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Want financial protection for your family in Nigeria, these life insurance firms will do just that for you?

Life insurance – Ever thought of passing on and leaving your beloved family behind, I’m not ready to die yet… This is the most dreaded aspect of human life, the thought of death has been ruled out by many but it remains an inevitable meal everyone must taste someday.

It’s ones appointed unto a man to die, after that his/her family affairs follows here on earth. I don’t mean to distort the Holy Scriptures injunction on this note, I write from a worldly and realistic point of view.

Of all the types of insurance, Life insurance is the most dreaded in this part of the world, the benefits and purpose has been underscored giving the fact that the supposed insured treats eventual death with levity and kids glove as though death is such a theory that merely exists.

The resultant effect is families suffering undue financial hardships that would had been otherwise averted with careful financial investment prior.

You’ve made money all your life, you’ll be doing yourself and loved ones a great disservice by not putting an active and workable life insurance premium in place for eventuality.

This guide will serve mainly the purpose of education and precaution to whoever is willing to learn, then take proactive steps to avert unforeseen circumstances arising from misguided thoughts thereafter.

For the record, most of the Insurance companies featured in this guide cover

  • Top insurance companies in Nigeria
  • List of insurance companies in Nigeria
  • Best insurance companies in Nigeria
  • Health insurance companies in Nigeria

Explaining the concept Life Insurance

This is a contract or agreement between an insurance policy holder (insured) and an insurer (the insurance company) in this contract, the insurer promises to meet and pay a pre-designated beneficiary a sum of money in exchange for premium contributed by the insured, upon the death of the insured person.


Assuming Mr Emeka Kenneth who is a business man decides to key into a life insurance policy, with the soul aim of leaving some money for his family to survive with in event he dies, with an Insurance company say RKC Insurance Plc.

Mr Emeka is expected to contribute certain amount to his insurance called premium on monthly basis as the case may be.

It’s from this premium that his beneficiary/family will be paid back when he eventually dies.

Mr Emeka Kenneth is the insured while the insurance company is the insurer.

Hope this illustration is simple and clear, void of any form of ambiguity, with that said now let’s move on.

Read also: Top Financial Services Companies to consider in the U.S. 2020

I have carefully handpicked a handful of insurance companies in Nigeria I’ve found worthy enough to aid you this investment in case you need any. Study their products diligently and see what goes for you.

Note: This does not in any way suggests that your life will come to an end the moment you buy an insurance policy, it doesn’t predict a possible death either, it simply investing into the future with ease.

The silver lining is, whoever inherits it has the benefit of a secured future too and the circle continues if possible.

On the list are:

1. Industrial and General Insurance (IGI) Plc

This is an insurance company incorporated as a private limited liability company on the 31st of October 1991 and later became a public limited liability company in 2007.

Furtherance to this, it commenced business in January 1992 as a composite insurer to transact the business of life and General Insurance, which include pension and special risks.

Backed by a strong capital base, first-class professionals and deployment of modern technology, the company quickly established a reputation for exceptional competence and became the preferred insurer for individual and corporate clients seeking premium insurance and related financial services.

Head office address: IGI House, No 2, Agoro Odiyan Street, off Adeola Odeku Street, Victoria Island, Lagos, Nigeria.


Phone: (01) 2918853, (01) 2918854, (01) 2918827

2. African Alliance Insurance

African Alliance Insurance Plc is widely recognized as the most experienced and strongest Specialist Life Assurance Office in Nigeria, serving thousands of customers with personalized insurance products tailored for each stage of their lives.

Was formerly incorporated on May 6, 1960 by its founders Chief S.L Edu (CON), Mr T. A. Braithwaite (CON) and Chief M.E.R. Okorodudu, backed by world class reinsurers and co-shareholders, Munich Reinsurance Company.

Office address: 54 Awolowo Road Ikoyi, Lagos.


Phone: +234 806 630 9476 or +234 703 229 4082.

3. AIICO Insurance Plc

AIICO Insurance was established in 1963, this is an insurance, pensions management and asset management Group in Nigeria with market-leading positions in its key business lines:

  • Life insurance and annuity
  • General insurance and special risks
  • Pension management
  • Health insurance and
  • Asset management

It commenced operations in Nigeria in 1963 as an agency office of American Life Insurance Company (ALICO), at the time, a subsidiary of American International Group, the company was incorporated, registered and licensed in Nigeria, as American Life Insurance Company Limited- as a wholly owned subsidiary of ALICO/AIG in 1970 to offer life and pension products and insurance services.

The company was renamed American International Insurance Company Limited (AIICO) upon acquisition of 60% stake by Federal Government of Nigeria, and later listed on the Nigerian Stock Exchange in 1990, after which both shareholders, the Federal Government of Nigeria and AIG divested.

Head office address: Plot PC 12 Churchgate Street, Victoria Island, Lagos.


Phone: 01 279 2930

4. AXA Mansard Insurance Plc

AXA Mansard was incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM).

The company offers life and non-life insurance products and services to individuals and institutions across Nigeria whilst also offering asset/investment management services, health management services and pension fund administration through its three subsidiaries limited, AXA Mansard Investments Limited, AXA Mansard Health Limited and AXA Mansard Pensions Limited.

Office address: Santa Clara Court, Plot 1412 Ahmadu Bello Way, Victoria Island, Lagos.


