10 Best life insurance companies in Nigeria (2024)

One important kind of insurance is life insurance, which provides protection and financial assistance to the insured’s dependents in the event of the policyholder’s untimely death or permanent incapacity. Nigerian life insurance firms provide a large selection of plans intended to provide people and their families financial stability in the case of a death, disability, or retirement.

Though it’s not precisely a subject of discussion every day, life insurance is an essential component of future planning, particularly in Nigeria where there may be a lot of uncertainty.

The life insurance industry in Nigeria has seen some interesting developments and changes in recent years. Numerous businesses exist that provide a range of programs, each with specific features and costs. 

Amidst a plethora of suppliers, some have set themselves out with outstanding offerings, all-encompassing coverage, and robust financial standing. The top 10 insurance companies in Nigeria include:

1. AIICO Insurance Plc

AIICO Insurance Plc is a financial services organisation that was founded in 1963 and holds market-leading positions in its three main business lines: asset management, health maintenance, and insurance.

As an Agency office of American Life Insurance Company (“ALICO”), a part of American International Group (“AIG”) at the time, AIICO began operations in Nigeria in 1963. In 1970, the company was established as American Life Insurance Company Limited, a fully owned subsidiary of ALICO/AIG, and granted licences to provide insurance and life services in Nigeria.

Today AIICO Insurance is among the top insurance companies in Nigeria offering a range of products including life assurance and annuity, general insurance and special risks, health insurance and asset management.

When it comes to life insurance, AIICO is one of the best in Nigeria. The only downside is that they do not offer personal life insurance, only Group Life Insurance, a type of insurance an employer offers to their staff. In the case of the death of the staff, the employer is required to pay a lump sum to the staff’s family or next of kin, as long as they are still under employment at the time of death.

How to get quote from AIICO

• Visit the official AIICO insurance plc website at aiicoplc.com
• Under business plans, select Group Life Plans
• Read through the product description and benefits
• Select GET QUOTE at the top right-hand side of the webpage 
• Follow the prompts to purchase the product

2. Leadway Assurance Company

One of Nigeria’s top insurance service providers, Leadway Assurance Company Limited (‘Leadway’) is known for its dependability and effectiveness.

Leadway has been processing claims with distinction and keeping its underwriting promises for more than 45 years. Since 1970, Leadway’s development has paralleled the sharp rise of local insurance service providers, with Leadway continuing to be a leading and reputable insurer.

LEADWAY’s current reputation is a result of its constant search for ways to develop and keep a competitive edge. Discipline is used in every facet of the organisation, including hiring personnel, creating new goods, developing technology, and providing individualised customer care.

Leadway Assurance Ltd offers several products under life insurance including:

• Family Benefit: This plan covers you, your parents, your spouse and your parents-in-law. If any of the insured dies, a sum will be given out to take care of burial expenses.
• Lifestyle Protection Plan: This plan is designed to ensure that the insured can maintain their previous lifestyle in the case of adverse unexpected events like death, critical illness, permanent disablement or critical illness or death due to COVID-19. 
• Term Life: Available for people between the ages of 18-50, this plan is designed to help individuals and families create wealth, to protect their interests in the event of unexpected death. 
• Education Protection Plan: This plan is designed to ensure that the insured child or children can complete their education in the case of financial incapability due to death or permanent disablement.
• Mortgage Protection: If you acquire a mortgage or use your property as collateral for a loan, and then you die unexpectedly, this insurance is designed to help you your debt (without interest) so your family does not go homeless.
• Leadway Combo Plan: This is designed specifically for members of an informal group. It provides financial support in the event one of the members of the group passes away.

How to get a quote from Leadway

• Visit the official lead wLeadwayance Plc at leadway.com
• Select the three lines at the top right-hand corner of the webpage
• Select personal insurance
• Select life and health
• Select the life insurance you’re interested in buying, then click on ‘Get Quote’
• Follow the prompts to buy the product

3. Custodian and Allied Insurance

Reputable Nigerian insurance provider Custodian and Allied Insurance is well-known for its wide range of life insurance products, which include plans intended to shield people and families from unforeseen circumstances.

The “Capital Plan” is one such policy that guarantees the accumulation of capital over a certain period, hence guaranteeing financial stability. The business takes great satisfaction in its exceptional customer service, risk management procedures, and capacity to pay claims.

