Mrs Adetola Adegbayi, the Executive Director, Leadway Assurance Company Limited, has urged Nigerians to urging the middle and low income earners to subscribe to Termed Life Assurance product package as an opportunity to enrich their lives, saying, ‘people should form the habit of buying policy worth of amount that they cannot save, through term assurance policy.’

Adegbayi stated this during her closing remarks at the Leadway Assurance Media Training for Insurance and Pension journalists, in Yaba, Lagos State, last week, that with little premium, people can buy this unique product (policy) that has a minimum Sum Assured of N1 Million.

she was so excited while using Leadway Term Assurance product, as an example, that the plan is a simple, flexible life insurance product that policyholder 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 is calculated accordingly, she said.

For an additional sum, she said, intending subscriber can extend cover to apply to critical illnesses or becomes permanently disabled because of an accident anywhere in the world.

“You can choose to pay your premiums 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 premiums you pay qualify for tax relief and can therefore, reduce your tax bill,” she noted.

In her words,  “Take a little money to buy a N10 to N15 million. If anything should happen, your family has about N10 Million to fall back to. It takes care of school fees of your children and other financial needs. May be, you can buy N10 Million with N50,000 premium, for example.”

The Executive Director stated that a policyholder has the right to cancel his or her policy and receive a full refund of premiums paid if done within 30 days of receipt of the full policy documentation.