By Reynold Ibe
Life insurance is an important financial tool that provides financial protection to individuals and their loved ones in the event of unexpected death. In present-day Nigeria, the need for life insurance cannot be overemphasized, and there are several reasons for this.
Firstly, Nigeria is a country with a high mortality rate, and the risk of premature death is high. Life insurance can provide financial security for the family of the deceased by paying out a lump sum or regular payments to cover living expenses, funeral costs, and other financial obligations.
Secondly, the cost of living in Nigeria is high, and many families rely on the income of one or both parents to make ends meet. If a breadwinner dies unexpectedly, the family may struggle to cope financially. Life insurance can provide a safety net to ensure that the family’s financial needs are met, even if the breadwinner is no longer able to provide for them.
Thirdly, life insurance can help to protect against debt and other financial obligations. Many Nigerians take out loans to finance their education, homes, and businesses. If the borrower dies before paying off the loan, the debt may be passed on to their family members. Life insurance can help to pay off these debts and ensure that the family is not burdened with them.
Finally, life insurance can provide peace of mind. Knowing that one’s family will be financially secure in the event of an unexpected death can help alleviate stress and anxiety. This is especially important in Nigeria, where there is a lot of uncertainty and instability.
In conclusion, life insurance is an essential financial tool in present-day Nigeria. It provides financial protection to individuals and their loved ones in the event of unexpected death and can help to ensure that families are able to cope financially in difficult times.
Author: Reynold Ibe
Email: ibereynold@gmail.com
