People often wonder what the best time to buy a life insurance plan is and end up putting it off but life insurance is a necessity to anyone. Think of life insurance as a safety net. As you go about your daily activities in life, you do not hope to use the net, but it is great to know that the net is there. If something happens to you, won’t you want the availability of a financial cushion for everyone you care about?

One of the major reasons people buy life insurance is to create financial security for the future of their family. A lot of people say they do not buy life insurance because they did not think they needed it. We are here to tell you that you definitely need a life insurance plan; whether it is to provide for your final expenses or to provide money for your family after you are gone, you definitely need life insurance.

Let’s talk about the best time to get Life insurance.


Faced with other necessities like feeding, debt, car payments, etc, people tend to put off buying life insurance. A lot of young people put off buying life insurance and because of that, a greater percentage of people currently buying life insurance are from the older generations. In truth, buying life insurance at a young age is way cheaper than putting it off. While it seems like a good idea to take care of basic necessities like feeding and day-to-day activities, missing out on buying life insurance while you are still young actually has significant economic impact. It is very similar to delaying savings for your retirement. The faster you purchase it, the better so if you buy life insurance while you are in your thirties you can end up saving thousands of naira.


Another important factor when it comes to getting life insurance is your health. Not only is it cheaper to buy when you were younger, buying life insurance when you are healthy actually helps you save costs. When applying for life insurance, you get evaluated for medical conditions like diabetes, cancer, heart disease, high blood pressure, etc. If you have a medical condition that is extremely serious or you are diagnosed with terminal illness, there is a probability that you will not get insurance coverage at all. You can easily avoid all these problems by getting your life insurance in place before any of these happens.

When you reach a milestone

There are some significant milestones in life like promotion at work, getting married, having kids or even buying a new home. When these changes take place, it’s the perfect time to get life insurance to cover your new needs. This helps you to be more proactive as you are able to anticipate any life changes and save money by getting your insurance early.

Life Insurance while working

While some companies give their employees life insurance, it is still a great idea to buy your own life insurance policy. The reason for this is that it’s a bad idea to rely on the life insurance given to you by your employer because you can lose that job, or decide you want to work somewhere else and lose your insurance policy. Remember, the older you get the more expensive your life insurance becomes so you are better off getting your personal backup insurance policy to ensure that you always have life insurance even if you lose your job.

Is there any reason to wait?

While it is easy to keep putting off getting a life insurance plan, the truth is, doing it actually brings peace of mind. If you know you are prone to forgetting it on your to-do list for months on end, you should consider getting it done today. Just check it off your to-do list, and enjoy the peace of mind that follows when you have the knowledge that you have it in place. It’s great to buy a life insurance policy even when you are young, healthy, and have no responsibilities. FBNInsurance offers some of the best life insurance policies across Africa –  FlexiEu and Guaranteed Lifetime Retriement Income Plan. These plans are quite flexible and provide for all your specific needs.

Call us today on 01-9054380

January 28th, 2020
Posted In: Uncategorized

Vital Questions that you need to ask about Life Insurance Plan

Deciding to purchase a life insurance plan is a vital step to take. However, it is not enough to purchase a life insurance plan. There are several questions that should determine your final decision. No matter how attractive a life insurance policy seems, there are certain questions that you must ask to be sure about your final decision. These questions determine the selection of the right life insurance company and plan that is right for you or not.

Here are vital questions that you should ask your insurance company as you consider the prospects of taking up an insurance plan:

What is the monthly and annual premium for the insurance plan?

Before you buy an insurance plan, find out the monthly and premium plan you will pay throughout the course of the plan. Premiums vary depending on the company, its plans, and its benefits. At FBNInsurance, we realize the importance of asserting a question like this. If you would like to find out more about our plans and benefits, visit our corporate insurance products and retail insurance product pages

Will there be a waiting period for the coverage effects?

You should confirm if you would have to wait before the coverage of the insurance comes into play. Different insurance policies have different coverage plans. For some plans, you may have to wait for a period between the time when you start paying the premium and when the benefits of the plan come into effect. You should confirm this to avoid misunderstandings in the future.

Are there circumstances warranting non-payment of benefits?

In some life insurance plans, there might be benefits exception phases. In such phases, the benefits of such an insurance plan do not accrue to the insured. Instead, they deny the insured such benefits. You should confirm this because you should know if the denied benefits are things that you can handle in advance.

What happens if I miss a monthly premium or I delay in payment?

You may not be financially capable at all times. So, it is vital that you know how a late payment or non-payment will impact the benefits received. Also, know if your plan would remain in force if there is a default in payment.

Does the life insurance policy have a cash value if I decide to cancel the plan?

As earlier mentioned, insurance plans vary. Thus, while some plans pay you cash when you opt-out of your plans before you enjoy the benefits, some do not. You should understand the position of an insurance policy on cash value before you purchase it.

What circumstances guarantee the cancellation of an insurance policy?

