Leadway Assurance Launches Leadway Lifetime Plan in Nigeria

In Short

• Leadway Assurance has introduced the Leadway Lifetime Plan, a whole-of-life insurance product aimed at multi-generational protection.
• The company says the plan is built for Nigerians supporting children and ageing parents at the same time.
• The plan also includes “living benefits”, meaning policyholders may access some support while still alive, under stated conditions.

What Happened

Leadway Assurance launched the Leadway Lifetime Plan in Lagos, positioning it as a multi-generational whole-of-life insurance option for Nigerian families.

Whole-of-life insurance means the cover is designed to last for the policyholder’s entire life, as long as premiums and other requirements are met. This is different from term life insurance, which usually covers a fixed period.

Leadway says the product is intended to extend financial protection beyond the nuclear family to a wider circle of dependants. It is pitched at working adults with layered responsibilities, including people in the “Sandwich Generation”, meaning adults who are supporting ageing parents while raising children.

At a press briefing with the Nigerian Association of Insurance and Pension Editors in Lagos, Leadway executives framed the plan as a response to changing family structures and rising financial pressure.

The Lifetime Plan also includes living benefits. Living benefits are features that can pay out or provide access to policy value while the insured person is still alive, for example during a serious illness, subject to policy rules and waiting periods.

Why It Matters

Life insurance in Nigeria often focuses on immediate household needs, like spouse and children. A product that explicitly targets extended family coverage is a bet on how many Nigerians actually share financial responsibilities across relatives.

If the plan delivers practical access to benefits, it could also make life insurance feel less like a “death-only” product. That matters in a market where many people still see insurance as hard to trust or hard to claim.

For the wider insurtech and insurance market, Leadway’s move signals more competition around product design, not just distribution. The next test is clear communication of conditions, pricing, and claims handling, since those details determine whether families adopt and keep policies long term.