New whole-of-life product targets Nigerians supporting children, ageing parents and other relatives while offering critical illness and long-term financial benefits.
Leadway Assurance has launched what it describes as a first-of-its-kind multi-generational insurance solution, introducing a new whole-of-life plan designed to provide financial protection for families beyond the traditional nuclear household.
The insurer unveiled the Leadway Lifetime Plan at a press briefing with the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, positioning the product as a response to the growing financial responsibilities facing Nigerian households.
The plan is particularly targeted at members of the so-called “sandwich generation”—working adults who simultaneously support their children, spouses and ageing parents while trying to secure their own financial future.
According to Leadway, the changing structure of Nigerian families means that financial responsibilities increasingly extend to parents-in-law, siblings and other relatives, creating a need for insurance products that reflect these realities.
Why Leadway says the new plan is different
Olufunmilayo Amanwa, Executive Director, Technical & Operations, Leadway Assurance, said the company developed the Lifetime Plan after recognising that financial responsibility in many Nigerian families no longer ends with the immediate household.
She said the product was designed to provide continuous protection for people who depend financially on the policyholder while also offering benefits that can be accessed during the policyholder’s lifetime.
“Financial responsibility no longer stops at the nuclear family,” Amanwa said.
According to her, the product is intended to offer a more practical approach to family protection rather than simply repackaging existing insurance products.
Critical illness benefit offers up to 50% of sum assured
Beyond conventional life insurance protection, the Leadway Lifetime Plan comes with living benefits designed to provide financial support during major life events.
Under the plan, after five years of complete premium payments and subject to the policy terms, the policyholder and spouse may access up to 50 per cent of their current sum assured following the diagnosis of a covered critical illness.
The benefit could provide additional financial support to families dealing with medical expenses, income disruption and other costs associated with serious illnesses.
The product 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.
Insurance meets long-term financial planning
Leadway said the new product is intended to go beyond traditional death benefits by combining lifelong protection with financial value that policyholders can potentially access during their lifetime.
Rosetta Aryeetey, Head, Life Underwriting and Life Business, Leadway Assurance, said the product was developed after examining how Nigerian families are structured and how financial obligations are increasingly shared across generations.
She said customers need insurance that protects dependants while also providing support when critical events occur and allowing flexibility as financial priorities change.
The insurer said the combination of multi-life protection, living benefits and long-term financial value makes the Lifetime Plan applicable across different stages of a customer’s financial journey.
Policyholders can increase their protection
The plan also features an Escalation of Sum Assured option, allowing customers to increase their insurance benefits by a fixed percentage over time.
Leadway said the feature gives policyholders room to adjust their level of protection as their income, family responsibilities and financial circumstances evolve.
The company said the product complements its existing Family Benefits Plan but offers a broader multi-generational approach by combining whole-of-life protection with benefits that can be accessed during the customer’s lifetime.
Leadway bets on changing Nigerian family realities
The launch comes as insurers increasingly look for ways to make life insurance more relevant to Nigerian consumers, particularly in a market where insurance penetration remains relatively low.
For Leadway, the Lifetime Plan represents an attempt to align insurance with the realities of families where one income earner may be responsible for several generations at once.
The insurer said its objective is to help families strengthen financial resilience, preserve wealth and create lasting legacies while providing protection against unexpected life events.
Founded in 1970, Leadway Assurance is a member of the Leadway Group and provides financial services across insurance and other non-banking financial services segments.
With the launch of the Lifetime Plan, the company is betting that the future of family insurance in Nigeria may no longer be about protecting just the household—but protecting the generations that depend on it.
