Life insurance is an essential financial safety net, yet it remains underutilized by many Nigerians living abroad. Despite being away from home, the importance of securing one’s future and providing for loved ones cannot be overstated. Based on recent events, there have been a lot of accidents and death-related cases on Nigerians living abroad, especially in the United Kingdom which is due to many factors like debt repayments back home in Nigeria, cost of living abroad, lack of proper orientation on how to live within one’s income, luxurious and ostentatious lifestyle of many Nigerians, extended family pressure from home etc. 

Given the above, recent experiences have shown that there are several compelling reasons why Nigerians abroad should embrace life insurance schemes.

Financial Security for Loved Ones back Home in Naija

Life insurance ensures that in the unfortunate event of the policyholder’s death, their family is financially protected. For Nigerians abroad, this is particularly crucial as they often remit substantial portions of their income to support family members back home. Life insurance can provide a lump sum payment to cover living expenses, education costs, and other financial needs, ensuring that their loved ones are not left in a precarious situation.

Covering Funeral Expenses

Funeral and burial costs can be significant, especially if the body is repatriated to Nigeria. Trust me, nobody wishes for all these things but recent events abroad have shown that families suffer after the demise of the breadwinner, some friends, relatives and community groups sometimes have to contribute towards the burial of the dead.  These expenses can add up quickly, creating an additional burden on grieving families. Life insurance can cover these final expenses, alleviating the financial strain on loved ones during an already difficult time. 

Debt Repayment

Many Nigerians abroad take on loans and mortgages to improve their living standards or invest back home. In the event of an untimely death, these debts do not disappear and can become a heavy burden on the surviving family members. Life insurance can help pay off outstanding debts, ensuring that the family does not have to worry about losing their home or other assets.

Are you even aware a life insurance can be as affordable as £10/month.

Investment Opportunities

Modern life insurance policies often come with investment components, allowing policyholders to grow their wealth over time. These policies can serve as both a protection plan and an investment tool, providing returns that can be used for future financial goals, such as retirement, collateral, future mortgage purchase or children’s education. Embracing life insurance thus becomes a dual benefit – securing the family’s future while also investing wisely. There are insurance companies with fantastic life insurance offerings with investment options like Mutual Benefits Assurance Plc, Heirs insurance, AIICO Insurance Plc etc. 

If you need more recommendations, you can reach out to us here.

Peace of Mind

Living abroad comes with its set of uncertainties and challenges. Having a life insurance policy offers peace of mind, knowing that your family will be taken care of financially no matter what happens. This assurance allows Nigerians abroad to focus on their careers, immediate families and personal lives without the constant worry about the future.

Competitive Insurance Premiums and Policy Flexibility

The life insurance market has become increasingly competitive, with numerous options tailored to suit different needs and budgets. Nigerians abroad can take advantage of flexible policies that offer various coverage levels and premium payment plans. Whether you are looking for term life insurance, whole life insurance, endowment policy or a policy with critical illness coverage, there is a plan that fits your specific needs.

Offers Support for Long-Term Goals

Life insurance can play a crucial role in long-term financial planning. It helps in ensuring that your financial goals, such as home ownership, children’s education, and retirement savings, are met even if you are not there to contribute financially. This long-term security is vital for creating a stable and prosperous future for your family.

This singular aim for life policies have significantly changed so many lives in Nigeria and abroad.

Contribution to Economic Stability

By participating in a life insurance scheme back home in Naija, Nigerians abroad will also contribute to the economic stability of their country. The premiums collected are invested in various financial instruments, which in turn help boost the economy. Moreover, insurance companies can offer better products and services with a more extensive customer base, benefiting all policyholders and the country’s GDP.

Encouragement from Success Stories

Many success stories from Nigerians who have benefited from life insurance schemes can serve as encouragement. These testimonials can provide real-life examples of how life insurance has helped secure financial stability for families, further emphasizing its importance. For example, the Nollywood industry is one of the few sectors that should be seriously screened for possible life insurance inclusion. Artists die daily of exhaustion from working too much and earning little to nothing to sustain their family.

Conclusion

Life insurance is not just an optional extra but a necessary part of financial planning for Nigerians living abroad. It provides crucial financial security, peace of mind, and support for long-term goals. So, as Nigerians continue to take the hard route of exit (Japa) from the country, they should also remember embracing life insurance schemes can help protect their families. Take quality rest, do regular health checks, Invest wisely and contribute to economic stability both in your host countries and back home. Making life insurance a priority today can safeguard a brighter, more secure future for loved ones tomorrow.