LIFE HACKS

Friday, December 10

Different types of insurance in Nigeria

There are many different types of insurance products available in Nigeria, from health to travel. The demand for insurance cover has increased so drastically over the past decade, insurance premiums are worth every cent just to have that peace of mind knowing that all is taken care of, even the smallest, unexpected losses. Taking care of one’s valuables and safeguarding it all against any unforeseen events have undoubtedly become one of the biggest priorities amongst the general population across the globe.

Here are few popular Nigeria insurance:

  • Life insurance - Life insurance is protection against financial loss resulting from death. It is an insurance company's promise to pay your beneficiary a specific amount of money when you die in exchange for timely payment of premiums. You can start a life savings plan here.
  • Motor insurance – Motor insurance is one of the most used types of personal insurance. It’s required that you purchase insurance coverage to drive legally in Nigeria. Motor insurance can be divided into two basic coverage areas: liability and property damage. You can buy Autoclassic car insurance or a 3rd party car insurance.
  • Travel insurance - Did you know that if you become ill abroad the costs to treat you could be very high. Most travel insurance plans also include travel medical insurance, medical evacuation, trip cancellation/interruption, travel delay, and baggage coverage.
  • Health insurance - Health insurance is insurance that pays for your medical expenses. It is sometimes used more broadly to include insurance covering disability or long-term nursing or custodial care needs. There are a lot of health insurance plans that you can select from to cover your medical expenses and get access to consultation, medication, dental care, and surgeries.
  • Home insurance - Different policies exist for renters, owners of mobile homes, people seeking bare bones coverage and those living in homes that are very old, but most homeowners require home insurance. This insurance policy covers your home and its contents against damage and theft, as well as you, the owner, against personal liability if someone is injured while on your property.

It is highly advisable to get as many insurance plans as necessary so you can be rest assured every time.