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For many Nigerian families, life moves forward with hope, ambition, and daily effort. Yet beneath that progress lies a quiet reality: what happens if the primary source of income is suddenly interrupted?
Across the country, countless households remain financially vulnerable, with little or no safety net to cushion the impact of life’s unexpected turns. According to the National Insurance Commission (NAICOM), life insurance penetration in Nigeria remains below 1%, with most individuals only covered through employer-sponsored group policies. This highlights a significant gap in awareness and personal financial protection.
Recognising this need, Coronation Life Assurance hosted a timely and impactful webinar titled “Life Insurance 101: What Every Nigerian Adult Should Know”. The session was designed to equip Nigerians with the knowledge needed to make informed decisions about life insurance and understand its role in securing the future of their loved ones.
Setting the Stage for Financial Awareness
The webinar was expertly moderated by Vinson Asekhamhe, Data Marketing Manager at Coronation Life Assurance Limited, who guided the conversation with clarity and insight.
Opening remarks were delivered by the MD/CEO of Coronation Life Assurance Limited, Adebowale Adesona, who emphasised the importance of proactive financial planning. His message set the tone for a session focused on awareness, responsibility, and long-term thinking.
The keynote address by Abimbola Tiamiyu, CEO of the Chartered Insurance Institute of Nigeria (CIIN), brought the conversation to life with practical insights and relatable examples. She highlighted the versatility of life insurance and how it can serve as more than just protection.
“Many people don’t realise that life insurance policies can be used to plan towards milestones. I bought my first life assurance policy at the age of 22, to mature when I turn 40. When the time came, I received my payout and used it to fund things that were important to me.”
Her perspective reframed life insurance as a tool not just for protection but for achieving long-term personal goals.
Breaking Misconceptions and Building Understanding
The panel session brought together industry experts, including Florence Awodogan, Deputy Manager at Scib Nigeria & Co Ltd, and Kenneth Essu, Head of Life Underwriting at Coronation Life Assurance.
Together, they addressed some of the most common misconceptions surrounding life insurance, including:
- The belief that life insurance is only necessary later in life
- The assumption that it is too expensive or complicated
- The idea that employer-provided coverage is sufficient
The discussion reinforced a key message: life insurance is not an afterthought — it is a core part of financial planning.
It serves as a financial safety net, ensuring that dependents can continue their lives with stability, even in the face of unexpected events. It also supports long-term goals, from education planning to wealth transfer.
A Call to Take Action
One of the strongest takeaways from the session was the need for individuals to take ownership of their financial future. Waiting for the “right time” often leads to missed opportunities for protection and growth.
Life insurance offers the following:
- Security for loved ones
- Support during unforeseen circumstances
- A structured way to plan for future milestones
If you missed the webinar or would like to revisit the insights shared, you can watch it here
To learn more about our life insurance offerings, contact us today:
Email: info@coronationinsurance.com.ng
Call: 02-01-2275475 | 02-01-2275476
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