Each insurance plan has a list of actions that could lead to its cancellation. Before you purchase an insurance plan, you should be aware of the circumstances that would warrant such circumstances as to know how to avoid it.

How long has your company been in business?

The relevance of experience to the success of an insurance policy cannot be overemphasized. When choosing a company that you plan on purchasing its life insurance policy, you should know how long such a company has been in existence and the overall performance of such a company. To save yourself the stress of making such inquiries, get in touch with us to get you started on the perfect life insurance plan for you. As an insurance company, we were incorporated in 2010 and our records have been sterling since then.

To know more about FBNInsurance, click here

Can I pay premiums online or make online payments?

The world has become technologically advanced and this has made online payments a thing. If you prefer the online or electronic payment over the physical payment, then you should make inquiries about the company that you want to do business with respect to their payment terms. The knowledge of this will largely determine if you can cope with such a company in the long run.

Are there online reviews about the insurance company?

This is one of the most vital things to check when choosing an insurance company. You should make sure that there are credible online resources about the company, its insurance policy, and agents.

What is the number of your company’s policyholders?

Another question that you should ask is concerning the number of policyholders in the company. The overall size of an insurance company and the policyholders. These two factors affect the pace of payments. So, ask questions that ensure proper findings of this critical information.  As a company which is a subsidiary of one of the leading Holdings company in Nigeria, FBNInsurance is highly recommended because we are reputable for having many policyholders and paying out benefits.

Can the insurance company change its benefit terms after the policy goes into effect?

Change is inevitable. Sometimes, your life insurance policy may experience such. There are scenarios where an insurance company’s benefits terms would change after the effectiveness of the plan. It is your duty to know what these changeable benefits are.

These are some of the most important questions that you should ask before you purchase a life insurance policy. At FBNInsurance, we recognize the importance of these questions. Want to know more about our life insurance plans and policy? 

Click here to get in touch with us.

Or call us today on 01-9054380

January 9th, 2020
Posted In: Blog

All You Need To Know About Getting An Education Insurance In Nigeria

When Mr. Adio who earns N250,000.00 per month attended University, the cost of fees was just N10,000 per year. He did not even have to worry about accommodation because it was free, after all, this was a Federal University.

Today, Mr. Adio’s child, Tobi is 10 years old, and the same university he attended costs N55,000 per year now. Accommodation is scarce on campus and students have to get off-campus hostels which cost between N450,000 and N500,000 per year. Not to mention that there is still pending cost of feeding a child in a school which is roughly N30,000 naira per month.

Tobi has also taken an interest in pilots and planes, and he says he wants to be an aeronautical engineer. To study this course in the future, Tobi would have to go to the US or Canada or consider studying at the only school taking this course in Nigeria – a private university. The cost of all these would run into millions, and from the looks of it, University for him is just 8 years away.

Mr. Adio is unaware of these expenses, and also, he is unaware of his child’s interest. He still thinks the cost of schooling would be like his good old days, and even if it has increased, it would not be so much.

A child’s education is usually the most important thing for a parent. You want to ensure that they have access to the best education. However, this rarely comes without a cost. In today’s world, the cost of getting an education, much less, a university education, keeps rising.

How then does one ensure that they are able to meet the educational demands of their children when the time comes? You may even want them attending a private school in Nigeria or a University outside the country. Given the inflation rate and uncertainties that plague life itself, how do you ensure your dreams for your child comes to fruition?

The answer is simple! An Education Insurance plan.

What is education insurance?

Education insurance is basically a plan which caters financially to your child’s education in the eventuality you are unable to provide for them in the future.

Who should buy an education insurance plan?

Any parent, guardian, and even grandparent(s) can buy an education insurance plan for their children/wards. If you value the future of your child, you should consider getting an education insurance plan for them.


When should you buy an education insurance plan?

You can buy this anytime. However, it goes without saying that the earlier you buy it, the better. That way, you can pay fewer premiums on the policy.

The FBNInsurance FlexiEdu Plan is an education insurance plan which helps you cater to your children’s education at a said maturity period.

What does the plan entail?

An intending policyholder takes out the plan with a minimum term of 5 years and a maximum term of 20 years. The maximum age in which the policyholder must be at maturity is 65 years and the minimum monthly premium payable is N5,000. Premium payments can be made monthly, quarterly, half-yearly, annually or even at once in one swoop.  The policy also provides a minimum benefit of N300,000.00 in the eventuality of death.

Who is eligible to take out an FBNInsurance FlexiEdu Plan?

You must be at least 18 years and at most, 60 years old to take this policy for your child or ward. The benefit assured is only payable for death resulting from an accident. When death occurs due to natural causes, all premiums paid till the day of the death will be returned. When the policy is first taken, there is a 6 month waiting period, following which for subsequent renewals, there are no more waiting periods.

At maturity, the assured benefit is paid either as a lump sum or in 4 annual installments. In the case of death of the policyholder before the maturity, 10% of the sum assured will be payable annually to the beneficiary till 100% of the sum assured is paid.

