Compare life insurance in Nigeria
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Best overall — claims & strength
Leadway Assurance
★★★★★
NAICOM-licensed
Regulator
Strongest (₦799bn assets)
Financial Strength
Industry-leading
Claims Record
Term, whole life, group life
Products
Claims certainty
Best For
Pros
- Strongest claims-paying record
- Rock-solid financial strength
- Full range including group life
Cons
- Premiums are not the cheapest
- Large-company processes
Fees, eligibility & documents
Fees
PremiumQuote-based (by age & cover)
ProductsTerm, whole, group
ClaimsIndustry-leading record
Eligibility
- Typically age 18–60 at entry (varies by product)
- Answer basic health questions
- Name a beneficiary
Documents needed
- Valid ID
- Proof of age
- Beneficiary details (and medical info if required)
Best for life
AIICO Insurance
★★★★☆
NAICOM-licensed
Regulator
Life-insurance heavyweight
Speciality
Among the largest (₦156bn premiums)
Size
Term, whole life, endowment, group
Products
Life cover
Best For
Pros
- Deep life-insurance expertise
- Large, established insurer
- Strong claims reputation
Cons
- Agency-led (less digital)
- Whole-life products cost more
Fees, eligibility & documents
Fees
PremiumQuote-based (by age & cover)
ProductsTerm, whole, endowment, group
SpecialityLife heavyweight
Eligibility
- Typically age 18–60 at entry (varies by product)
- Answer basic health questions
- Name a beneficiary
Documents needed
- Valid ID
- Proof of age
- Beneficiary details (and medical info if required)
Best digital
AXA Mansard
★★★★☆
NAICOM-licensed
Regulator
Digital experience
Standout
Largest among NG insurers
Market Cap
Term, whole life, savings-linked
Products
Buying online
Best For
Pros
- Best digital experience
- Large, well-capitalised insurer
- Savings-linked options
Cons
- Premiums can be higher
- Fewer traditional-agent touchpoints
Fees, eligibility & documents
Fees
PremiumQuote-based (by age & cover)
ProductsTerm, whole, savings-linked
StandoutDigital
Eligibility
- Typically age 18–60 at entry (varies by product)
- Answer basic health questions
- Name a beneficiary
Documents needed
- Valid ID
- Proof of age
- Beneficiary details (and medical info if required)
Custodian Life
★★★★☆
NAICOM-licensed
Regulator
Strong financials
Strength
Term, whole life, group
Products
Group life for employers
Group
Solid, no-frills cover
Best For
Pros
- Strong, well-run insurer
- Credible financials
- Good group-life option
Cons
- Less life-brand presence than AIICO/Leadway
- Digital experience modest
Fees, eligibility & documents
Fees
PremiumQuote-based (by age & cover)
ProductsTerm, whole, group
StrengthSolid financials
Eligibility
- Typically age 18–60 at entry (varies by product)
- Answer basic health questions
- Name a beneficiary
Documents needed
- Valid ID
- Proof of age
- Beneficiary details (and medical info if required)
Cornerstone Insurance
★★★★☆
NAICOM-licensed
Regulator
Agile, modernising
Style
Term, whole life, group
Products
Improving digital & value
Standout
Value / a competitive quote
Best For
Pros
- Competitive and value-focused
- Modernising fast
- Listed, improving profitability
Cons
- Smaller than the top insurers
- Shorter claims track record than the leaders
Fees, eligibility & documents
Fees
PremiumQuote-based (by age & cover)
ProductsTerm, whole, group
StyleAgile, modernising
Eligibility
- Typically age 18–60 at entry (varies by product)
- Answer basic health questions
- Name a beneficiary
Documents needed
- Valid ID
- Proof of age
- Beneficiary details (and medical info if required)
Digital-first
Heirs Life Assurance
★★★★☆
Term life, savings and investment-backed plans, children's education plans, Triple Pay investment plan, group life, credit life
Products
NAICOM-licensed life insurer (company footer states RIC No. 093; NAICOM's life register page lists Heirs Life at RIC 094 — see notes)
Licence
Young, well-capitalised insurer (N8bn paid-up capital stated on its site) with genuinely digital onboarding and claims
Strength
First-time buyers who want simple cover bought entirely online or by USSD
Best For
insurer
Type
Pros
- End-to-end digital: mobile app, self-service portal, AI chat support and USSD access for non-smartphone users
- Simple, clearly named products aimed at ordinary savers rather than corporates
- Part of the well-funded Heirs Holdings group, with published reinsurance backing
Cons
- Short track record — licensed only in 2020, so long-term claims and bonus history is limited compared with older insurers
