In a quest to address widespread financial insecurity where a large portion of the population experiences difficulties managing their finances, emPLE Life Assurance Limited, has renewed commitment to bridge insurance, savings gap in the country.
The insurer disclosed this at the launch of a new endowment product known as BETA Life, saying Nigerians are experiencing difficulties managing their finances, leading to feelings of anxiety and stress about their ability to meet basic needs and long-term goals.
According to the firm, this can manifest as struggling to pay bills, having limited savings, or fear of job loss and its impact on income.
The product is designed to combine life insurance and structured savings into a single policy and also offers policyholders the opportunity to receive three separate cash payouts during the policy term, allowing them to fund real-life goals such as rent, education, home ownership or business, without waiting for the plan’s maturity. The speaking on the new offering at the launch, the Managing Director and Chief Executive Officer of emPLE Life Assurance, Rantimi Ogunleye, said the new product was developed in response to the everyday realities of Nigerians who need to save while remaining protected.
“BETA Life is for the parent thinking of their child’s future, the entrepreneur planning long-term, or the individual looking to save consistently without giving up on protection,” Ogunleye said,
The product is being positioned as a flexible and practical tool for financial planning, particularly in a country where insurance penetration remains below 2 percent and most citizens lack long-term savings options outside of informal channels.
Industry observers say the product’s structure could appeal to Nigeria’s growing middle class and informal sector workers, who are often excluded from traditional financial services due to income instability or lack of formal employment.
emPLE Life Assurance said BETA Life is part of its wider strategy to reshape perceptions about life insurance by integrating it more directly with short- and medium-term financial planning.
The company described the policy as an effort to make insurance more accessible and aligned with the financial goals of everyday Nigerians.
While the product’s long-term impact remains to be seen, its launch comes amid increased pressure on insurers to innovate and remain relevant in a rapidly changing economic environment.
