Life Insurance Rates in Nigeria

Life Insurance Rates in Nigeria

MAY 30 2022, by SHABACH

How much will Life Insurance cost? What is the rate plan for Life Insurance in Nigeria?

I’m sure a few of you have these issues and more on your perplexed minds.




Life Insurance Rates in Nigeria

I also would like to know the cost of something before deciding to purchase it. That’s probably why I’m constantly frustrated when I cannot browse in peace. Often, the store’s staff will interrupt me and ask what I’m likely to buy at the moment.


I am often enticed to think, “Hey, mind your own business…I’m window shopping.” However, the truth is that they mind their own business. It’s a shame that I could spew such a brash absurdity out of my mouth (if I weren’t so in a good place).


I hope you understand my point.

Now, let me tell you the cost of purchasing an insurance plan for a Life Insurance program in Nigeria.


What Are The Different Rates For Group Life Insurance in Nigeria?

Group Life Insurance plan is designed to cover a group of individuals bound by a common denominator. It’s, for instance, the kind of plan that a business could provide to all employees in”Group” “Group.”


The National Insurance Commission ( NAICOM), the body that regulates the Nigerian insurance industry, receives up to 8percent fee from insurance underwriters. There are the people who evaluate the risk of prospective clients such as you and me.


  1. Instant Life Insurance

AXA Mansard offers individuals up to N100,000 in the Instant Life Insurance package at only N1,000 per year in premium. This insurance plan is suitable for those with low incomes.


  1. Cornerstone Life Insurance

Cornerstone Insurance, incorporated in 1991, offers life insurance that can go up to N1 million. They also provide one-time Insurance premium payment options that range from N1000 to N10,000.


  1. Wapic Insurance

In their term plan, the Wapic Insurance will give you a “no medical examination” issue and same-day approval if you can pay for your Life Insurance coverage of less than N10 million naira and premiums at once or by installments.


End of line

The main thing to consider when searching for rates offered by Insurance for Life Insurance policies in Nigeria is that you’re most likely not likely to find their rates on their website as an online store to purchase and sell insurance policies online.


Most of the time, the insurance firms do not list their plans or rates on their websites. Instead, they will require that you contact them for an estimate depending on your needs and circumstance. This isn’t like purchasing soft white Agege bread at a local store.


On their site,, they have an online calculator to estimate the amount you’re likely to spend on the Life Insurance cover.


Are you in need of money? Kindly check out this website which allows you to examine loans from various lenders in just a few minutes. This will aid you in making the best choice for your needs.


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