- Product range is deliberately simple; high-net-worth or complex estate-planning needs may be better served elsewhere
- Savings-type plans' returns depend on the insurer's declared rates — not guaranteed to beat inflation
Fees, eligibility & documents
Fees
PremiumsQuoted individually by age, sum assured and plan — no public flat rates; get a quote on the site or via USSD
Eligibility
- Nigerian resident within the age band of the chosen plan
- Valid means of identification
- Medical underwriting may apply for larger sums assured
Documents needed
- Completed proposal form (digital)
- Valid government ID (NIN, passport, driver's licence or voter's card)
- Passport photograph; medical report only if requested for higher cover
Pan-African group
SanlamAllianz Life Insurance Nigeria
★★★★☆
Retail life (protection, savings and endowment-style plans) and corporate/group life; general cover via its sister general-insurance company
Products
NAICOM-licensed life insurer, RIC No. 050 (stated on its own site and on NAICOM's life register); NAICOM issued fresh licences under the SanlamAllianz name in 2025
Licence
Backing of Sanlam and Allianz — the largest pan-African non-banking financial services group — plus a 15-year Nigerian operating history through its FBN lineage
Strength
Buyers who prioritise a large multinational balance sheet behind their policy
Best For
insurer
Type
Pros
- Continuous Nigerian operating history since 2010 (as FBN Life, then FBNInsurance, then Sanlam Life)
- Sanlam and Allianz group backing brings deep reinsurance and actuarial resources
- Established distribution through bancassurance and agency networks, not just online channels
Cons
- Three rebrands in six years (FBNInsurance → Sanlam → SanlamAllianz) can make older policy documents and brand recognition confusing
- Less digital-native than newer rivals — expect more form-filling and branch/agent interaction for some products
- Published product detail on the Nigerian site is thin; you will likely need to speak to an agent for exact terms
Fees, eligibility & documents
Fees
PremiumsIndividually underwritten by age, term and sum assured — request a quote
Eligibility
- Nigerian resident within the plan's entry-age limits
- Valid means of identification
- Medical examination for larger sums assured
Documents needed
- Completed proposal form
- Valid government ID
- Passport photograph; medical report where underwriting requires it
Bancassurance reach
Prudential Zenith Life Insurance
★★★★☆
Savings and investment-linked plans, endowment and education plans, protection/term cover, group life, credit life, mortgage and school-fees protection
Products
On NAICOM's life register (RIC No. 090)
Licence
Prudential plc's international life expertise plus Zenith Bank's distribution network; reported capital comfortably above NAICOM's new minimum for life underwriters
Strength
Zenith Bank customers and buyers who want a global life-insurance brand behind their policy
Best For
insurer
Type
Pros
- Majority backing from Prudential plc, one of the world's largest life insurers
- Convenient access through Zenith Bank branches under an exclusive bancassurance arrangement
- Reported profitability and capital strength under NAICOM's new capital regime
Cons
- The official website is thin on published product terms — you will need to contact them or a Zenith branch for actual rates
- Distribution leans heavily on the Zenith relationship; non-Zenith customers get a less seamless experience
- Investment-linked plan returns are not guaranteed and depend on underlying fund performance
Fees, eligibility & documents
Fees
PremiumsIndividually quoted; no public rate card — request a quote through the site or a Zenith Bank branch
Eligibility
- Nigerian resident within the plan's entry-age limits
- Valid means of identification
- Medical underwriting for higher sums assured
Documents needed
- Completed proposal form
- Valid government ID
- Passport photograph; medical report where required
Coronation Life Assurance
★★★★☆
Enhanced term protection, lifetime (whole-of-life) protection, flexible investment plan, flexible retirement plan, retirement annuity (Pension Reform Act 2014), savings and investment plans
Products
On NAICOM's life register (Coronation Life Assurance Limited, RIC No. 046)
Licence
Part of the broader Coronation group ecosystem (asset management, securities, insurance) with a six-decade insurance lineage through Wapic
Strength
Retirees buying an annuity with their RSA balance, and savers who want life cover bundled with investment
Best For
insurer
Type
Pros
