Life insurance products should be designed to give benefits to insureds when they are still alive and not only when they die.
Chief Executive Officer of AXA Mansard Insurance Plc, Mr. Kunle Ahmed, who made the assertion, noted that many people would rather not buy life insurance because the benefits only come after death.
Ahmed disclosed this when the company launched a Television Commercial, TVC which emphasizes that a person can benefit from insurance while still alive and not when the person is dead.
During the launch of the TVC in Lagos, Ahmed said the company’s life insurance products offer cash-back, healthcare checks and loyalty bonus.
Ahmed stated that the TVC was designed to improve the well-being of Nigerians, improve the uptake of life insurance policies and deepen insurance penetration.
He said: “The TVC promotes the importance and benefits of life insurance, focusing on living benefits. We believe that the TVC will bring about a paradigm shift in people’s understanding of life insurance being the first of its kind in the insurance industry. The TVC is also a testament to our desire to seek solutions that will increase insurance uptake in the country. We did a lot of research and we believe that life insurance penetration is still very low in Nigeria.
‘’Many people would buy the general policies like motor, home insurance, etc and would rather not buy life insurance. We think that this may have to do with the way the life products are presented to the public. This is why we came up with the TVC we have today and we believe through this effort, the perception that people have about life products will change for the better.”
Meanwhile commenting on the TVC, Director-General of Nigeria Insurers Association (NIA), Mrs. Yetunde Ilori stated that there is low awareness for insurance, especially life policies.
Ilori said, “People only relate life policies to death but I think that with the AXA Mansard TVC, people will feel more excited to purchase insurance.”