Phone: 0700-626-7273

5. Leadway Assurance Plc

Leadway Assurance Company Limited was incorporated as a limited liability company in 1970 and commenced business operations in 1971.

The company’s business operations started in Kaduna from where it spread to other parts of the federation, presently it has over 24 branch offices with Kaduna serving as the Registered Office and Lagos, the Corporate Office.

It was built as an insurance company that will serve the interest of insured’s, responding to losses promptly and able to compete with other International insurers.


Phone: +234 01-2700700

6. Goldlink Insurance

Goldlink Insurance Plc was incorporated on 15th April, 1992 as a Private Limited Liability Company and granted license to operate as a full-fledged insurance company on 8thSeptember, 1993.

Goldlink has stand out in the industry as a result of its dogged commitment to prompt claims settlement especially on Life Insurance and others.

Goldlink has a strict compliance policy towards Corporate Governance, driven by a passionate client-centered philosophy committed to building trust and confidence through delivery of first class services and competence in client partnership relationship.

Goldlink has grown tremendously both in customer base as well as in its knowledge and skills on current trends and emerging innovations bringing it to a leadership position in the insurance industry.

Head office address: Goldlink Plaza, 6 Emmanuel Street, Maryland. P.O.BOX 5987, Marina Lagos, Nigeria.


Phone: 070046535465, 08117923005

7. Lasaco Assurance Plc

Lasaco Assurance Plc is a composite insurance and financial services company incorporated on 20th of December 1979.

With vast opportunities presented by increased Capitalization for business expansion and growth, Lasaco became a Public Liability Company in 1991 when its shares were admitted for the first time to the Nigerian Stock Exchange Commission.

Lasaco Assurance businesses are conducted through a network of thirteen regional and branch offices spread across Nigeria, administered by well qualified, experienced and dedicated personnel.

Lasaco’s business portfolio currently includes leadership and significant share of key Federal and State Governments Insurance businesses, multinational and private companies underwriting business in major sectors of the economy.

Head office address: LASACO House, Plot 16 Acme Road Ogba, Ikeja, Lagos Nigeria. P.O. BOX 3724


Phone: 07000527226.

8. Niger Insurance Plc

Niger Insurance is a leading insurance company in Nigeria that transacts all classes of insurance business and offers a wide range of innovative and customer oriented insurance products in Life and non life insurance to get its growing clients.

The company is fully computerized with most robust technology, with sound reinsurance treaties in place.

Office address: Niger Insurance Plaza, 48/50 Odunlami Street, Lagos Island.


Phone: 08133244981, 08136053520

9. Mutual Benefit Assurance Plc

Mutual Benefit Assurance Plc has evolved into a conglomerate consisting of value adding companies with diverse interest in various sectors of the Nigerian economy through investments, strategic alliances, and partnerships, mutual is one of the leading brands in the Nigerian insurance industry, with over 3000 staff and marketing executives in its employment.

Office address: Aret Adams House, 233 Ikorodu Road, Ilupeju, Lagos Nigeria.


Phone: 09054644444 or 09054744444.

10. NEM Insurance

NEM Insurance Plc started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965.

Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatization by Federal Government of Nigeria.

Following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance Life insurance inclusive.

Office address: NEM Insurance Plc, 199, Ikorodu Road, Obanikoro, Lagos Nigeria.


Phone: +234-1-4489560 or +234-1-4489570.

11. Staco Insurance Plc

Staco Insurance Plc was incorporated in Nigeria on 10th October 1991 and subsequently licensed to transact all classes of insurance business.

Office address: 209, Herbert Macaulay Way, Yaba, Lagos


Phone: +2348064103680 or +2348160654035

Other life insurance companies in Nigeria include:

12. Nicon Insurance

13. Royal Exchange Plc

14. Guinea Insurance Plc

15. Anchor Insurance Plc

16. Wapic Insurance Plc

17. Great Nigerian Insurance

18. Zenith General Insurance Company Ltd

19. Sterling Assurance Plc

20.Law Union and Rock

21. FBN Insurance Ltd

22. Standard Alliance Insurance Company Ltd

23. Custodian & Allied Insurance Plc

24. Continental Insurance Plc

25. Cornerstone Insurance


To invest for a life insurance with an Insurance company, you will have to factor a number of things, you need to find an insurance that’s suitable to your operation.

You may ask certain questions before you make your decision to invest.

  • Shop around to see what suits you, from the above list, you can see there are a lot of them in Nigeria, like wise their terms and policies differ. You may have to shop around to see who meets your requirements.
  • Beforehand, ask the insurance provider what the policy doesn’t cover so you won’t be buying on a blanket assumption, in the end you hit a big miss.
  • Determine your financial target, so you don’t get strained financially while paying insurance premium.
  • Do a background check on the company to ascertain its performance over time and track record.
  • Are there charges for premature termination?
  • Check their debt history, very important, to avoid being the one servicing their debt.

Nigeria has covered great miles in terms oflife insurance companies and its likes, do well to see what meets your specification, especially with premium flexibility and all concerned.



One comment on “Want financial protection for your family in Nigeria, these life insurance firms will do just that for you?

[…] Customers with presumed high health risk are most likely to fall under this category in a potential health/life insurance. […]

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