Abstract

Author: Anwuli Nkemchor Obiki-Osafiele, Uneku Ikwue, Nsisong Louis Eyo-Udo, Chibuike Daraojimba

Doi: 10.26480/jtwe.02.2023.74.82

This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

This study investigates the factors influencing Nigeria’s demand for life insurance policies. Through a comprehensive review of relevant literature, the research establishes objectives centered on assessing the awareness of life insurance policies among Nigerians, examining the relationship between awareness and policy demand, and identifying barriers to life insurance contract adoption. Employing a sample survey research design, the study focuses on present and potential life insurance policyholders associated with registered insurance companies in Lagos State. Using convenience sampling, 200 respondents were selected based on their insurance awareness, policy type, and ownership duration. The findings underscore the impact of insurance awareness on policy demand and highlight factors like age, health status, income, occupation, family size, and education affecting low patronage. Media plays a crucial role in awareness creation, yet trust issues and limited knowledge hinder industry growth. The study concludes with recommendations to address income-based barriers, conduct aggressive awareness campaigns, and enhance customer understanding of life insurance benefits.