How Much Is Life Insurance in Nigeria (2024)

Are you considering purchasing life insurance coverage in Nigeria in the year 2024 but aren’t sure about the potential costs?

Deciding to get a life insurance policy is one of the most important financial decisions you can make to protect your loved ones’ future financial security.

life insurance in Nigeria

However, many people avoid buying the coverage they need because of uncertainty around how much they’ll have to pay in premiums each year.

In this comprehensive guide, we’ll explore the key factors that influence life insurance pricing in Nigeria and provide sample rates for 2024 to help you better understand and plan for this essential expense.

Whether you’re purchasing your first policy or looking to supplement existing coverage, this article will equip you with the knowledge to find an affordable life insurance solution that meets your family’s needs and budget.


If you’re considering getting life insurance coverage in Nigeria in 2024, you’re probably wondering just how much it will cost you.

Life insurance premiums can vary quite a bit depending on factors like your age, health status, coverage amount, policy type and more.

In this article, we’ll break down the key factors that influence life insurance costs in Nigeria and give you a general idea of what you can expect to pay in premiums.


But first, let’s quickly discuss why life insurance is so important, especially if you have loved ones who depend on your income.

Life insurance provides a tax-free lump sum payment to your beneficiaries in the event of your death. This cash payout can help cover outstanding debts like a mortgage, pay for your children’s education, replace lost income that your family relies on, and more.

While no one likes to dwell on their own mortality, getting adequate life insurance coverage is one of the most caring acts you can do for your family’s future financial security. With affordable options available even for modest budgets, there’s no reason to put it off any longer.


In Nigeria currently, there are several key factors that will impact how much you pay for a life insurance policy:

  • Your Age

As with most types of insurance, your age plays a big role in determining your life insurance premium costs. This is because the older you are, the higher the risk that you’ll pass away while the policy is in force, meaning the insurance company would have to pay out the death benefit. Life insurance rates increase every year as you age.

  • Health & Lifestyle

Life insurance companies will also look at your current health status and lifestyle to evaluate risk. Things like being overweight, smoking, drinking excessively, having a dangerous hobby like rock climbing, or existing health conditions like diabetes, cancer, or heart disease can all cause your premiums to be higher.

  • Coverage Amount

The larger the life insurance coverage amount you’re looking for, the more you’ll pay in premiums each year. A ₦500,000 policy will cost significantly more than a ₦100,000 policy for the same individual. It’s important to get a coverage level appropriate for your family’s needs without going overboard.

  • Policy Term

There are two main types of life insurance policies – term life and permanent/whole life. Term life insurance covers you for a set period of time like 10, 20 or 30 years. It’s cheaper but has no cash value. Permanent life insurance covers you for your entire lifetime and accrues cash value, but it’s much more expensive.

Basic life insurance policies can be enhanced through add-ons called riders. Popular riders include disability income protection, accidental death benefits, waiver of premiums and more. Each extra rider increases your policy premiums.

Finally, you may get quoted different rates for the same coverage from different insurance providers in Nigeria. This is because each company evaluates risk a bit differently and has their own pricing models. It pays to shop around and get quotes from a few different insurers.


To give you a better idea of what you can expect to pay, here are some sample annual premium rates for term life insurance policies for non-smokers in good health in Nigeria for the year 2024:

Male, age 25

  • Coverage for 10 years: ~ ₦8,000
  • Coverage for 20 years: ~ ₦100,000

Male, age 35

  • Coverage for 20 years: ~ ₦75,000
  • Coverage for 30 years: ~ ₦350,000

Female, age 40

  • Coverage for 10 years: ~ ₦18,000
  • Coverage for 20 years: ~ ₦180,000

Male, age 50

  • Coverage for 10 years: ~ ₦35,000
  • Coverage for 20 years: ~ ₦235,000

As you can see, rates increase substantially with your age, the coverage amount, and policy term length. But a healthy 30-year-old male can still get a coverage for 20 years for around ₦150,000 per year, which provides great protection for a reasonable cost.


To ensure you’re getting a fair price for life insurance in Nigeria, follow these tips:

  • Purchase a policy when you’re still young and healthy for the lowest rates
  • Opt for term life insurance unless you need permanent coverage
  • Get quotes from at least 3-5 different life insurance providers
  • Maintain a healthy weight and lifestyle to qualify for the best risk class
  • Only purchase add-on riders if you truly need that additional coverage
  • Work with an independent insurance broker who can help you compare quotes

By being a smart shopper and buying life insurance sooner rather than later, you can get affordable coverage and secure your family’s future finances.


Before we conclude this article, here are some key takeaways regarding the cost of life insurance in Nigeria.

While no one wants to spend more than needed on insurance, life insurance truly is a vital safety net that every family should have in place, especially those with young children or substantial mortgage/debts.

Don’t let the premium costs dissuade you from taking this critical step to protect your loved ones.

Mfonobong Daniel

I am Daniel, a professional financial blogger, an insurance agent and financial adviser. Join me as I unravel and breakdown the mysteries behind insurance policies in Nigeria.

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