What are the best life insurance companies in Nigeria? Planning to get life insurance coverage could lead you to want to know the best life insurance companies. With the numerous options of life insurance companies available, making a choice can be quite a daunting task.
However, in this article, we will be exploring the best life insurance companies in Nigeria. Therefore, I implore you to read through to be enlightened.
What is Life Insurance?
Life insurance is a financial arrangement designed to provide a payout either upon the insured person’s demise or after a predetermined duration. In essence, it represents a contractual agreement between the policyholder and the insurance company.
A life insurance policy serves as a guarantee from the insurance company to disburse a substantial sum to the beneficiary of the policyholder in the event of an unfortunate occurrence.
The money received by the beneficiaries is directly proportional to the premiums paid by the policy owner throughout their lifetime.
10 Best Life Insurance Companies in Nigeria
As earlier mentioned, there are numerous life insurance companies you can get coverage from in Nigeria. However, to help you make the best choice, we have compiled a list of the best companies. They include:
AIICO Insurance Plc
AIICO Insurance Plc is one of the best insurance companies in Nigeria. It is an insurance, asset management, and pension management group that was established in 1963.
Its main emphases are life assurance and annuity, health insurance, general insurance and special risks, asset management, and pension management.
However, with its longstanding history and commitment to excellence, AIICO Insurance Plc is a leading choice for individuals and businesses seeking reliable insurance and financial solutions in Nigeria.
MassMutual
This insurance company ranks among the top life insurance companies in Nigeria, distinguishing itself through several notable features.
One of its remarkable distinctions is its A+ rating from AM Best, the highest rating attainable for an insurance company.
This outstanding achievement has cemented its reputation as a trusted insurer. Since 1869, policyholders have consistently received their life insurance bonuses, showcasing the company’s commitment to fulfilling its financial promises.
Leadway Assurance Company
Another reputable life insurance company in Nigeria you could use is Leadway Assurance Company. With roots dating back to the year 1970, this company offers life, pensions, and general business insurance services.
It also offers bonds, secured credit, miscellaneous financial losses, and portfolio management. In addition, Leadway Assurance Company offers related financial services to corporate clients and private individuals.
AXA Mansard Insurance
AXA Mansard is on this list because it is also one of the best life insurance companies we have here in Nigeria.
It is a member of the AXA Group. The group of companies serves more than 105 million clients in more than 60 countries.
The company offers life insurance and non-life insurance solutions to individuals and organizations in the country.
Custodian and Allied Insurance
Custodian and Allied Insurance is one of the trending life insurance companies in Nigeria. It offers a range of insurance services and products made to meet companies’ and individual needs.
The company also provides an investment plus plan, an immediate annuity plan, a tuition protection plan, an auto insurance plan, a travel insurance plan, and a capital plan.
Goldlink Insurance Plc
This insurance company was combined as a private limited liability company in 1992. It later transformed into a public liability company in 2007. It was listed on the NSE by an introduction in the year 2008.
The company is licensed to do both general and life businesses. These include plans such as life and pension, fire and special hazards, oil and gas, motor insurance, and travel insurance.
Industrial and General Insurance Plc
Industrial and General Insurance Plc is a prominent player among the top life insurance companies in Nigeria.
Established as a private limited liability company in 1991, the company later transitioned to a public limited liability company in 2007.
This pivotal change marked the beginning of its operations in both general and life insurance, expanding its services to meet the diverse insurance needs of its clients.
Universal Insurance
Universal Insurance is also one of the best life insurance companies in Nigeria and provides a range of insurance services and products for individuals and businesses.
It also offers motor insurance, property insurance, marine insurance, aviation insurance, liability insurance, health insurance, pension and annuity products, agricultural insurance, group insurance, and most especially life insurance.
Royal Exchange General Insurance
Royal Exchange General Insurance is one of the best life insurance companies in Nigeria. It offers a range of insurance services and products for individuals and businesses.
This company also offers insurance products like property insurance, motor insurance, oil and gas insurance, marine insurance, general accident insurance, engineering insurance, bonds, agricultural insurance, and a lot more.
Lasaco Assurance plc
Lasaco Assurance Plc is one of Nigeria’s best life insurance companies. It was incorporated in 1979, according to the 1968 Companies Decree.
Organizations and individuals can benefit from the advantages of the different types of insurance services provided by this company.
Lasaco Assurance Plc offers motor insurance plans, aviation insurance plans, money insurance, and many more.
Conclusion
Getting life insurance coverage is very important and also beneficial in case of an unexpected occurrence.
The above-mentioned are some of the best companies you can get an insurance quote from in Nigeria. Therefore, you can pick from the above or get recommendations and see companies’ reviews to make your choice.