Life Assurance policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.


Life-based contracts tend to fall into two major categories:

Protection policies – designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence.

Investment policies – the main objective of these policies is to facilitate the growth of capital by regular or single premiums.


Protecting the future of your family depends on you. That is why purchasing life insurance is a wise choice to cover the financial future of your family in the event of your death or disability.


The Purpose of Life Insurance

This type of insurance serves as an important source of income for your family following your death. It can also help pay your estate taxes and cover funeral arrangements. If you have children, a spouse or other individuals who rely on your income, purchasing a life policy is in their best interest.

Figuring Out How Much Insurance You Need

Factoring the amount of life cover you will need to purchase depends on a variety of factors. Consider all of your assets, debts and sources of income. Look at how much you spend annually on household expenses. Consider covering your family’s standard of living for a length of time when determining how much to invest in life insurance.

What To Look For in a Life Insurance Policy

When shopping for life cover, make sure the policy you are considering is a rapid build-up of cash value. Look at how the cash value of other policies has performed in the past. Determine if there are benefits that will add value to your policy. Also, review the company’s rating to ensure they are reliable and trustworthy life insurance company.

Shopping for Life Insurance

There are 15 licensed life insurance companies in Nigeria, according to the National Insurance Commission. It is important to choose a reputable company; Hilltop Insurance Brokers Ltd can do preliminary research and check with a few companies before deciding on a policy on your behalf. Insurance companies place individuals in various risk categories, such as standard, substandard and uninsurable. Having a risky job or a terminal illness at the time you apply for a policy could determine your level of life insurance policy available.

Types of Insurance Policies

Every person has different needs when it comes to life policies, which is why there are various options to choose from. Policies are grouped in to term or permanent policies. Term life insurance pays a benefit in the event of a death of the insured individual during a specific period of life. Whole life insurance covers an individual’s entire lifespan by accumulating a cash value, starting at the time of purchase, and pays a benefit on the death of that person.


Review your Life Insurance Policy Regularly

Once you’ve purchased a policy, it’s important to review it regularly to ensure it still meets your family’s lifestyle needs. Specific life happenings, such as getting married or divorced, the birth of a child or grandchildren or retiring, can warrant adjustments in your policy.

It is important to purchase life coverage to protect the financial future of your family, especially if they are dependent on your income. Knowing how to calculate what you need and the fundamentals of each policy will help you determine what fits your needs best.










The Nigerian 2004 Pension Reform Act, Section 9.3 makes it compulsory for organizations with five or more employees to maintain a Group Life Assurance Policy.


How does it work? 

Group life Assurance is set up as a single scheme that covers a group of employees within a business or any form of non-profit organization.

The policy is kept in force by remittance of an annual premium.

It covers members between 18 and 60 years of age.

Group life insurance pays out a lump sum death benefit to employees’ family or next of kin should that individual die whilst working for the organization.

With death in service benefit the employee must be employed by the organization still at the time of their death in order for the benefit to pay out. 

Death in service schemes usually run until the employees normal retirement age.

If an employee takes time out from their career or leaves the company for any reason they will no longer be covered.


An assured sum of a minimum of three times annual emoluments

Financial peace of mind for your employees, in the knowledge that their loved ones will be financially secured in the event of untimely death

Maximum protection for a low premium outlay

Providing their dependents with a tax fee lump sum in the event of your employee’s death can play a major role in helping you to attract & retain good quality staff

No medical examination required

Finally, winning businesses from the Oil & Gas Sector and other government accounts without this plan becomes impossible as the Government in a move to enforce compliance has made Group Life Policy as one the conditions precedence to enjoying the benefits of LOCAL CONTENT POLICY and others.

  • Corporate organizations
  • Associations
  • Clubs
  • Government Bodies & Parastatals
  • Non-profit organizations



  • death by natural causes   
  • death by accidental causes


Basic Underwriting Information

The following information would be required to effect insurance cover for the Member of the group:

  • Name
  • designation
  • Age
  • Estimated Annual Earnings




Somehow my husband and I decided that we wanted to buy a life insurance plan for our only son because we felt that was the responsible thing to do. I’m glad we finally did so and through this website.

 ..........Bimbo Banker, Lagos

Before now we’ve always discussed getting a life cover, although we didn’t seem to ever make up our mind. Our fears were demystified by the helpful support we got from this site and I’m glad we have one now.

............ Uche Software Engineer, Abuja