1. Life Insurance:
- Term Life Insurance: Provides coverage for a specified term, typically 10, 20, or 30 years, and pays out a death benefit to beneficiaries if the insured person dies during the term.
- Whole Life Insurance: Offers lifelong coverage and guarantees a payout upon the insured person's death.
- Endowment Insurance: Combines life coverage and savings, providing a lump sum payout at the end of the policy term or if the insured person dies during the term.
2. Health Insurance:
- Individual Health Insurance: Covers medical expenses for individuals, such as hospitalization, doctor visits, prescription drugs, and certain procedures.
- Family Health Insurance: Extends health coverage to the insured person's spouse and dependent children.
- Group Health Insurance: Provides health coverage for a group of employees and their families, typically offered by employers.
3. General Liability Insurance:
- Public Liability Insurance: Protects individuals and businesses against claims of third-party bodily injuries or property damage resulting from their actions or negligence.
- Product Liability Insurance: Covers manufacturers, distributors, and retailers against claims arising from injuries caused by defective or faulty products.
4. Property Insurance:
- Homeowners' Insurance: Provides coverage for damage or loss to a person's primary residence and its contents due to events such as fire, theft, weather-related disasters, and more.
- Renters' Insurance: Covers personal belongings of renters in the event of damage or theft.
- Commercial Property Insurance: Insures businesses against property damage or loss, including buildings, equipment, inventory, and more.
5. Motor Insurance:
- Third-Party Liability Insurance: Mandatory insurance that covers third parties' injuries or property damage caused by an insured vehicle.
- Comprehensive Motor Insurance: Offers comprehensive protection against vehicle damage or theft, along with third-party liability coverage.
6. Travel Insurance:
- Provides coverage for medical expenses, lost belongings, trip cancellations, and other travel-related mishaps.
7. Marine Insurance:
- Covers loss or damage to ships, cargo, and other assets involved in marine transportation.
It's important to note that the specific types of insurance policies and coverage options may vary among insurance providers in Nigeria. Insurance seekers are advised to research, compare, and consult with insurance professionals to find the most appropriate insurance coverage based on their individual or business needs.
