Insurance is not a scam in Nigeria, people dont believe in it because they lack adequate knowledge about how it works.

Insurance helps to provide protection against any form of loss be it financial or otherwiseand it involves an individual paying a particular amout to a liscensed body in exchange for conoensation when eventualities occur.  It helps you to transfer the unpredictable in order to secure the inevitable.

We have different insurance companies in njgeria and there are regulated by a body known as NAICOM (National insurance commission), who makes sure that when eventualities occur, the insurance company pays claims to the individual as agreed upon at the start of the policy

There are different policies that cover different individuals and are designed to meet specific needs of people.

1. Children’s education trustfund:

Tbis policy helps a parent to set up an educational trustfund for their children so that in the event that the parent is no more, the children cant be school dropouts or be at the mercy of anyone. The insurance company makes sure that the children’s education is secure by continuing the sponsorship of those children until graduation and also placing them on a yearly welfare package then all benefits will still be paid at the end of the duration.

2. Personal project/retirement plan:

This plan covers a specific need where one accumulates funds to either start up a business,  embark on a project or basically a worker savings towards retirement. The essence of this plan is to accumulate funds which will be channelled into a business or project and incase of any eventualities,  claims are paid to the chosen beneficiary

3. Life protection cover:

This plan covers life of family members or loved ones whereby incase theres an eventuality like death, the insurance company pays the chosen beneficiary some amount of money to offset any financial difficulties he or she may have experienced.

All the insurance policies have a tenure for maturity after which your claims can be paid but the reason why most people dont get their claims paid is because tbey defaulted either by making claims before maturity or default in payment of their premiums. However,  where none of these happens,  payment of claims is made without any much ado.

Also in choosing an insurace policy, one must also look out for a reputable insurance companyso as to avoid disappointments when it is time to pay their claims

I am an insurance agent working with zenith insurance,  we are trusted and reliable. You can google us at http://www.prudentialzenith.com

I could guide you choose a plan that suits your specific need. Feel free to contact me for further clarification.