- One of the clearer Nigerian annuity propositions, built around the Pension Reform Act 2014 RSA annuity requirement
- Broad product ladder from cheap renewable term cover up to whole-of-life and investment plans
- Sits inside a diversified financial group, useful if you already use Coronation's asset-management arm
Cons
- The life-assurance pages do not display a NAICOM licence statement prominently — licensing is confirmed via NAICOM's register rather than the product pages
- Brand has been through several identities (Intercontinental → Wapic → Coronation), which muddies its long claims history
- Investment-plan returns are declared by the insurer and not guaranteed
Fees, eligibility & documents
Fees
PremiumsIndividually quoted by age, term and sum assured; annuity rates depend on your RSA balance and prevailing rates — request a quote
Eligibility
- Nigerian resident within the plan's entry-age limits
- For the retirement annuity: RSA holder at retirement or age 50+, per the Pension Reform Act 2014
- Medical underwriting for larger protection sums
Documents needed
- Completed proposal form
- Valid government ID
- For annuities: RSA/PFA documentation; medical report where required
Tangerine Life
★★★★☆
Protection plans, education and savings plans, mortgage protection, family welfare/funeral cover, credit life, group life for employers
Products
Authorised and regulated by NAICOM, RIC 042 (stated on tangerine.africa and on NAICOM's life register)
Licence
Modern digital onboarding and a focused retail product set; inherits the books of two established insurers (Metropolitan Life and ARM Life)
Strength
Digitally comfortable buyers who want straightforward retail cover with online quotes
Best For
insurer
Type
Pros
- Clear NAICOM licence statement (RIC 042) published on its own site
- Digital client portal and online quote flow — less agent-dependent than legacy insurers
- Merger heritage means a larger in-force book and actuarial base than its young brand suggests
Cons
- The Tangerine brand itself only dates from 2020, and private-equity ownership raises the possibility of future ownership changes
- Smaller balance sheet and brand recognition than the multinational-backed insurers on this page
- Advertised maximum retail cover (₦50m) is modest for high-net-worth protection needs
Fees, eligibility & documents
Fees
PremiumsQuoted individually; monthly, quarterly and annual payment frequencies advertised — get a quote online
Eligibility
- Nigerian resident within the plan's entry-age limits
- Valid means of identification (NIN update requested for existing policyholders)
- Medical underwriting for larger sums assured
Documents needed
- Completed digital proposal form
- Valid government ID (NIN prominently requested)
- Passport photograph; medical report where required
Mass-market focus
Mutual Benefits Life Assurance
★★★★☆
Individual life and savings plans, education plans, group life, credit life and micro-insurance-style mass-market cover
Products
On NAICOM's life register (Mutual Benefits Life Assurance Ltd, RIC No. 027)
Licence
Listed parent company (Mutual Benefits Assurance Plc) with wide agency distribution and decades in the Nigerian market
Strength
Budget-conscious buyers and those who prefer buying through an agent network rather than online
Best For
insurer
Type
Pros
- Long-established, publicly listed parent with published financials
- Strong agency and retail distribution reaching customers most digital-first insurers miss
- Affordable, mass-market product positioning
Cons
- Licensing and product detail are not clearly displayed on the group website — the life subsidiary's NAICOM status had to be confirmed via NAICOM's register
- Digital experience lags newer rivals; expect agent- and branch-led processes
- Brand sits in the mid-tier for financial strength compared with the multinational-backed insurers here — review its latest accounts if buying a long-term policy
Fees, eligibility & documents
Fees
PremiumsIndividually quoted; mass-market plans are positioned as low-premium — confirm rates with an agent
Eligibility
- Nigerian resident within the plan's entry-age limits
- Valid means of identification
- Medical underwriting for larger sums assured
Documents needed
- Completed proposal form
- Valid government ID
- Passport photograph; medical report where required
Bank-backed
Stanbic IBTC Insurance
★★★★☆
Retiree annuity, term assurance, education endowment, mortgage protection, Sunset (funeral) plan, endowment plans; group life for employers
Products
NAICOM life licence — RIC 095
Licence
