Written by – Reynold Ibe, Head, Product Development & Innovation, Heirs Insurance Group
Living in Nigeria comes with a unique set of challenges. Every day, millions of Nigerians wake up to face a day filled with difficult choices and encounters: rising costs of goods, threats on the roads, a weak healthcare system, and income insecurity. It begets the question: how much is my life really worth, and how can I make my life more valuable?
Nigeria’s economy remains largely cash-driven, with over 60% of money in circulation existing outside the formal banking system, according to the Central Bank of Nigeria (CBN). This means that most Nigerians operate without structured financial safety nets, leaving them and their families exposed to sudden financial crises. Add to this the country’s alarmingly high mortality rates: 117 per 1,000 live births for children under five and a maternal mortality rate of 512 per 100,000 live births (World Bank), and the reality becomes clear: life is fragile, unpredictable, and often cut short too soon.
If an emergency struck today, how prepared are you? If something happened to you, would your family be financially secure? These are not just theoretical questions; they demand real, immediate answers.
The Cost of Inaction
Despite the many undeniable benefits of life insurance, only 1.9% of Nigerians have any form of insurance, according to the National Insurance Commission (NAICOM). This low adoption rate is due to a lack of awareness, cultural perceptions, and affordability concerns. But think about it—if an unexpected event wipes out everything you’ve worked for, will your regrets be worth it?
Instead of asking whether you can afford life insurance, ask yourself if you can afford NOT to have it.
Why Nigerians Must Take Action Now
One of the biggest financial risks Nigerians face is the cost of healthcare. Quality medical treatment remains unaffordable for many, forcing families to delay treatment or seek subpar alternatives. In a country where social security is weak and government assistance is limited, the reality is stark: one health crisis could mean financial ruin.
And yet, millions of Nigerians continue to live without a financial backup plan. Many prioritise short-term expenses over long-term security. But when a crisis comes—whether it is an accident, illness, or even death—who bears the burden? Would your loved ones have to struggle or depend on charity just to survive?
Life Insurance: The Answer to Your “What Ifs”
For too long, life insurance has been seen as an unnecessary expense, something meant only for the wealthy. This mindset needs to change, insurance is not for the rich; it’s for the wise.
Life insurance ensures that if the unexpected happens, your family will not suffer financially. It covers funeral costs, outstanding debts, and daily expenses, giving your loved ones the security to move forward even in difficult times.
But beyond death benefits, life insurance is evolving. Modern policies, like those offered by Heirs Insurance Group, provide investment and savings opportunities. With channels such as USSD and mobile apps, insurance has become much closer to the average Nigerian.
With options such as endowment plans and investment-linked policies, Nigerians can build wealth while staying protected. In a country where formal savings rates are low, insurance-backed financial plans offer a structured way to prepare for the future while enjoying peace of mind.
So How Much is Your Life Really Worth?
The unpredictability of life in Nigeria makes financial planning a necessity, not a luxury. Hope is not a strategy. Ignoring the risks would not make them disappear. The only way to truly secure your future and the future of those you love is by taking action today.
So, how much is a Nigerian life really worth? The truth is, the value of your life is not just in what you own, but in what you protect. When the unexpected happens, will you leave your future to chance, or will you take control?
The choice is yours—do you believe your life is worth securing, or will you wait until it’s too late?
Choose wisely.
