With a net asset of €1.3 Trillion, this company has proven to be one of the top profitable life insurance companies from this country.Excellent customer ratings, coupled with a high standard of service, have earned Mansard Insurance over 13 different industry awards. Mansard has established its presence in 59 different countries.Website :https://www.axamansard.com/
- Industrial & General Insurance:
When it comes to underwriting, Industrial & General takes the lead in West Africa. Proudly captained by a former Head of State and Commander-in-Chief of the Armed Forces– General Dr Yakubu Gowon, this insurance company has 45 branches located in Nigeria and around the world.Industrial & General Insurance is ranked among the largest life insurance companies in Nigeria. Website : https://www.iginigeria.com/
- Old Mutual: Established in 1845, Old Mutual is an epitome of commitment and dedication to its clientele. This insurance company has a goal of turning Nigerians who may be sceptical about promises from insurance companies into loyal customers.They have developed into a life insurance company that has stood the test of time as they promptly settle claims and offer excellent customer support. Website : Old Mutual
- ADIC Insurance Limited: ADIC Insurance Limited is a company committed to providing its customers with innovative, competitive and qualitative insurance oriented products.This is accomplished through their established departments, processes, and procedures that enable the company to provide a high-quality service to its esteemed clients.ADIC is armed with competent individuals who are committed to strive for excellence. If you are looking for an insurance company that deals in life insurance, this is one of the best insurance companies in Nigeria to consider. website http://www.adicinsurance.com/
- Equity Life Insurance Co. Ltd.:
Incorporated in 1983, Equity Life Insurance (formerly known as First Nigeria Insurance Company Limited) was licensed as Life Specialist Company to transact life and pension business in Nigeria.Since the commencement of operations, Equity Life Insurance has kept its head high in the insurance industry.
- Vision Trust Insurance Brokers:
Vision Trust Insurance Brokers is yet another professional insurance broker with vast experience in life insurance cover.Vision Trust Insurance Brokers have carved a formidable reputation for themselves in the industry, making them a reputable insurance company of choice when it comes to life covers. Employing highly a trained workforce and skilled field agents, they are spread across the country.
- First Dominion Insurance Brokers Ltd:
First Dominion Insurance Brokers Ltd is one of the leading insurance service providers in Nigeria, with a reputation for prompt and accurate insurance services.They offer insurance products and services in life insurance, marine insurance, fire insurance, motor and commercial vehicle insurance, and pension consultancy.
- United Vanguard Insurance Brokers:
Based in the Federal Capital Territory, Abuja, United Vanguard Insurance Brokers is a leading name among insurance brokers in Nigeria.United Vanguard Insurance Brokers provide group personal accident insurance, group life assurance, fire and special perils insurance, cargo insurance and other insurance services. They have maintained a good track record of excellent customer ratings.
In conclusion, death is a certainty. The only uncertainty in death is the timing. And it is the unknown element of death’s timing the makes life insurance a necessity especially if the demise of an individual can cause severe financial problems for the dependants of the deceased.
The quest to choose a dependable insurance company out of the myriad of insurance companies and brokers is an uphill task, especially in a country like Nigeria where there are hundreds of insurance companies all battling for attention. Care has, therefore, been taken to present to you in this article, the top 10 life insurance companies that have been blazing the trail in Nigeria.
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