Member of Stanbic IBTC Holdings, with group ties across banking, pensions and asset management
Strength
Retirees buying an annuity and savers who want life cover from a bank-affiliated group
Best For
insurer
Type
Pros
- Verified on NAICOM's life insurers register (RIC 095)
- Backing of the Stanbic IBTC group, which has managed Nigerian funds for over two decades
- Clear product range including retiree annuities under the pension reform framework
Cons
- One of the newer life licences on the register, so its standalone claims track record is shorter than long-established rivals
- Product range is tighter than the biggest composite insurers
- Premiums and returns are quote-based — you must engage an adviser to see real numbers
Fees, eligibility & documents
Fees
PremiumsQuote-based; depend on age, cover amount, term and product
Eligibility
- Nigerian residents; age limits vary by product
- Retiree annuity requires pension-scheme retirement status
Documents needed
- Valid ID
- Completed proposal form
- Product-dependent extras (e.g. retirement documentation for annuities)
Enterprise Life Assurance Nigeria
★★★★☆
Digisave (digital savings-plus-cover), Child Educare, Life Time Needs, Income Protection, Family Care
Products
NAICOM life licence — RIC 096
Licence
Member of Enterprise Group Plc, a long-established West African insurance group headquartered in Ghana
Strength
Savers who want a simple digital-first life-and-savings plan
Best For
insurer
Type
Pros
- Verified on NAICOM's life insurers register (RIC 096)
- Part of a century-old West African insurance group, bringing regional experience to Nigeria
- Digisave offers a fully digital sign-up, unusual among Nigerian life insurers
Cons
- A newer entrant to the Nigerian market with a smaller local footprint than long-established incumbents
- Narrower product shelf — no annuity range comparable to the biggest life offices
- Premiums are quote-based; no pricing is published online
Fees, eligibility & documents
Fees
PremiumsQuote-based; flexible contribution levels on savings-linked plans
Eligibility
- Nigerian residents; age limits vary by product
Documents needed
- Valid ID
- Completed proposal form
Lasaco Assurance
★★★★☆
Individual life, group life, Lasaco Education Plan, Investment Plan, Estate Plan, Future Secure Plan, Executive Corporate Plan
Products
NAICOM composite licence (life and general) — RIC 023
Licence
Established composite insurer listed on NAICOM's register, with a wide branch-era distribution history
Strength
Buyers who want a traditional Nigerian insurer covering life and non-life needs under one roof
Best For
insurer
Type
Pros
- Verified on NAICOM's composite insurers register (RIC 023), with the licence also stated on its own site
- Broad life product shelf, from education savings to estate planning
- Handles both life and general business, convenient for bundling cover
Cons
- Composite (not specialist life) insurer — life is one line among several
- Website publishes no pricing or claims-turnaround statistics, so you must request quotes to compare value
- Brand and digital experience trail the largest bank-backed and pan-African rivals
Fees, eligibility & documents
Fees
PremiumsQuote-based; depend on plan, cover amount and term
Eligibility
- Nigerian residents; age limits vary by product
Documents needed
- Valid ID
- Completed proposal form
NSIA Insurance
★★★★☆
Term assurance, whole life (Living Companion), keyman, education protection, group life, credit life, mortgage protection, savings/endowment plans, deferred annuity
Products
NAICOM composite licence (life and general) — RIC 003
Licence
Three decades of operating history and one of the wider life product shelves among composites
Strength
Borrowers needing credit or mortgage protection and families wanting classic protection-plus-savings plans
Best For
insurer
Type
Pros
- Verified on NAICOM's composite insurers register (RIC 003), also stated on its own site
- Unusually wide life range for a composite, including deferred annuities and mortgage protection
- States 30+ years of operating experience
Cons
- Composite insurer — life competes for attention with a large general-insurance book
- No published pricing or claims statistics on the site; comparison requires direct quotes
- Group affiliation and financial-strength detail are thin on the website
Fees, eligibility & documents
Fees
PremiumsQuote-based; depend on age, cover, term and product
Eligibility
- Nigerian residents; age limits vary by product
Documents needed
- Valid ID
- Completed proposal form
