4 things you should know about Insurance in Nigeria

There are various types of insurance policies offered by various insurers in Nigeria. Ranging from life insurance policies to asset/property insurance policies, there are many options available to consider. No one prays for mishaps; but you want to be prepared should there be such occurrence.

Here are 4 things you should know about insurance in Nigeria:

Some policies are statutory: In Nigeria, there are some insurance policies that are legally required. For example, every vehicle is required to have at least third party motor insurance. A comprehensive motor insurance policy though not a legal requirement provides more cover for your vehicle and is recommended for all vehicles. AXA Mansard offers various comprehensive motor insurance policies such as: Autoclassic, Autoflex. It is important that you know what policies are statutory and get insured to avoid getting on the wrong side of the law.
Insurance is a great financial planning tool: Contrary to what most people think, insurance is not only a risk management tool, but also a financial planning tool. There are various insurance policies in Nigeria that can help you plan properly towards the future, save, while also hedging against future risk.
Life Insurance can be enjoyed while you are alive: In Nigeria, so many people don’t take life insurance policies because they believe they will never benefit from it. However, there are policies such as AXA Mansard’s Cash Back Term Life, AXA Mansard’s Life Savings Plan amongst others that can give you returns while you are alive. Life insurance policies also provide covers for other risks such as permanent disability, critical illness among others.
Health insurance: Insurance companies now also offer health insurance policies. When you have a health insurance policy you are entitled to a broad range of free preventive care and screenings. By taking advantage of these benefits, you can live a healthier life while maximizing the value of your health insurance.