Top 10 Best Life Insurance Companies in Nigeria (2024)

Life is precious, and in Nigeria, where families and communities are deeply intertwined, its value transcends individual well-being. Securing the future of loved ones is a core responsibility, and life insurance plays a vital role in fulfilling this promise.

The good news? As Nigeria’s economy flourishes, the life insurance market is experiencing a boom, offering a wider range of options and greater awareness than ever before. But with such diversity comes the challenge of choosing the right provider. This is where we come in.

life insurance in Nigeria

This guide delves into the world of life insurance in Nigeria, helping you to understand and make informed decisions. We’ll unveil the top 10 life insurance companies currently operating in the country, highlighting their strengths, offerings, and unique features. But before we dive in, let’s explore the factors that truly matter when selecting your trusted insurance partner.


While securing your loved ones’ future through life insurance is a wise decision, choosing the best among the multitude of available companies can feel overwhelming. Worry not! This section equips you with the essential knowledge to discern the perfect life insurance company that will fit for your needs.

  • Financial Strength: This reigns supreme. Opt for companies boasting a strong financial rating, ensuring they can deliver on their promise even in unpredictable times. Look for ratings from reputable agencies like NAICOM (National Insurance Commission) and AM Best.
  • Product Offerings: Life insurance isn’t one-size-fits-all. Different companies offer diverse plans, from term life with affordable premiums to comprehensive whole life policies with investment components. Identify your specific needs (debt protection, income replacement, wealth accumulation) and compare product offerings accordingly.
  • Customer Service: Imagine facing a claim at a vulnerable time. Seamless and empathetic customer service becomes crucial. Research online reviews, reach out to customer helplines, and choose a company known for its responsiveness and helpfulness.
  • Premiums: Cost matters, but don’t prioritize affordability over reliability. Compare quotes from different companies, ensuring you understand coverage details and exclusions before making a decision. Remember, peace of mind shouldn’t come at the expense of inadequate protection.
  • Additional Features: Some companies offer unique perks, like riders for critical illness or accidental death, or online tools for managing your policy. Consider these add-ons based on your individual circumstances and preferences.

By keeping these key factors in mind, you’ll be well-equipped to select the best life insurance company for your unique needs.


Here are the 10 life insurance companies leading the charge in Nigeria, each offering its own distinct advantage:


Prudential Zenith Life is a leading life insurance company in Nigeria today. It was formerly called “Zenith Life Insurance”. In 2016, the world’s oldest insurance company, Prudential Plc, purchased the majority of Zenith Life Insurance. As a result, Prudential Zenith Life was born.

Additionally, Prudential Zenith Life provides products and services for both individual and business clients. These consist of:

  • My Savings Plan
  • My Family Protection Plan
  • Hospital Cash Plan
  • Mortgage Protection Plan
  • Child Education Cash Plan
  • Keyman Assurance Plan
  • Group Life Assurance
  • Credit Life Assurance


Renowned for its customer-centric approach and innovative products, AIICO caters to individual and group needs with flexible plans and online policy management tools. AIICO Insurance stands out as a market leader, boasting a long-standing presence in the Nigerian market since its establishment in 1963. When it comes to experience, brand recognition, and established trust amongst consumers, AIICO guarantees that.

Also, with a consistent AM Best rating of B++, AIICO demonstrates financial stability and the ability to fulfill claims obligations. They offer a wide range of life insurance products catering to various needs, including:

  • Term Life: Affordable plans providing financial protection for a specific period.
  • Whole Life: Combines protection with a savings component, building cash value over time.
  • Endowment Plans: Guarantees a lump sum payout at maturity or upon death.
  • Unit Linked Plans: Combines life insurance with investment potential, allowing policyholders to benefit from market growth.
  • Retirement Plans: Helps individuals accumulate funds for a comfortable retirement.
  • Group Life Insurance: Provides coverage for employees of businesses.


Leadway Assurance holds a dominant share of the Nigerian life insurance market. Established in 1963, they boast a long-standing reputation and experience, inspiring trust among numerous policyholders. Boasting a dominant market share and a strong financial record, Leadway offers a diverse range of life insurance plans, including comprehensive whole life and affordable term life options.

They also maintain a strong financial standing, reflected in their AM Best rating of B++ (Fair). This signifies their ability to meet long-term claims obligations, offering peace of mind to policyholders.

Leadway caters to various life insurance needs through a comprehensive product range:

  • Leadway Term Assurance Plan: Affordable basic coverage for a specific period.
  • Leadway Convertible Term Plan: Flexibility to convert to a permanent plan later.
  • Leadway Executive Term Plan: Tailored for high net worth individuals with higher coverage limits.
  • Leadway Endowment Assurance Plan: Guarantees a lump sum payout at maturity or death.
  • Leadway Whole Life Plan: Combines protection with a savings component building cash value.
  • Leadway Endowment with Unit Linked Option: Merges guaranteed protection with investment potential.
  • Leadway Unit Trust Assurance Plan: Combines protection with market-linked investment for potential growth.
  • Leadway ULIP for Education/Retirement: Goal-oriented plans to accumulate funds for specific needs.
  • Leadway Group Term Assurance Plan: Provides basic coverage for employee groups.
  • Leadway Group Life with Savings Plan: Offers protection with additional savings benefits.


FBN Insurance is a life insurance company that offers protection to both individual and commercial clients. With the support of its affiliation with FBN Holdings Plc, FBN Insurance operates in key places around Nigeria.

It is a company with limited liability with a licence to conduct life insurance transactions in Nigeria. FBN Holdings and Sanlam Group jointly own FBN Insurance (South Africa)

The general insurance company Oasis Insurance was purchased by FBN Insurance Limited in 2014, and it is currently known as FBN General Insurance. It functions as an FBN Insurance Limited subsidiary.

Their products include:

  • Easy Save Plan
  • Flexi Edu Plan
  • Flexi Save Plan
  • Family Income Protection Plan
  • Personal Retirement Plan
  • Group Life Assurance
  • Credit Life Assurance
  • Term Assurance
  • Keyman Assurance
  • Mortgage Protection Plan


This financially secure company specializes in tailored solutions, offering customizable life insurance plans to match your specific requirements and budget.

Custodian and Allied Insurance (C&A) operates within the Nigerian insurance landscape, specializing in crafting tailored life insurance solutions for diverse needs and budgets. While not dominating the market share, C&A stands out for its flexible approach and commitment to financial security.

C&A maintains a stable financial standing, crucial for fulfilling claims obligations. While their AM Best rating isn’t publicly available, they demonstrate transparency through regular financial reports on their website.

Their product offerings include:

  • Custodian Term Assurance Plan
  • Custodian Convertible Term Plan
  • Custodian Endowment Assurance Plan
  • Custodian Whole Life Plan
  • Custodian Unit Linked Plan
  • Custodian Home Shield
  • Custodian Tuition Protection Plan


A subsidiary of a global insurance giant, AXA Mansard provides innovative products like Unit Linked plans, combining life insurance with investment potential.


With a legacy of over 60 years, Mutual Benefits is known for its affordability and accessibility, offering basic life insurance options suitable for budget-conscious individuals.


Focused on innovation and digitalization, N.E.M. offers competitive premiums and easy-to-understand life insurance plans, making insurance accessible to a wider audience.


This rapidly growing company caters to diverse needs with a range of traditional and specialized life insurance plans, including Sharia-compliant options.

If you choose the right life insurance company, it will be a great step towards securing your loved ones’ future. By utilizing our guide and conducting thorough research, you’ll be empowered to make an informed decision and have the peace of mind that comes with knowing that your family is protected.

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