Types of Insurance Policy you can get

Jez Pelio

New member
You can get insurance plan to cover anything at all that you think of but only one or two insurance policies are the ones that you will need.

In this post are 3 Nigeria insurance coverage to look at :

1. Permanent Disability (TPD) Insurance:

Is made to help you take those pressure off you financially in case you suffer from health problem or personal injury that simply leaves you completely disabled. The amount of benefit compensated is usually used to get rid of debts, pay for your health-related expenses or to finance life-style changes.

No one wants to say that their life activities may be affected by being handicap permanently.We should understand that depending on hoping to safeguard our future income is just not a good idea. Is best to decide on a disability insurance policy that gives enough insurance coverage to help one to keep on with their current way of life, in case you you are no longer working.

2. Life insurance plan or life assurance policies:

When it comes to safeguarding individuals that are financially dependent on a person, consider the amount you earn annually and the number of yrs you intend to stay employed and buy a insurance policy that could replace that cash flow during your unforeseen death. For instance the cost of funeral, as the unforeseen expense is a stress for a lot of family members.

3. Health insurance
Health care insurance is a kind of insurance plan that will covers the cost of an insured person's medical related and surgical expenses. Depending on the kind of medical insurance coverage, sometimes the insured person pays the cost and is then refunded, or the insurance company makes the payments instantly to the provider.

The expense of healthcare is enough for you to get health insurance. A serious injury that will make you stay in the hospital can cost you a lot, so its better for you to get insurance coverage.
 

Duke1

Active member
In life, unplanned expenses are a bitter truth. Even when you think that you are financially secure, a sudden or unforeseen expenditure can significantly hamper this security. Depending on the extent of the emergency, such instances may also leave you debt-ridden.

While you cannot plan ahead for contingencies arising from such incidents, insurance policies offer a semblance of support to minimise financial liability from unforeseen occurrences.

There is a wide range of insurance policies, each aimed at safeguarding certain aspects of your health or assets.
 

Duke1

Active member
Broadly, there are 8 types of insurance, namely:

Life Insurance
Motor insurance
Health insurance
Travel insurance
Property insurance
Mobile insurance
Cycle insurance
Bite-size insurance
Simply knowing the various insurance policies does not help. Instead, you must know how each of these plans work.

Without adequate knowledge about each of them, you may not be able to protect your finances, as well as the financial well-being of your family members.
 

Duke1

Active member
There are primarily seven different types of insurance policies when it comes to life insurance. These are:

  • Term Plan - The death benefit from a term plan is only available for a specified period, for instance, 40 years from the date of policy purchase.
  • Endowment Plan - Endowment plans are life insurance policies where a portion of your premiums go toward the death benefit, while the remaining is invested by the insurance provider. Maturity benefits, death benefit and periodic bonuses are some types of assistance from endowment policies.
  • Unit Linked Insurance Plans or ULIPs - Similar to endowment plans, a part of your insurance premiums go toward mutual fund investments, while the remaining goes toward the death benefit.
  • Whole Life Insurance - As the name suggests, such policies offer life cover for the whole life of an individual, instead of a specified term. Some insurers may restrict the whole life insurance tenure to 100 years.
  • Child’s Plan - Investment cum insurance policy, which provides financial aid for your children throughout their lives. The death benefit is available as a lump-sum payment after the death of parents.
  • Money-Back - Such policies pay a certain percentage of the plan’s sum assured after regular intervals. This is known as survival benefit.
  • Retirement Plan - Also known as pension plans, these policies are a fusion of investment and insurance. A portion of the premiums goes toward creating a retirement corpus for the policyholder. This is available as a lump-sum or monthly payment after the policyholder retires.
 

Mandy96

Valued Contributor
I think the most common type of insurance in Nigeria is the life insurance. The reason behind this is mainly because people in Nigeria don’t really believe in it. I meant to say that it is not a very lucrative business in Nigeria, people believe it is only made for the elites
 

Wisdom01

Valued Contributor
I think for me health insurance should be the basic or most important one you might need to consider because you could get your health protected against any form of risk that might likely want to happen , that is the reason most people go for such insurance policy too,
 
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