All You Need to Know About Getting Insurance in Nigeria

Posted by ug on September 16th, 2019

You’ll get the most of this guide if your desire to gain knowledge in all there is to insurance in Nigeria is matched by your willingness to take that vital step in getting your property, life, health, and so on insured.

This guide is designed to arm you with information on everything about getting insurance as a Nigerian, from knowing what insurance actually means to choose from the top insurance companies in Nigeria offering the best packages at the best prices.

The world of insurance is quite complex but you can easily understand the basics, and even a small amount of knowledge on how it works can make a big difference.

I’ll spend time on each of these areas throughout this guide. I wanted to introduce it here because it offers a look at how the guide is structured as a whole:

Insurance is a contract that protect individuals from losing money. The business of insurance is to ensure that risk of financial loss from individuals or corporate owners are managed.

Protecting oneself is not an uncommon experience but becomes more sacred when the law is involved to prevent stories ‘that touch’. There is a legal agreement that covers two parties that is the insurance company known as the insurer and the individual (the insured). The insured pays the insurance company, regular amounts, and the insurer agrees to make good of the losses of the insured on the happening of the insured contingency.

How this works?

In situations where the event causes a loss occur, for instance, the death of the insured who has paid a premium for life insurance, the insurance company ensures that it compensates the beneficiaries as at when due.

How does Insurance Work in Nigeria?

With direct preference to Nigeria, it might not surprise you to find out that many people hold the myth that insurance does not work in Nigeria. Even if it does, they relegate its uses to the upper class who they think can only afford it.

It can by stories and testimonials of people who regained themselves after the panic that their insured property or instrument has gone for good ceased as they remembered it insures them. Imagine someone’s life toil gone in a flash and regained by a cover got from insurance. Now imagine one who toils with insurance and can not make it through a fire occurrences that has claimed his/her properties. Our imaginations hold the realities of thousands of Nigeria.

However, insurance work through the guide of an insurance policy. This policy is a legal contract, signed by the insurance company and the individual. The insurance amount paid is the premium which is the agreed amount the individual would pay regularly that. When the foreseen risk occurs, the insurance company will test the claim application to decide.

After investigation, the decision to provide insurance depends on the insurance company. For the customers’ delight, there are different insurance companies in Nigeria one can choose from that can meet your needs.

The Popular Insurance Available in Nigeria

There is a vast variety of insurance in Nigeria, here are some of them:

Life Insurance

Life occurrences are inevitable. However, One thing can be that is keeping finances running safe and sound even when death crawls in. Life insurance is very important if one has people who depend on them financially.

Health Insurance

Good health comes with a cost when the costs outweigh one’s expectation. They use health insurance to cover medical bills and financially protect yourself from an array of potential health problems such as illnesses and diseases. There are different plans suit you may purchase a coverage suitable to you.

Car Insurance

They use car insurance to protect oneself against accidents that may occur on the roads. From the damages of your car to third party liability, where you have caused damage to another person’s car. This insurance compensates for damages as required

Where can I buy Insurance in Nigeria?

There are a good number of insurance companies in Nigeria. The top ten insurance companies have proven to put your best interest in heart ranging from your car, health, home, life, savings, travel, and business. You have a good reason to get a financial burden on you.