Wednesday, February 21

Two Ways to Enjoy Life Insurance While You’re Alive

If you ask the average person for the reason(s) that they don’t have a life insurance policy, they’ll probably state the fact that they pay premiums, but will never benefit from the policy while they are alive because the benefit only goes to the beneficiary(ies) when they are dead. What if we told you this isn’t necessarily true?

Yes, it is true that a life insurance policy is usually taken up by a person (the policyholder/insured) who makes regular payments (the premium(s)) to ensure that some else/some other people (the beneficiary(ies)) receive(s) the benefit (the sum assured) from the insurance company (the insurer) in the event of the death of the insured. However, this is not the only purpose that a life insurance policy serves. Benefits of a life insurance policy can be enjoyed while a person is still alive. Below are some of the ways a person can enjoy their life insurance policy while still alive:

  1. Life Insurance as a financial planning tool: Many life insurance policies now come with savings/investments as additional features with which a person can plan towards meeting short, medium and even long-term goals. For example, if a person’s goal is to be able to send his/her children to a certain school, then they can take Education Plan which allows them to save towards their goal, while also retaining the traditional benefits of a life insurance policy. A person who wants to save towards a new device, a vacation, a wedding dress may choose the Life Savings Plan which allows them to save, get returns and still have access to up to N1 Million in life insurance.


  1. Covering for other risks: There are other things that can happen to a person which may drastically reduce their ability to earn and affect their livelihood. These may include temporary or permanent disability, critical illness and even loss of job. Many life insurance policies are set up to be able to cover these and other risks. This means that an insured person or their beneficiary can enjoy the benefit of the policy while alive. All you have to do is to discuss with your insurance agent on all the options available to you.

Life Insurance is an extremely important part of everyone’s financial plan and no one is too young to get started with a plan that’s tailored to their needs. Whether you have dependants or not, you can find a plan that’s well suited to your needs. Visit to get started on the bouquet of plans AXA Mansard has.