Leadway Assurance has unveiled the Leadway Lifetime Plan, a whole-of-life insurance solution designed to provide financial protection for families beyond the immediate household.
The Executive Director, Technical and Operations, Leadway Assurance, Ms Olufunmilayo Amanwa, during the unveiling in Lagos, said the initiative was designed to address the changing financial responsibilities of Nigerians.
Amanwa said particularly those supporting children, spouses, ageing parents and other members of their extended families.
She explained that the product was developed in response to evolving family structures and financial responsibilities.
Amanwa said financial responsibilities now extended beyond the nuclear family, with many individuals supporting several generations at the same time.
“Today, one individual may be supporting children, a spouse, ageing parents, and in some cases, parents-in-law or siblings, all at once.
“That reality demands a different approach to protection. The Leadway Lifetime Plan was built around this reality.
“It gives policyholders a way to extend continuous protection to the extended family, ensuring the people who depend on them are covered, while also delivering meaningful benefits to policyholders within their own lifetime,” she said.
Amanwa said the plan reflected Leadway’s commitment to developing insurance solutions that responded to how people actually lived, rather than simply repackaging existing products.
According to her, the plan provides a combination of whole-life protection and living benefits to support policyholders during critical stages of their lives.
Amanwa said that after five years of complete premium payment, and subject to the policy terms, the policyholder and spouse could access up to 50 per cent of their current sum assured upon diagnosis of a covered critical illness.
She said the benefit was designed to provide financial support when serious health conditions could place pressure on income, savings and household finances.
“The plan also allows eligible policyholders to access up to 50 per cent of the policy value for significant life goals after the premium payment term plus five years, subject to applicable conditions,” she said.
Mrs Rosetta Aryeetey, Head, Life Underwriting and Life Business, Leadway Assurance, said the product was developed from an assessment of customers’ changing needs.
Aryeetey said the company recognised that customers needed insurance solutions that provided protection beyond death benefits.
“The starting point for the Leadway Lifetime Plan was the customer. We looked closely at how families are structured today, how financial responsibilities are shared and the challenges customers face when they are responsible for several generations at the same time.
“What emerged was a need for a solution that does more than pay a benefit after death.
“Customers need protection for the people who depend on them, but they also need support when critical life events occur and flexibility as their financial priorities evolve,” she said.
She said the combination of multi-life protection, living benefits, long-term value and flexibility made the plan relevant across different stages of customers’ financial journeys.
According to her, the plan also features an Escalation of Sum Assured option which allows customers to increase their benefits by a fixed percentage as their financial needs change.
She said the feature would enable policyholders to align their level of protection with their evolving financial circumstances.
She explained that the Lifetime Plan was different from its existing Family Benefit Plan, describing it as a more expansive multi-generational solution that combines lifelong protection with financial value accessible during the policyholder’s lifetime.
She said the launch reinforced the insurance firm’s commitment to helping families build financial resilience, preserve stability and create lasting legacies.
Leadway Assurance, founded in 1970, provides solutions across insurance, pensions, health and asset management in Nigeria and West Africa.
