Key Points
- Leadway Assurance has introduced a whole-of-life insurance product for families.
- The plan covers policyholders and eligible dependants while providing living benefits.
- Policyholders may access part of their cover for critical illness and major life goals.
- Leadway says the product responds to changing family structures and financial responsibilities.
Main Story
Leadway Assurance has launched the Leadway Lifetime Plan, a whole-of-life insurance product designed to provide financial protection for families across generations.
Executive Director, Technical and Operations, Leadway Assurance, Olufunmilayo Amanwa, unveiled the product in Lagos.
Amanwa said the plan was developed in response to the growing financial responsibilities of Nigerians who support children, spouses, ageing parents and other relatives.
She said the traditional nuclear family structure no longer reflected the financial realities of many households, with some individuals supporting several generations simultaneously.
According to her, the new product combines lifelong protection with benefits that policyholders can access during their lifetime.
Amanwa said eligible policyholders and their spouses could, after five years of full premium payments and subject to the policy terms, access up to 50 per cent of their current sum assured following diagnosis of a covered critical illness.
She said the benefit was intended to provide financial support when serious illness places pressure on household income and savings.
The plan also allows eligible policyholders to access up to 50 per cent of the policy value for significant life goals after the premium payment period plus five years, subject to applicable conditions.
Mrs Rosetta Aryeetey, Head of Life Underwriting and Life Business at Leadway Assurance, said the product was developed after the company examined the changing needs of its customers.
She said customers increasingly required insurance products that could provide financial support during their lifetime rather than only paying benefits after death.
Aryeetey said the plan combines multi-life protection, living benefits, long-term value and flexibility to address different stages of customers’ financial lives.
She also highlighted the Escalation of Sum Assured option, which allows policyholders to increase their benefits by a fixed percentage as their financial needs change.
According to her, the feature enables customers to adjust their protection as their financial circumstances evolve.
Aryeetey said the Lifetime Plan differs from Leadway’s existing Family Benefit Plan because it combines multi-generational protection with financial benefits accessible during the policyholder’s lifetime.
She said the product was part of Leadway’s efforts to help families strengthen financial resilience and maintain stability while planning for the future.
The Issues
The product targets Nigerians with financial responsibilities extending beyond their immediate households and seeks to provide protection for multiple generations.
What’s Being Said
“The Leadway Lifetime Plan was built around this reality. It gives policyholders a way to extend continuous protection to the extended family.” – Olufunmilayo Amanwa, Executive Director, Technical and Operations, Leadway Assurance.
“The starting point for the Leadway Lifetime Plan was the customer. We looked closely at how families are structured today, how financial responsibilities are shared and the challenges customers face when they are responsible for several generations at the same time.” – Rosetta Aryeetey, Head, Life Underwriting and Life Business, Leadway Assurance.
What’s Next
Leadway Assurance will offer the Lifetime Plan as part of its life insurance solutions, with features allowing eligible customers to access benefits during their lifetime and adjust their level of protection.
Bottom Line
Leadway says the Lifetime Plan is designed to match the changing financial realities of Nigerian families by combining long-term protection with benefits that policyholders can use during their lifetime.