They are also well known for offering adaptable insurance programs that serve both high- and low-income individuals. The business maintains its strong financial performance, sound corporate governance, and inventive product development.

How to get a quote from Custodian and Allied

• Visit the official Custodian and Allied Insurance website 
• Under Products, select life
• Choose the life insurance plan you’re interested in purchasing 
• Select ‘’Get a Quote”
• Follow the prompts to complete your purchase 

4. AXA Mansard Insurance

Renowned in Nigeria, AXA Mansard Insurance provides plans for both life and non-life insurance. Their life insurance products are intended to provide people and families stability when things go tough.

The life insurance products they offer include:

• Instant Plan: The Instant Plan is a versatile and practical solution that provides a quick life insurance plan on the go, and is one of their best-selling items.
• Life Savings Plan: The “Life Savings Plan,” which helps consumers to save for the future.
• Education: This insurance provides cover for your child or children’s education and other living benefits.
• My Ambition Plan: This insurance provides financial help to help you make your dreams come true.

Other life insurance plans include Bonus Life, Whole Life, Term Life, and Plan B.

The business is well-known for its digital capabilities, which include the AXA Mansard MyAXA mobile app and simple online account access. Their robust insurance policies and sound financial standing also help to explain their appeal.

How to get a quote from AXA Mansard

• Visit the official website at axamansard.com
• Scroll down and select “Our Products” 
• Select “Life and Savings”
• View the products under it and choose the one you want to buy
• Select “Get Quote’” and follow the prompts to buy the plan.

5. Cornerstone Insurance

A leading life insurance provider in Nigeria, Cornerstone Insurance plc sets itself apart with individualized and adaptable plans. Comprehensive insurance products from Cornerstone include Whole Life, Term, Endowment, Mortgage Protection, and Group Life insurance.

Cornerstone consistently strives to design personalized policies that satisfy the unique demands of each client by adopting a customer-focused approach. They take great satisfaction in providing excellent financial advising services and quick payment of disputes.

They are particularly good at using contemporary technologies to ensure safe and efficient insurance procedures. Customers of Cornerstone Insurance may relax knowing they are covered by a reliable provider.

Cornerstone Insurance Plc offers the Cornerstone Life Insurance Plan, which is a one-year life insurance plan. If the insured dies within one year the plan is effective, and the beneficiaries of the insured receive a specified sum up-front (single payment). If the insured survives the one year the plan is effective, no payment will be given.

How to get a quote from Cornerstone

• Visit the official Cornerstone Insurance Plc website cornerstone.com.ng
• Tap on the three dots at the top right-hand corner
• Under “Products”, choose “Life & Investment Products”
• Select “Cornerstone Life Insurance Plan”
• Select “Quote”
• Follow the prompts to purchase the product

6. Veritas Kapital Assurance

Veritas Kapital Assurance is a reputable life insurance company in Nigeria that offers plans that are both very dependable and comprehensive. The firm provides products that are intended to safeguard its customers and their loved ones’ financial futures, such as whole life insurance, term assurance, educational endowment, and key man insurance.

Veritas Kapital Assurance’s strengths are its extensive knowledge base, level of professional competence, and use of cutting-edge technologies to provide exceptional customer service.

Veritas, a company renowned for its prompt and transparent claims handling, has built a solid reputation of trust with its policyholders. The company’s growing customer base may be attributed in large part to its ability to fulfil client commitments and maintain integrity in service delivery.

How to get a quote from Veritas Kapital

• Visit veritasrm.com/life-insurance
• Read through the product description and benefits
• Click on “Get a Quote”
• Follow the prompts to buy the product

7. Lasaco Assurance

Founded in 1979, Lasaco Assurance Plc is one of Nigeria’s leading providers of both life and non-life insurance. It provides a wide range of services and goods to meet various demands, including general business, risk management, annuities, and life insurance.

Its capacity to provide extensive and reasonably priced coverage alternatives that may be tailored to meet particular requirements is one of its main advantages.

The business excels in areas of swift claims resolution and financial stability; they take pride in having a strong capital basis and a proven track record of doing so. This customer-focused strategy and creative solutions have solidified Lasaco’s standing as a reliable and trustworthy insurance provider.

