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Seven(7) types of insurance in Nigeria

You might not be aware of how much insurance can help you! It not only shields you from fires and accidents, but it also shields you and your family from unforeseen financial mishaps.

Health insurance, vehicle insurance, travel insurance, and life insurance are just a few examples of the many different kinds of insurance products available.

Here are the top 7 insurance categories in Nigeria.

  1. Insurance for your home is essential since, for the majority of Nigerians, buying a home represents their largest investment. Guaranteed replacement policy, which requires that the insurer replace your house if it is destroyed, is available for a small premium. If you only designate a particular level of coverage, and it is insufficient to cover all of your replacement costs, you may be responsible for the difference.
  2. Residence insurance This aids in protecting your mobile assets, such as computers and cell phones. Even outside of your home or business, items covered by this policy are protected if they are destroyed or stolen.
  3. Health insurance – If you have health insurance, you are eligible to a variety of complimentary preventive treatment, screenings, tests, and consultations. The majority of policies also include benefits like discounted gym memberships and telemedicine, among others, that don’t directly relate to medical treatment. You can live a healthy life and get the most out of your health insurance by taking advantage of these advantages.
  4. Third-party auto insurance is the bare minimum of auto insurance that a car owner is required to have in Nigeria. You must have car insurance in order to use a vehicle on Nigerian roads. It is legally required for the owner or driver of the vehicle to make the proper arrangements for the cover to pay for damages against other road users. Insurance is not something you can opt in or out of. Additionally, comprehensive auto insurance protects all parties in the event of an accident.
  5. The simplest and least expensive form of insurance is life insurance. For most people, life insurance works the best. As soon as you pay the payment, you are covered. Numerous life insurance products not only provide your loved ones with a safety net in the case of your passing but also offer wonderful living advantages like interest on savings, tax breaks, cash back, and more. Education plans and life savings are two excellent examples of life insurance policies.
  6. Travel insurance: Knowing that you are protected by your travel insurance plan when you go outside of Nigeria provides you piece of mind. Every time you venture outside of your own nation, travel insurance offers you protection. It offers coverage for unintentional damages, medical situations, emergency evacuation, etc. Additionally, it is a legal requirement for anybody traveling outside of Nigeria.
  7. Mobile phone insurance is still relatively new in Nigeria. In Nigeria, mobile phone insurance is slowly gaining popularity as more people realize how important it is to purchase a policy to safeguard their pricey digital devices, including phones, from harm.

Even though we all strive to prevent accidents, they frequently occur, which is why having insurance is crucial. An insurance policy protects you against any risks that life may provide in the future, enabling you to resume your previous lifestyle without suffering monetary loss.

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