Why you need to take out an education insurance policy today:

  1. Life’s uncertainties: Life happens, from death to illnesses. There are a lot of things that can come between your child and the future you have planned out for them. Many times, we think everything would go well, but things do not always go as we have planned. What do you then do in those situations?
  2. You can provide the education they want, and not just what they need: Tomorrow your child may have the intention of studying at choice universities or even select courses that are rare to find in your home country. This is when education insurance becomes a saving grace and acts as a buffer for the costs at the time. You do not want your child limited to certain schools which may not be good enough, simply because there is a lack of funds.
  3. Rising inflation rates: These days, inflation rates keep going on the rise. Sometimes, people say, “oh we will just save our money in the bank instead of taking out an insurance policy.” However, that isn’t even a great idea because the value of your money saved does not remain the same. It is always best to take out a policy.
  4. The rising cost of living: The cost of living keeps increasing. You do not want to get to a point where you are worried about the education of your child at the same time that certain basic needs are becoming even more pressing.

What education insurance is not

  1. Education insurance is not a life insurance plan: Though benefits are still paid out in the case of death, an education insurance should never take the place of a life insurance policy.  Education insurance caters to your ward’s education, while a life insurance caters to your loved ones in the eventuality of your death.
  2. Education insurance should not take the place of your savings: People sometimes make the mistake of thinking that because they have taken an education insurance plan, then there is no need to save anymore. This cannot be farther from the truth.
  3. It doesn’t have to be for only one child: As with any other plan, you can name multiple beneficiaries. Simply state in what percentage they should get the benefits and name them individually.

Your will does not trump your education insurance plan: Many times, people do not keep their policies updated and think they can simply name a different beneficiary in their will. It doesn’t work that way. Your beneficiary should be clearly stated and duly updated in the case that it needs to be.

January 9th, 2020
Posted In: Blog

FBNInsurance Limited, one of the leading life insurance companies in Nigeria, has paid out N5.4bn claims settlements to its clients at the end of the third quarter of 2019.

Making the disclosure in Lagos, The Managing Director/ Chief Executive Officer of FBNInsurance Limited, Mr. Val Ojumah said that the focus of the company is to maintain the indisputable leadership position in the life insurance sub-sector by paying claims promptly and at the same time protect the interest of its various corporate and individual clients.

According to Mr. Ojumah, “Ours is a business of trust and as part of our efforts geared towards maintaining irrefutable leadership in the life insurance sub-sector, we have built a solid foundation where our clients can insure their trust by promptly paying their claims. We have also deepened our footprints across Nigeria in our quest to serving our customers and shareholders even better than we have done in previous years”.

He further reiterated that “Customer satisfaction is the fulcrum of insurance business and this inevitably builds customer loyalty and we will not fail to ensure this. We believe once FBNInsurance is able to pay customers’ claims as they arise, numerous customers and the general public will have faith to take up more life policies because they are convinced that should a claim/loss arise, FBNInsurance will be able to meet its financial obligations to them”.

You will recall that FBNInsurance paid N4.8bn claims in 2018, despite the unpredictable economic situation in the country occasioned by the preparation for the general election at that time.

FBNInsurance is an FBNHoldings company associated with the Sanlam Group SA and was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of over 40 sales outlets and two branches nationwide.

July 16th, 2019

FBNInsurance Limited, one of the leading life insurance companies in Nigeria, has presented its annual report to shareholders at the company’s Annual General Meeting (AGM) which held in Lagos recently.

Addressing the members of the press, the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, stated that the company closed the year with positive results and also made prompt claims payments to customers despite the unpredictable economic situation in the country occasioned by preparation for the just concluded general election.

Reviewing the year, Val Ojumah stated “we grew Gross Premium Written (GPW) by 33% to N26.0bn in 2018 from N19.6bn in 2017; while Profit Before Tax (PBT) appreciated by 44% from N4.2bn in 2017 to N6.13bn in 2018. The performance, he said, was driven by the company’s sustained growth and penetration into the retail segment of the industry. “Over the same period, as a responsive and responsible organisation, we promptly paid claims to our Clients to the tune of N4.8bn which is a 66% increase from N2.9bn in 2017. Our strategy remains to provide financial security to our customers. We are keen to attain uncontested leadership status in the life insurance sub-sector as well as aggressively exceed our customers and shareholders’ expectations,” he said. The company also announced a dividend of 65k per share, representing 81% increase from 36k that was declared for 2017.

Commenting on the company’s financial returns, Chairperson of the Board of Directors, FBNInsurance Limited attributed the growth and outstanding performance of the company in 2018 to its commitment in putting its clients first and resilience in achieving remarkable milestones. “Ours is a business of trust and as part of our efforts geared towards maintaining indisputable leadership in the life insurance sub-sector, we have built a solid foundation where our clients can insure their trust because of our reputation over the years of paying claims promptly” she said.

FBNInsurance is an FBNHoldings company associated with the Sanlam Group of South Africa.

The FBNI Staff Gift Drive which incepted in 2015 is in its 4th year.

June 24th, 2019
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