Life Insurance

Life insurance can protect the financial security of the people you love by giving them a tax-free payment after you die. The amount and type of coverage you choose will depend on your circumstances and needs. The cost of life insurance you buy as an individual depends on your age, gender, health, medical history and lifestyle.

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Do you need life insurance?

Will your loved ones be financially impacted if something happened to you?

If you answer yes, then you should think about how you can help protect them with life insurance.

While you may have basic life insurance through work, it may not be enough to meet your needs, and your coverage typically ends when you leave your job.

GROUP LIFE INSURANCE

Life insurance helps you protect the financial security of the people who matter most, should something happen to you.

What You Get

Group Life

Group Life Assurance is a life assurance policy which provides death-in service benefits to the employees in common employment of an Organization or a group of people like Association, Clubs etc under similar exposure. It provides a lump sum payment (money) to the beneficiary (ies) of a deceased member of the scheme.

Provision of a group life assurance scheme goes a long way towards demonstrating an employer’s genuine care for staff welfare as well as encouraging loyalty and reassuring staff that they are valued.

For Whom?

Group Life Assurance policy is open to employers of labour, clubs, associations, unions, religious groups, cooperatives and other friendship and social organizations e.t.c who exist  as a group.
The Pension Reform Act 2004 made it mandatory for all employers of labour having up to five employees to maintain a Group Life Assurance policy for at least 3 times of their annual total emolument.

 

  • Death – The policy provides for the payment of the sum assured in the event of the death of a member of the scheme from any cause, natural and accidental.
  • Disappearance (Presumed Death) – The policy also provides for the payment of the sum assured for those in common employment in the event that an insured person disappears and is not seen for a period of 12 months and there is sufficient evidence to assume that the member is dead. However, the person receiving the sum will sign an undertaking to refund it if the missing person is subsequently found to be living.
Benefits Payable

In the event of the death of a member of the scheme, the sum assured designated for that  member becomes payable.

Features
  • It is a yearly renewable term assurance
  • A single master policy and certificate are issued covering all the members
  • No medical examination for sums assured below our free cover limit
  • It is flexible; members can join or leave the scheme at any time 
  • The sums assured/benefit are at least 3 times the annual total emolument for those in employment, and any required flat/level benefit for other groups
  • The policy coverage is worldwide
  • Minimum age at entry is 18 years
  • It gives peace of mind
  • It is a without profit Life Assurance policy
  • Sum assured or benefit is payable only on death or disappearance
  • Premiums are paid by the Employer/Organization
Conversion Option
  • A person, who ceases to be a member of our Group Life Scheme, can convert it to an Individual Life policy for the same sum assured without undergoing any medical examination. The new policy will then be administered in line with our individual life policies.

    Additional Optional Benefits

    The following additional but optional benefits can be taken alongside IGI Group Life:

    Group Personal Accident (GPA) – Payments of the pre-determined sums will be made if as a result of accident, the insured person incurs or suffers:
    Total Permanent Disability – In the event that an insured person becomes permanently disabled as a result of an accident resulting in him/her not being able to pursue his/her usual occupation, profession or trade in which he is skilled for remuneration, profit or reward, the sum assured will become payable
    Temporary Total Disability – If as a result of an accident, an insured person is temporarily and totally disabled from engaging in or giving attention to his/her usual occupation/profession, compensation for such disablement will become payable according to pre-determined rates. The compensation payable will be for a period of 52 or 104 weeks  Medical andSurgical Expenses – If an insured person incurs medical expenses resulting from an accident anywhere in the world, the medical bill will be offset by the policy subject to the adequacy/limit of the sum assured under this heading

    Funeral Expenses– You can remove the burden of your funeral/burial expenses from your family by insuring to the full value of your expected funeral cost, like cost of casket, undertaker’s expenses and even cost of entertainment of guests. The amount insured becomes payable on death.

    Repatriation Expenses – Our group life policy provides a 24 hour coverage wherever you are in the world. With the uncertainty of not knowing where the unexpected will happen, you can provide for the cost of repatriation of your body to your desired place 0f “resting in peace” should death occur outside the country or far away from your desired place  of rest.

Term Assurance

Term life insurance is affordable, easy-to-understand coverage that gives you flexible protection.

What You Get

Term Life

This is a form of Life Assurance policy which is usually for a short period (eg 5, 10 of maximum of 15years). It provides a life assurance cover by payment of the policy benefit only if the life assured dies during the period of the cover otherwise, no benefit is payable. The maximum age for this type of policy is 65years.

With most term policies, you can also convert your coverage to permanent insurance regardless of any changes to your health, occupation or lifestyle.

Is term life insurance right for you?

Term insurance is an effective solution if you are:

  • Looking for affordability and value
  • Looking for temporary protection (for example, to cover a mortgage or business loan, or until your children are finished school)
  • A business owner who needs key person protection and/or a way to fund buy/sell agreements

Whole Life Assurance

Whole life insurance is often called Permanent life insurance because it covers you for your whole life.

What You Get

Whole life insurance

Whole life insurance is often called Permanent life insurance because it covers you for your whole life. It gives your beneficiaries a tax-free payment after you die. Some plans can build cash value over time. Whole life insurance costs are usually guaranteed not to increase from the time you first buy the policy. And some whole life insurance plans let you pay for a limited time and then never again. Universal life and participating life are other forms of whole life insurance that you may want to consider.

Is whole life insurance right for you?

Whole life insurance is may be a good choice if you are:

  • Interested in lifetime coverage, and premiums that don’t change
  • Looking for a permanent guarantee that will help protect your family, cover the cost of your funeral and let you make plans for your estate

Endowment

Endowment plan is a life insurance policy which provides you with a combination of both i.e.: an insurance cover, as well as an savings plan.

