Page Banner: 
  • Mortgage Protection

    X

    Mortgage Protection

    It indemnifies the lender to the tune of the outstanding loan in the event of the borrower’s death. This eliminates the burden of loan repayment to the bereaved.

    Features

    • Insures the life of an individual for a specific period equivalent to the mortgage period
    • Insures against death of the mortgagee but cover can be extended to include critical illness, permanent disability and unemployment
    • Single or joint cover available

    Benefits

    • Pays the balance of the loan taken directly to the lender
    • Family of insured is not faced with sudden eviction
    • It also ensures that credit obligations will not be an added burden to the family in the event that the borrower (also being the bread winner) dies prematurely

    Claims documentation requirements

    • Medical Certificate of cause of death
    • Death Certificate
    • Burial Certificate (if any)
    • Coroner's report (if death is by mysterious circumstances)
    • Police Report (if death is by road traffic accident)

    Documentation

    • Completed proposal form
    • Passport photo
    • Proof of age and address
    • Details of mortgage
    • Medical questionnaire or medical examination if age or sum assured are outside free medical limit

  • Keyman Assurance

    X

    Keyman Assurance

    Keyman Protection Plan allows organizations to insure their key personnel for business continuity purposes.

    Features

    • It is purchased by a company on the life of a key person within the organization to protect the company against loss of profit or cost of replacing the key person in the event of death 
    • The aim is to compensate the business for losses and facilitate business continuity
    • It replaces profit that ordinarily would have been lost
    • It provides funds for meeting the cost of replacing/training a successor
    • A key person could be anyone directly associated with the business whose demise could cause financial strain to the business

    Benefits

    • Pays out benefits to the named beneficiary (ies) upon death of the insured
    • Creates a financial cushion for loved ones when death occurs
    • Could be used as collateral for a loan (credit life insurance)
    • It is neither expensive nor complicated
    • Cover is flexible; simply choose the policy you want based on your situation

    Claims documentation requirements

    • Medical Certificate of cause of death
    • Death Certificate (Optional)
    • Burial Certificate (if any)
    • Coroner's report (if death is by mysterious circumstances)
    • Police Report (if death is by accident)

    Documentation

    • Completed proposal form
    • Proof of age and identity
    • Copy of the loan agreement
    • International passport, Driver’s License, voter’s card or National ID
    • Utility bill (PHCN or LAWMA bill)

  • Wapic

    Multi-protection Plan

    X

    Multiprotection Plan

    This is designed to protect loved ones in the event of the demise of the policyholder & financial loss by the policyholder during permanent disability and payment of medical expense.It provides funds for meeting the cost of replacing/training a successor

    Features

    • The sum assured is predetermined.
    • The premium payment is also predetermined.
    • The minimum policy duration is for 1year.
    • The cover period is for 1year.
    • The minimum and maximum age at entry is 18 and 64 years respectively, while the maximum exit age is 65 years.
    • The maximum sum assured is 10,000,000.00, while the minimum sum assured is 100,000.
    • There is also a demise benefit.
    • There is a permanent disability cover (optional at an additional premium)
    • There is medical expense cover (optional at an additional premium)
    • The premium payment is predetermined.
    • The sum assured is payable at demise, permanent disability and medical expense
    • The premium is annually payable.
    • Medical examination is required, for sum assured above N20,000,000.00
    • Hospitalization Benefit

    Benefits

    • There is also a demise benefit.
    • There is a permanent disability cover (optional at an additional premium)
    • There is medical expense cover (optional at an additional premium)
    • The sum assured is payable at demise, permanent disability and medical expense
    • Hospitalization Benefit

    To enjoy these benefits?

    • Complete and submit the proposal form together with your passport photograph, proof of age, means of identification and utility bill
    • Pay the applicable premium as and when due
    • Read and observe the terms and conditions of the policy document

    Documentation

    • Completed proposal form
    • Proof of age and identity
    • Copy of the loan agreement
    • International passport, Driver’s License, voter’s card or National ID
    • Utility bill (PHCN or LAWMA bill)

  • Term Assurance

    X

    Term Life

    Term life assurance is designed to protect the livelihood of the insured’s dependents in the event of his/her demise within the period of the cover.

    Features

    • Insures the life of an individual for a specific period (term)
    • No benefit is paid if the insured survives the term
    • Premium can be paid up-front (single payment) or annually of for each year of the policy term
    • For coverage amounts below N5m Wapic offers a simplified issue term life assurance, with no medical exam and same-day approval

    Benefits

    • Pays out a benefit to the named beneficiary(ies) upon death of the insured
    • Creates a financial cushion for loved ones when death occurs
    • Could be used as collateral for a loan (credit life insurance)
    • It is neither expensive nor complicated
    • Cover is flexible; simply choose the policy you want based on your situation

    Claims documentation requirements

    • Medical Certificate of Cause of Death
    • Death Certificate
    • Burial Certificate (if any)
    • Coroner's report (if death is by mysterious circumstances)
    • Police Report (if death is by road traffic accident)

    Documentation

    • Completed proposal form
    • Passport photo
    • Acceptable evidence of residence
    • Acceptable means of Identification

  • Whole Life

    X

    Whole Life

    It is a life insurance policy which covers the assured for the whole of his/her life. Simply put, if the premiums have been duly paid as and when due then the sum assured is guaranteed to be paid regardless of when death occurs. It comes in two forms: ordinary whole life and limited premium payment whole life. For an ordinary whole life policy, the premiums are payable periodically till the death of the life assured; whereas for the limited premium payment option the premiums are payable till a defined age (such as 45, 50, 55, 60 or 65)

    Features

    • Premium payment pattern is flexible and can be structured according to the needs of the policyholder
    • A policyholder is entitled to a refund on part of the premium paid in the event of a Surrender
    • Flexible premium payment options (weekly, monthly, quarterly, semi-annual, annual etc.)
    • Premiums and benefits are tax deductible
    • Medical examination may be required (if sum assured exceeds a pre-defined amount)

    Benefits

    • Lump sum benefit to the family following the demise of the policyholder
    • Sum assured is guaranteed to be paid provided premiums are not outstanding
    • Cover can be terminated (or surrendered) and part of the accumulated premiums will be refunded
    • The sum assured can be reviewed upwards according to changes in lifestyle

    Claims documentation requirements

    • Medical Certificate of cause of death
    • Death Certificate (Optional)
    • Burial Certificate (if any)
    • Coroner's report (if death is by mysterious circumstances)
    • Police Report (if death is by accident)

    Documentation

    • Completed proposal form
    • Passport photo
    • Acceptable means of ID
    • Acceptable evidence of residence