The management of Leadway Assurance Company Limited has advised the investing public to subscribe to Term Life Assurance Policy.
Speaking recently at the company’s media training for Insurance and Pension journalists in Lagos, the Executive Director, Mrs. Adetola Adegbayi, said with little premium, people could buy this unique product that had a minimum Sum Assured of N1million, urging the middle and low income earners to see the package as an opportunity to improve their lives.
Using the Leadway Term Assurance product as an example, she said the plan was a simple but flexible life insurance product “that 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 an intending subscriber could extend the cover to apply to critical illnesses or become 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 explained.
She added that a policyholder had 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.
“Take a little money to buy N10 to N15million. If anything should happen, your family has about N10million to fall back on. It takes care of school fees of your children and other financial needs. May be, you can buy N10million with N50,000 premium, for example,” she said.
