Protecting The People We Love with Life Insurance

When was the last time you thought seriously about life insurance? Not just the one your HR department quietly set up, but one you chose on your own for the people you love?

If you’re like most Nigerians, probably never.

And that’s exactly the problem.

According to Intelpoint’s 2024 report, life insurance is Nigeria’s fastest-growing insurance segment, thanks largely to regulations like the 2004 Pension Reform Act. That Act requires businesses with five or more employees to provide group life insurance for their staff. It’s progress, no doubt.

But here’s the catch: insurance penetration is still painfully low, just 1%. That means most people only have life insurance because their employer is legally obligated to provide it. Outside of work, we’re not paying attention. And when life hits unexpectedly, it’s families – spouses, children, parents who are left to carry the burden.

Bringing Life Insurance Into the Spotlight

This is exactly the conversation Coronation Life Assurance tackled in its recent webinar:
“The Burden We Share: Protecting Our Loved Ones with Life Insurance.”

It wasn’t just another insurance webinar. It was real talk about real life and what happens when we’re no longer here to protect the people who matter most.

Pai Gamde, Chief Talent Officer at Coronation Group, delivered the keynote and gave a powerful reminder:

“Life insurance is for people who don’t have enough because your loved ones may have even less without you.”

Think about that.

This isn’t about you. It’s about the people who would be left behind. What would they have to fall back on?

Real Talk From the Panel

The panel was just as compelling. Vinson Asekhamhe moderated the powerful discussion with guests who understood both the personal and business sides of life insurance.

Olaide Olusoji-Oke, Founder of 03 Advisory, raised a red flag: with Nigeria’s economic challenges, many companies are trimming budgets. But when they start cutting life insurance, grieving families are the ones who suffer.

It’s easy to think insurance is a future problem but when the unexpected happens, it becomes an urgent one.

Chibudike Anyaogu, Underwriting Life Specialist at Coronation Life Assurance, cleared up a major myth. Many Nigerians believe life insurance only pays out when someone dies. Not true. Some policies offer living benefits. Life insurance isn’t just a safety net for your loved ones after you’re gone. It can also be a financial lifeline for you—right now, while you’re living, working, and building your future.

Then came a story that brought everything home.

Zina Giwa-Amu, COO & Co-Founder of Digimatix Technologies, shared a heartfelt example. She spoke about how a close-knit group of her primary school friends made a collective decision to buy group life insurance together. Not through an employer. Not because they had to. But because they recognized the value of being there for one another, financially and emotionally when it truly counts.

It’s Time to Rethink the Narrative

We don’t talk about life insurance enough, and when we do, it feels cold or distant. But the truth is: life insurance is love in action. It’s planning ahead, even when you hope nothing goes wrong.

• It’s a parent thinking about school fees.
• A spouse imagining life after loss.
• A company showing its employees they matter beyond just KPIs.
• A friend group saying “we’ve got each other’s backs.”

At a time when financial stress is high and support systems are stretched thin, life insurance is no longer optional – it’s essential.

Take the Next Step

If you missed the webinar, you can still catch all the insights, stories, and practical steps shared by our speakers.

[Click here to watch the full session]

Because protecting the people you love isn’t just a feeling; it’s a conscious decision. And there’s no better time than now to make it.

If you’re curious about how Coronation Life Assurance can help you protect the people you love, we’re here to answer your questions. Reach out to us via mail at contactcentre@coronationinsurance.com.ng or call 02-012275475 or 02-012275476.

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