What You Get

Endowment Insurance

Everyone wants to live a long life and see their family flourish. Contrary to popular belief, life insurance isn’t just a pessimistic plan meant to protect your loved ones after your untimely death or disablement. You can even use a life insurance policy to secure a happy, fulfilling post-retirement life you can enjoy with your whole family, with the invaluable help of an Endowment Life Insurance policy.

The policyholder gets his/her sum assured on a fixed date in future as per the policy terms and conditions. However, in case of sudden death of the policyholder, the insurance company will pay the sum assured (plus the bonus, if any) to the nominee of the policy. Besides, it is also useful to secure yourself or your family post-retirement or to meet various financial needs such as funding for children’s education and/or marriage or buying a house.

What are Endowment Life Insurance plans?

Simply put, endowment plans are life insurance policies that not only cover the individual’s life in case of an unfortunate event, but also offer a maturity benefits at the end of the term. After a specific period of time- called ‘maturity’- they are designed to pay a lump sum amount. The insurance company will pay this assured sum to the endowment policy holder’s nominees in case of holder’s death or to the holder himself on a fixed date in the future.

Why opt for Endowment plans?

Endowment life insurance policies have certain obvious benefits.

For starters, the policy holder has a pool of savings when the policy matures. He can either reinvest the amount or use it to enjoy life post-retirement. Thus, this policy is almost risk-free and offers a steady amount on a fixed date as long as the premium is paid.

You can also use this money for your monthly expenses, your child’s education or wedding, or even for a much-deserved vacation.

Is an endowment plan suitable for you?
  • Are you looking for a low-risk plan with the dual benefit of insurance and investment?
  • Are you looking for a plan with a long-term investment perspective that gives you a lump sum amount in the end?

If yes, then an endowment plan is suitable for you.

You can also use this money for your monthly expenses, your child’s education or wedding, or even for a much-deserved vacation.

Annuity

Annuities guard against outliving your assets.

What You Get

Annuity Insurance

An annuity is a type of policy issued by an insurance company designed to accept and grow funds, and upon annuitization, create a stream of income or payments. The money you pay in can be either a lump sum or a number of payments. These contributions  generally earn a rate of return, generally tax-deferred.

Frequently Asked Questions

WHAT IS EX-GRATIA PAYMENT?

Ex-gratia payment is a special payment the insurer makes when there is no liability to do so. An Insurer makes an ex-gratia payment to protect its reputation and for future commercial purposes.

WHAT IS POLICY EXCESS?

Policy excess is the contributory amount an insured pays when making a claim. It is a proportion of the claim which the insured would bear while the insurer will settle the balance.

DO INSURANCE COMPANIES AND INSURANCE BROKERS GIVE LOANS TO CUSTOMER?

Insurance Companies and Insurance Brokers do not give loan, but they give what is called a No Claim Discount and it is usually applied on motor policy. If a client does not make a claim for a period of one year, a no claim discount of 20% will be given and by so doing it will reduce the premium a client will pay the following year. 

Steps to take after getting involved in a car accident
• Always stop and check that there are no injuries on passengers of the vehicles involved in the accident
• Exchange information with the third party drivers involved. Information usually includes name, phone numbers, the Third party Insurance Certificate and policy number if any. Also ensure that you take note of the time and location of the accident.
• Report the accident to the Police
• Report the accident directly to car Insurance Agent (Broker) or the Insurance Company. It may be tempting to avoid reporting to police but that is the standard procedure. Causing a car accident is upsetting but you ought to take responsibility and make the situation as smooth as possible hence the need to have Insurance policy in place.

WHAT TO DO WHEN INVOLVED IN AN ACCIDENT?

Being in a car accident can be devastating at any level and being at-fault driver of a car accident most times does not help the situation. Not only do you have to deal with the damage to your own vehicle but also to that of the third party vehicle.

DO INSURANCE COMPANIES AND INSURANCE BROKERS GIVE LOANS TO CUSTOMER?

Insurance Companies and Insurance Brokers do not give loan, but they give what is called a No Claim Discount and it is usually applied on motor policy. If a client does not make a claim for a period of one year, a no claim discount of 20% will be given and by so doing it will reduce the premium a client will pay the following year.

IF I INSURE MY CAR OR ANY PROPERTY AND I DO NOT MAKE A CLAIM, CAN I GET A REFUND OF MY MONEY?

Insurance is a common pool and the premium you pay is put into the pool. It is only those who suffer a loss that will be paid or indemnified.

Other Policies to consider

Motor Vehicle Insurance

  • Comprehensive Cover.
  • Third Party Only.
  • Third Party Fire & Theft.
  • Commercial Vehicle (Goods Only).

Other Insurances

Business Insurance

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Home Isurance

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Health Insurance

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Our Customers

“As our needs have grown throughout the years, Northlink Insurance Brokers Plc has been there to regularly review our risk exposures and recommended appropriate and sufficient insurance covers for our day to day operational risks protection and we say thank you!
….Shanicma Nigeria Limited.”

“Dear Northlink Team,

Thank you very much for your prompt attention and conclusion of the Claim.

In such difficult circumstances it is a pleasure to deal with a team that are both efficient and professional. Thank you again.”  ….Abbas Shehu Ibrahim

“Northlink Insurance Brokers Plc emanates a sense of trust and worthiness that makes you feel secure that you have complete insurance coverage. They are diligent, responsive and yet very patient” 

….…..Uzor Josephine Adanma.

Put You & Your Family in Good Hands

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