What is life assurance?

The Life assurance policy provides cover for the individual against loss of life caused by natural death. 

This policy provides a stated lump sum benefit to the beneficiary of family of the assured individual who may die a natural death irrespective of the cause of death (excluding suicide ).

Why should I choose life assurance?

We wish all of you and your dearest long life and prosperity. Furthermore, life expectancy has and continues to increase so more and more people are living longer.

However, unfortunately death doesn’t always give us a warning and many of us have or plan to have offspring at some point. Moreover, you may be a single mother or father, married for several years, be a newlywed or engaged to imminently marry. Irrespective of which applies to you, life assurance can be used as a means of providing start-up capital/funds for a bereaved spouse, or child so that they can be protected in the event (God forbid) timely death occurs.

How do I affect life assurance cover?

  • Follow the designated steps on the insurance section of the Money Matters site

  • Fill the mandatory boxes with the info relevant to your circumstances: 

1) Name of the insured, 

2) Occupation, 

3) Address, 

4) Age, 

5) Number of years you would like to be covered for, 

6) email address, 

7) telephone number 

8) Choose (tick the designated box) whether it is a Takaful/Islamic insurance product

  • Choose the best priced quote and select the option at the bottom of the page to move to the final stage

  • Submit payment using the online POS option (a safe and the most convenient payment option) or make contact with our customer service team to conclude policy arrangements.

What is the name of the payment that is made to affect cover?

The payment required to affect an insurance policy is called a ‘premium’ in insurance parlance. It is often payable in advance of the insurance policy being affected.

How are premiums calculated?

The premium payable is determined by the sum assured/benefit desired by the individual assured, his/her Age next birthday, Sex and Occupation at the time of proposing for the life assurance cover.

What happens in the event of an accident and a claim needing to be made?

  • You will have contact and other relevant info/instructions provided from the policy’s inception. These will help you as you make contact with the insurance provider

  • In the event a claim needs to be made, this will be registered by the insurance provider’s customer service rep

  • You’ll be notified whether the claim is successful or not

  • Once confirmation has been received that the claim is successful, the amount that the claim is for will be paid out, less the excess fee.

What is an excess?

  • An excess is a pre-determined figure which will be paid in the event of a successful claim being made. This can be looked at as a nominal or small contribution to the cost of repairing damage or replacing a motor vehicle. 

  • An example of this may be the award of a pay out for N200,000 and the excess N5,000. The total figure paid out will be N195,000.

Is there any reason why a claim may be unsuccessful?

As long as you are honest about the details required to affect Life assurance, and honest in providing all the relevant info when making a claim, there’s no major reason for concern.

Typically, unsuccessful claims arise in the event of a customer committing insurance fraud or violating any terms of her/his insurance policy.

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Ikeja, Lagos

Phone: (+234) 802 7152 761 , (+234) 906 9387 045 , (WhatsApp) +234 803 096 8197

E-Mail: insurance@moneymatters.com.ng


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