Insurance can help fund befitting funerals for one’s parents

Burial ceremonies and the associated expenses are a huge burden for many families, particularly in this part of the world. When it is for aged parents, the glamour and fanfare that follow it not only hit the purse but become an issue of worries when the wherewithal is not there.

Many times, people are forced to borrow or sell their properties to meet a burial expense, which therefore makes this natural demand an important expense that should ordinarily be provided for.

Here, insurance has come with a reprieve, not just to give you rest of mind to go about your normal business, but to provide you with the needed fund to give your aged parents a befitting burial when they pass on without having to worry. And where you pass on before the beneficiary parents and spouse, the insurance cover takes care of your dependants for a certain period of time.

Leadway Assurance Company Limited, well aware of this challenge, has launched a new Life product named the Leadway Family Benefit Plan Plus(LFBPP).

The product is a multi-life policy designed to cover funeral expenses for the assured lives (spouse, parents and/or parents-in-law that are named in the policy) and the policy holder (person who purchased the policy). The policy helps to alleviate and bury the worries associated with the funerals for elderly loved ones.

Giving details of the new product, Femi Adebayo, head, life retail, explained that the policy provides funeral benefits in respect of all the assured lives as long as their death precedes that of the policyholder.

The policy also provides other benefits including offering additional monthly payments to the beneficiaries of the policyholder in the event of his demise. The Family Benefit Plan Plus, in his own words, was one of the ways in which Leadway Assurance was making life beautiful for its customers.

Also speaking at the product launch held at the Corporate office of Leadway Assurance in Lagos, Shadrack Sivhugwana, the general manager, life division, said he expected that the “…demand for funeral insurance will be the main driver of insurance growth in Africa in the next couple of years.”

He therefore invites the public to take advantage of the new product and be prepared when the inevitable happened.

Established over 45 years ago, Leadway is a composite insurance company underwriting both Life and General Insurance business with 23 branches spread across Nigeria.

Leadway’s reputation has been attained by the continuing pursuit of improvements to maintain its competitive advantage within a very soft market environment. The company also offers subsidiary financial services like Bonds, Secured Credit, Miscellaneous financial losses and Fund/Portfolio management.

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