Debt & insurance

Having life insurance coverage that can clear your debts is a wise consideration. This ensures that your loved ones are not burdened with financial obligations in the event of your passing. The amount of coverage to consider may vary based on your total debt and personal circumstances, so it's worth evaluating your situation carefully.

If someone has a ₦10 million outstanding debt and dies unexpectedly, their insurance payout should ideally be sufficient to settle that debt and still leave enough for their dependents to maintain their standard of living.