They provide a variety of life insurance products including:

• Group Life Insurance
• Term Insurance
• Investment Plan
• Investment Linked
• Personal Accident Insurance
• Anticipated Plan
• Children’s Education Plan

How to get a quote from Lasaco

• Visit Lasaco Assurance Plc’s official website at lasacoassurance.com
• Select products
• Select Life Insurance 
• Read through the different life insurance products 
• Select the one you’re interested in buying 
• Select “Get a Quote”
• Follow the prompts to complete your purchase

8. Sanlam Nigeria

A limited liability company with a licence to do life insurance business in Nigeria is Sanlam Life Insurance Nigeria Limited. This company enhance lives by providing a broad choice of insurance policies that address different life requirements. They offer coverage for both individuals and business organisations.

The Sanlam Group, a well-known, diversified pan-African financial services organisation that was founded in 1918 as a life insurance firm, is the parent company of Sanlam Nigeria. Sanlam’s diversification strategy has allowed it to grow into the largest non-banking financial services organisation in Africa. 

The Sanlam Group is a worldwide company with a strong presence in 33 African nations as well as the USA, Malaysia, Australia, the UK, and India. Its narrative is one of growth, progress, empowerment, and stability.

They have various products that ensure their clients experience the peace of mind that comes with coping with life’s inevitable hazards. They offer both life insurance and general insurance, with various interesting plans under each.

Their life insurance products include FlexiSave Plan, FlexiCash Plan, FlexiEdu Plan, Family Shield Plan, Smart Protection Plan, Guaranteed Lifetime Retirement Income Plan, Personal Retirement Plan, SabiSavers Plan, SavingsPlus Plan, Family Shield Plan, Family Love Plan, FlexiEdu Plus Plan. 

How to get a quote from Sanlam Life

• Visit the official website at sanlam.com.ng/retail
• Tap on the three lines on the top left-hand corner of your page
• Select Life Insurance
• All products under life insurance will be displayed
• Select the product you are interested in buying
• Select “Get a Quote”
• Follow the prompts to buy the product

9. Mutual Benefit Assurance

Mutual Benefit Assurance is among the leading life insurance companies in Nigeria. They started operations in 2003 and today have three subsidiaries; Mutual Benefits Micro-Finance Bank, Mutual Benefits Assurance Company, Liberia and Mutual Benefits Assurance Niger SAB (MBA Niger). They provide several life insurance products, each having mouth-watering benefits. They include:

• Mutual Multilife Shield: Both the insured and the family members of the insured benefit from this product. In the event of death or permanent disability of the insured, a lump sum will be given out. 
• Mutual School Fees Guarantee: This insurance plan assures your child’s continued education in the event of your death.
• Mutual Term Assurance: With this insurance policy, a lump sum is given to the insured family members only if the insured dies. One benefit of this product is that it can be used as collateral when taking out a loan.  
• Whole Life: With this insurance policy, a lump sum will be given to the loved ones after the demise of the policyholder. It also covers other risks including critical illness, total permanent disability, and/or medical expenses. 

How to get a quote from Mutual Benefit

• Visit the Mutual Benefit Life Assurance web page at mutualng.com
• Select View All products 
• Select Life and a list of all available life insurance products will be displayed to you
• Read the description of the products and their benefits

10. Coronation Life Assurance

Coronation Life Assurance Ltd. offers a variety of life insurance plans that, in the sad case of an unfavourable event, provide peace of mind for you and your loved ones. They are authorised to underwrite both short-term and long-term life assurance risks for both individuals and corporate entities. Their goal is to use digital advances to deliver the greatest possible customer experience and first-rate service.

They assist their clients in safeguarding their most valued possessions and enabling them to confidently and peacefully face the future. 

They offer various life insurance options including term life insurance, credit life insurance, group life insurance, and flexible investments.

How to get a quote from Coronation Life

• Visit their official website 
• View products under life insurance
• Select the product you’re interested in buying 
• Select “Get a Quote”
• Follow the prompts to complete your purchase 

Conclusion

A vital component of financial planning is life insurance, which offers families and loved ones a safety net in the event of the main wage earner’s untimely death or incapacitation.

The way people in Nigeria see life insurance is steadily changing as more people become aware of its significance and as businesses cater to their specific demands.