Nigeria’s grave slip : Unpacking life insurance!


Life word is one of a many critical aspects of personal financial and family confidence and nonetheless it’s a theme that is surrounded by a lot of difficulty and doubt in Nigeria.

What is it? Why do we need it? Is it expensive? Which process is right for me?

Joining us here to answer your questions and strew some light on a theme is Yomi Onifade, who is a Divisional Director during AXA Mansard. Yomi and his group during AXA Mansard are using a debate tagged Bonus Life on their Life Insurance Savings Plan.

AXA Mansard wants each authorised Nigerian to present themselves with Bonus Life that is an amazingly elementary Savings devise with good investment earnings and Bonus life-long word cover.

So Yomi, let’s start with a basics: what is life insurance?

Life word is a word opposite financial detriment that would outcome from a beforehand passing of an insured person. The named customer receives a deduction and is thereby safeguarded from a financial impact of a passing of a insured. The volume paid by a life insurer depends on a a turn of cover in a agreement.

How many Nigerians have life insurance?

Based on a statistics a group has compiled, reduction than 1.5% of Nigeria’s adult race has life word cover that is intensely low. Over 59% of people in Finland are covered. Other countries we could review Nigeria with embody Norway with 55.1% coverage, Sweden with 73.3% and Denmark has 68.9%.

Unpacking life insurance!play

Unpacking life insurance!


In Africa, South Africa has 27% of a adult race with life Insurance and Kenya also with 15% adult life insurance. In summary, there is a serious miss of life word coverage in Nigeria and this is one of a pivotal reasons since AXA Mansard’s  Bonus Life is good for Nigerians

Why is life word important?  

If we are late or we have no financial dependents, a existence is that we do not need life insurance. In Nigeria, however, many people have a series of dependents. Even if your children are aged enough, many of us have other people we caring for: spouses, parents, extended family members etc.

In a box of an collision or demise, life word helps to recompense those left behind for what are mostly substantial financial consequences: final expenses, superb debts, propagandize fees and mislaid income.

Why don’t some-more Nigerians have it?

The categorical reason people are not lonesome is that they understand word as being extortionately expensive. A standard reward will cost in a operation of N20,000/ month. This competence seem like good value when pronounced in a same exhale as a financial consequences discussed above. But, when taken as a standalone responsibility though contextualisation, many see it as being too expensive.

Unpacking life insurance!play

Unpacking life insurance!


For this reason, many Nigerians cite to put their income in a assets comment to yield some psychological soundness in box of an accident. Today, there are poignant series of Nigerians who leave their income in normal assets accounts that are mostly agreeable reduction than 2% interest.

How does a Bonus Life assets solve a problem for a Nigerian consumer?

Being amply lonesome would yield genuine assent of mind for a outrageous series of Nigerians. As mentioned above, we know that there are a series of barriers preventing many from holding out policies. That’s since we have Bonus Life.

Bonus Life allows Nigerians to advantage from life word though carrying to compensate a N20,000 premium. It is radically a assets devise like a one we have with your unchanging bank. You suffer all a earnings of a unchanging assets devise though a pivotal differences are two-fold: a) we acquire higher seductiveness (more than 5%) and b) simply for saving regularly, we get Bonus life word cover in box of an accident.

Getting started is easy - simply click here to share a few sum and a member of a group will be in hold to explain how we can start enjoying your Bonus.

What’s a catch?

No catch. AXA Mansard is charity Nigerians Bonus Life since we wish to build clever relations with a business and residence a problem that we were good placed to solve.

Fill out a few sum here and one of a teams will be in hold to assistance we get started.

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