Imagine your loved ones waking up tomorrow without your income. What would change immediately? Rent, school fees, daily food, or medical bills?
It is a tough question, but a necessary one. For many Nigerians, the loss of one person’s income can shake an entire household. That is why more people are beginning to explore something called life insurance, or life assurance, depending on what you call it. Both terms refer to the same idea: putting a financial plan in place so your family can carry on if the unexpected happens to you.
So, what is Life Insurance (or Life Assurance)?
In simple terms, it is a way of saying, “If I am not here to provide for my family, I still want them to be okay. With a life insurance plan, especially a term life plan, you set aside a small amount of money now, so that if anything happens to you, your family receives a payout that helps them stay afloat. Think of it as income replacement. If you earn money today and your family depends on you, life insurance acts as a financial cushion for them if you are no longer around to earn that income.
Why do you need Life Insurance?
You need life insurance because your family depends on your income and finances to take care of them. Grief is hard enough; it should not come with extra financial struggle.
Which Life Insurance Plan Should You Choose?
At Heirs Insurance Group, there are two types of life insurance plans you can consider, depending on your needs:
Term Life Plan and Whole Life Plan.
Let us break them down.
Best for: People looking for affordable, short-term protection.
Think: Budget-friendly coverage for when you are actively earning and supporting others.
How it works:
- You pay from as little as ₦1,000 per year
- You choose the payout amount your family should receive (₦100,000 and above)
- You must be between 18 and 64 years old
- The plan lasts one year minimum, and can be renewed annually
- If anything happens to you within the active term, your family receives the full payout.
This plan is great if you want peace of mind and want to protect your family during your most financially active years.
Best for: People who want to leave an inheritance, plan long-term, or ensure their family always gets something, no matter when they pass away.
How it works:
- You choose the amount you want your family to inherit
- The plan is valid for life
- You can pay monthly, quarterly, bi-annually, annually, or even once
- You must be between 18 and 60 years old
- Payment can stop at a set age (45, 50, 55, or 60), but coverage continues for life
No matter when you pass away, this plan guarantees your family will receive a payout.
What happens when you have life insurance?
- Your children can stay in school.
- Your spouse will not have to start over from scratch.
- Your siblings or parents can get the support they need.
- Your legacy becomes one of protection, not panic.
Whether you call it life assurance or life insurance, it is really just about protecting the people who matter most to you. It is not for the rich. It is not just for older people. It is thoughtful. It is responsible. It is something we should talk about more. Life is unpredictable, but you can still give your loved ones something steady to hold on to.
Want to know more?
The Heirs Term Life Plan is available on MySimpleLife App, or visit www.heirsinsurancegroup.com.
You do not need to overthink it. The fact that you are doing this research is proof that you care deeply about your family, so take that step.
