Leadway Assurance Company Limited 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.
Speaking at the product launch held at the corporate office of Leadway Assurance in Lagos, Head, Life Retail, Mr. Femi Adebayo, explained that the policy provided funeral benefits in respect of all the assured lives as long as their death preceded that of the policyholder. The policy also provided other benefits including offering additional monthly payments to the beneficiaries of the policyholder in the event of his demise.
According to him, the Family Benefit Plan Plus was one of the ways in which Leadway Assurance was making life beautiful for its customers. Also speaking at the launch, General Manager, Life Division, Mr. Shadrack Sivhugwana said he expected that the demand for funeral insurance will be the main driver of insurance growth in Africa in the next couple years, charging the public to take advantage of the new product and be prepared when the inevitable happens.
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.