Life Insurance Companies in Nigeria (Top Insurers)

Life insurance pays out to your beneficiaries if you die during the policy term, or returns a savings amount if you outlive a fixed-term plan. In Nigeria, life cover is sold by NAICOM-licensed insurers — some pure life specialists, others composite firms offering both life and non-life products. This guide lists the leading life insurers operating today, the products they sell, and how to choose between them.

The industry is regulated by the National Insurance Commission (NAICOM), which licenses operators, sets capital requirements, and disciplines firms that fail to pay claims. Always verify a company’s licence status on the NAICOM website before paying any premium.

What is Life Insurance?

Life insurance is a contract: you pay a regular premium, and the insurer pays a lump sum (the “sum assured”) to your nominated beneficiaries if you die during the policy term, or to you if you outlive a savings-linked plan. It exists to make sure your dependants are not left financially stranded.

Types of Life Insurance Sold in Nigeria

Term life: covers you for a fixed number of years (e.g. 10, 20). Pure protection — no payout if you outlive it. Cheapest per ₦1m of cover.
Whole life: lifetime cover with a savings/cash-value component. Higher premium.
Endowment: combines life cover with savings. Pays out on death or at policy maturity, whichever comes first.
Group life: bought by employers to cover staff under one master policy.
Education plans: savings vehicle that pays for school fees if you die or at the maturity date.
Microinsurance: low-premium, low-cover policies aimed at informal-sector earners.

How to Choose a Life Insurance Company

NAICOM licence and standing

Confirm the company is on the current NAICOM licensed list. NAICOM has revoked or suspended licences before, leaving policyholders without cover — Niger Insurance and Standard Alliance had their certificates cancelled in June 2022, and African Alliance Insurance was placed under regulatory takeover in October 2024.

Claims-payment record

A cheap policy is worthless if the insurer drags its feet on payouts. Search “[company name] claims” online for recent complaints, and ask for the insurer’s claims-settlement ratio.

Financial strength

Check capital adequacy and credit ratings (Agusto, GCR). Larger, better-capitalised firms tend to settle claims faster.

Premium vs cover

Compare the sum assured per ₦ of premium across at least three quotes. Term life is usually the cheapest pure-protection product — don’t pay for savings features you don’t need.

Product fit

Match the product to your goal: protection only (term), protection plus savings (endowment, whole life), school-fees ring-fencing (education plan), or workforce coverage (group life).

Service and digital access

Online policy purchase, mobile app, USSD claim notification, and responsive customer support all reduce the friction when you actually need to use the policy.

Top Life Insurance Companies in Nigeria

The companies below are NAICOM-licensed and currently active in the life or composite insurance space.

1. AIICO Insurance Plc

Founded: 1963
Head office: Victoria Island, Lagos
Services: Life insurance, annuities, pensions, health
Notable products: AIICO WealthBuilder Plan, AIICO Education Plan
Website: aiicoplc.com

One of the oldest and largest insurance groups in Nigeria, with strong distribution and a long claims history.

2. Leadway Assurance Company Ltd

Founded: 1970
Head office: Iponri, Lagos
Services: Life, term, group, and investment-linked plans
Notable products: Leadway Family Benefit Plan, Education Savings Plan
Website: leadway.com

Reputation for solvent balance sheet and prompt claim settlement.

3. Custodian Life Assurance Ltd

Parent: Custodian Investment Plc
Head office: Ikoyi, Lagos
Services: Individual and group life, pensions
Notable products: Custodian Gold Plan, Investment Plus
Website: custodianplc.com.ng

4. AXA Mansard Insurance Plc

Originally: Guaranty Trust Assurance (founded 1989); joined AXA Group in 2014
Head office: Victoria Island, Lagos
Services: Life, health, pensions
Notable products: Family Income Protection Plan, Retirement Savings Plan
Website: axamansard.com

Backed by the global AXA Group, with subsidiaries in pensions, health, and investments.

5. Sanlam Life Insurance Nigeria (formerly FBN Insurance)

Transitioned: Acquired and rebranded by Sanlam Group
Head office: Marina, Lagos
Services: Term, education, retirement, investment plans
Website: firstbanknigeria.com

6. Mutual Benefits Assurance Plc

Founded: 1995
Head office: Ikorodu Road, Lagos
Services: Group life, credit life, term assurance
Website: mutualng.com

Sells both individual and SME-focused life products.

