The Executive Director, Leadway Assurance Company Limited, Adetola Adegbayi, has urged Nigerians to subscribe to term life assurance product.
In a statement, she said, people should form the habit of buying what they could not save, through term assurance policy.
While speaking at a training conducted by the company for journalists in Lagos, she noted that with little premium, people could buy the product that had a minimum sum assured of N1m.
She urged the middle and low-income earners to see this package as an opportunity to enrich their lives.
While using the Leadway Term Assurance product, as an example, she said, “The plan is a simple but flexible life insurance product that pays out a lump sum if death occurs during the period of cover. You choose the amount of that lump sum and the length of cover, and your premium are calculated accordingly.”
For an additional sum, she added, intending subscriber could extend cover to apply to critical illnesses or “if the person becomes permanently disabled due to an accident anywhere in the world.”
She stated, “You can choose to pay your premium in a way that suits you best. You can pay a single one-off premium, or you can pay monthly, quarterly, half-yearly or annually. The premium you pay qualify for tax relief and can, therefore, reduce your tax bill.” tax bill.” tax bill.”
According to her, a policyholder had the right to cancel his policy and receive a full refund of premium paid if done within 30 days of receipt of the full policy documentation.
She said, “Take a little money to buy. If anything should happen, your family has claims to fall back on. It takes care of the`school fees of your children and other financial needs.”