Protecting the people we love with life insurance

A report from Intelpoint in 2024 showed that life insurance has become Nigeria’s fastest-growing insurance segment, largely because of regulations such as the 2004 Pension Reform Act that mandates businesses with up to five employees to provide group life insurance for their staff. With the overall insurance penetration in Nigeria still painfully low at 1%, it is no surprise that several Nigerians don’t have life insurance outside of their employers’.

Life insurance is a grossly underrated resource that an individual can use to make the future of their loved ones failproof, if anything happens to them. Fueled by a compelling need to reiterate the essence of life insurance, Coronation Life Assurance recently hosted a webinar titled ‘The Burden We Share: Protecting Our Loved Ones with Life Insurance’.

Pai Gamde, the Chief Talent Officer of Coronation Group, leveraged her wealth of professional experience in delivering a moving keynote speech that emphasised the importance of having life insurance as an organisation and as an individual.

“Life insurance is for people who don’t have enough because your loved ones may have even less without you”

The panel discussion during the webinar was equally impactful as it was cleverly moderated by Vinson Asekhamhe and featured relatable and insightful contributions from Zina Giwa-Amu, Chibudike Anyaogu, and Olaide Olusoji-Oke.

Olaide Olusoji-Oke, the Founder of 03 Advisory, spoke in-depth about the importance of life insurance benefits being unaffected by the growing and urgent need that organisations have to cut costs due to the downward trend of the economy, especially for grieving loved ones.

Chibudike Anyaogu, an Underwriting Life Specialist at Coronation Life Assurance, also dispelled one of the most popular myths associated with life insurance. He explained extensively the numerous ways that life insurance can be beneficial to policyholders during their lifetime.

Life insurance is more than a policy. It’s an act of love, foresight, and responsibility. It is the very thing that can ensure that families are protected emotionally and financially if their loved one passes away.

Businesses must always consider how life insurance creates a financial safety net for the dependents their staff have, and prioritise it accordingly.

If you are interested in learning more about how life insurance can be beneficial to you, while protecting those that matter most to you in the long term, watch the full webinar here.