7. Tangerine Life Insurance (incorporates ARM Life)

Merged: ARM Life and Tangerine merged in 2020
Services: Individual life, group life, savings plans
Website: tangerine.africa

8. NSIA Insurance Ltd

Ownership: Part of the NSIA Group (Francophone Africa)
Head office: Lagos
Services: Group life, term, mortgage protection
Website: nsia.com.ng

9. Coronation Life Assurance Ltd

Group: Coronation Group
Focus: Digital-first life products targeting younger earners and SMEs
Website: coronation.ng

10. Heirs Life Assurance Ltd

Founded: 2021 (part of Heirs Holdings)
Chairman: Tony Elumelu
Services: Life cover with a strong digital onboarding flow
Notable product: Heirs Life Protect Plan
Website: heirslifeassurance.com

Other NAICOM-Licensed Insurers Selling Life Cover

The composite insurers below combine general and life insurance under one licence.

Cornerstone Insurance Plc

Licensed by NAICOM since 1991 to sell both general and life cover. Customer-focused product range.

LASACO Assurance Plc

Composite insurer incorporated 1979 (originally Lagos State Assurance Company). Licensed to underwrite life and general business.

Sovereign Trust Insurance

Began in 1995 after the recapitalisation of Grand Union Assurance. Head office on Adetokunbo Ademola Street, Victoria Island, Lagos.

Industrial and General Insurance (IGI) Plc

Incorporated 1991, became a public company in 2007. Tailor-made cover for retail and corporate buyers.

Guinea Insurance Plc

One of Nigeria’s older insurers, operating since 1958. Covers non-life and special risks.

International Energy Insurance

Founded 1969, originally focused on energy and marine risks; now offers a wider general-insurance range.

Insurers to Avoid

The following companies have had regulatory action taken against them — verify the latest status with NAICOM before engaging:

Niger Insurance Plc — NAICOM revoked its certificate of registration in June 2022. A receiver/liquidator was appointed.
Standard Alliance Insurance Plc — licence revoked alongside Niger Insurance in June 2022.
African Alliance Insurance Plc — NAICOM dissolved the board and took over management in October 2024; the firm has had longstanding annuity and claims issues.
Goldlink Insurance Plc — delisted from the Nigerian Exchange in 2024 over compliance failings.

Life Insurance Penetration in Nigeria

Insurance penetration in Nigeria sits below 1% of GDP — one of the lowest rates among major African economies. Three trends are reshaping the picture:

Digital channels (USSD, mobile apps, web purchase) reducing the friction of buying a policy.
Microinsurance products targeting informal-sector workers with weekly or monthly micro-premiums.
Tighter NAICOM enforcement on capital adequacy and claim settlement.

Frequently Asked Questions

Is life insurance worth it in Nigeria?

Yes if you have dependants who rely on your income, school fees coming up, or business loans that would fall on family members. A term-life policy is the cheapest way to cover that gap.

How much does life insurance cost in Nigeria?

Term-life premiums for a healthy 30-year-old typically start from a few thousand naira a month for a ₦5m–₦10m sum assured, depending on the term length and insurer. Whole-life and endowment plans cost more because of the savings component.

How do I verify a Nigerian insurance company is licensed?

Visit naicom.gov.ng and check the licensed-operators directory under Life, General, or Composite. The list is updated when licences are issued, suspended, or revoked.

Can I buy life insurance online?

Most of the top insurers — AIICO, Leadway, AXA Mansard, Sanlam, Heirs Life, Coronation — offer online quotation and policy purchase. You’ll need a valid ID, bank details, and a beneficiary nomination.

What happens to my policy if my insurer’s licence is revoked?

NAICOM appoints a liquidator to settle claims from remaining assets. Payout amounts and timelines depend on the firm’s solvency at the point of revocation. This is why ongoing licence-status checks matter.

What’s the difference between life insurance and life assurance?

Many Nigerian companies use the words interchangeably, but technically: insurance covers an event that may or may not happen (e.g. dying within a 20-year term); assurance covers an event that will certainly happen (e.g. death — covered for life under a whole-life policy).

Can I have more than one life insurance policy?

Yes. Many Nigerians stack a term-life policy for protection with an endowment or education plan for savings. You must disclose existing cover when applying for a new policy.