AN underwriting firm, AIICO Insurance Plc, has revealed plans to demystify long-term life insurance products amidst growing public misconceptions.
In a move aimed at restoring trust and improving financial literacy, the insurer has launched a comprehensive awareness campaign to educate the public on the true value and flexibility of life insurance.
The initiative comes as industry data reveals a persistent misunderstanding among Nigerians about how life insurance works, particularly long-term policies.
Many consumers, experts said, view life insurance as inaccessible or believe that policyholders lose their money if they do not die within the policy term — a belief, AIICO claimed, is both inaccurate and damaging to long-term financial planning.
“There’s a widespread belief that life insurance is only useful upon death and that if you outlive the policy term, your contributions are wasted. That’s simply not true,” said the Managing Director/ Chief Executive Officer of AIICO Insurance, Babatunde Fajemirokun.
According to Fajemirokun, “Our life insurance products are designed not just to provide protection but to support savings, investment, and retirement goals. They are far more flexible and rewarding than many realise.”
AIICO’s campaigns include webinars, community engagements, social media outreach, and strategic partnerships with financial educators and institutions. It also featured customer testimonials and success stories to highlight how individuals and families have benefited from long-term insurance planning.
The insurer is also enhancing its digital tools to provide easy-to-understand information and calculators that help potential customers see how insurance can work for their unique life goals.
Analysts see AIICO’s effort as part of a broader trend among Nigerian insurers to reposition the industry as a critical player in long-term wealth creation. With rising inflation and economic uncertainty, the role of insurance in financial stability has become increasingly important.
“People want to know that their money is working for them and that they can access it when needed,”
Fajemirokun added. “We want to shift the narrative that life insurance is not just a safety net, it is a smart, forward-thinking financial strategy.”
