What it is
Lagos Life Assurance (Phone → Assurance) offers weekly cover for your home, possessions, vehicle, health, business or investments. Travel insurance is available when you book a trip between cities.
How to insure
- Open Phone → Assurance, choose what you want to insure, then pick a tier. You pay up to Saturday when you take out the policy.
- For travel, keep insurance ticked when you book.
Rules & numbers
| Tier | Pays above the deductible | Deductible | Maximum per claim |
|---|---|---|---|
| Basic | 60% | 2% | 10% of what's insured |
| Plus | 80% | 1% | 20% |
| Premier | 100% | 0.4% | 40% |
- Premiums cover the week ahead. Their price depends on your risk, including your area, security guard and property condition, as well as the city's weather and economic calendar.
- You pay the premium every Saturday at 9 AM with your rent. If you can't pay, the policy lapses. Premiums are not refunded.
- Incidents such as burglary, fire, flood, storm, theft, medical costs, business losses and car damage are rare. You won't have two incidents within 4 days, or an incident in the first days of a life.
- If your net worth is under ₦2m, one incident can cost you at most 5% of your net worth. Any amount you can't pay is waived.
- Phone-snatching theft can happen only when you're out in town, not at home, on a shift or on a trip.
- Travel insurance costs: flights, 6% of the fare (minimum ₦5,000); your own jet, 5%; chopper, 0.5%; night bus, 10%; driving, 8% of the fuel cost. It prevents a missing-bag loss but does not pay out. Without it, a missing bag can cost you 30% of the fare. The chance of a bag going missing ranges from 14% in economy to 5% on a jet.