General News
Life Insurance; How Does it Work?
Many insurance companies offer a life insurance policy. In fact, this is the most elementary type of insurance policy. The policy aims at securing the future of your family in event of your death. The principle defining this type of a cover is quite simple to understand; you purchase a policy and pay premiums at regular intervals such that in the event of your death, a lump sum amount is handed over to your beneficiary. A life insurance policy can be purchased for self or for someone else. Typically, life insurance mandates some sort of agreement between three parties – the insured, the insurer and the owner. The person whose life is being insured is referred to as the ‘insured’. The insurer is nothing but the insurance company. The owner is the person who actually buys the policy. The owner and the insured could be the same or they could be two different people. If you were to purchase a policy for self, then you would be the owner as well as the insured. If, however, you buy it for your partner, then the partner is the insured person and you are the owner. If you are the owner of a policy, it is your responsibility to pay premiums at regular intervals.
A life insurance contract involves another important member – the beneficiary. A beneficiary is the person who benefits from the death of the insured – the lump sum amount becomes payable to him or her in event of the death of the insured person. There are two types of beneficiaries, the irrevocable one and the revocable one. The revocable beneficiary can be changed at the will of the owner while the irrevocable one cannot be changed unless and until the permission of the beneficiary is sought. A life insurance policy is subject to many terms and conditions. Most policies will come along with certain exclusions. Exclusions are certain conditions, which, if satisfied, will absolve the insurer from making any payments that would otherwise have been made. In most of the policies, suicide in the first two years of the policy term is not covered.
In the first two years of the policy period, often referred to as the contestable period, the insurer reserves the rights to make an immediate pay out. In event of death of the insured, the company may stop payment and conduct investigations of its own. These investigations aim to ratify the cause of death. If it is discovered that death was deliberate or a result of homicide, then the insured is relieved from paying the lump sum amount. The amount to be handed over to the beneficiary is known as the face amount. This is usually paid in the event of the death of the insured or upon the attainment of a certain age by the insured. The date when the amount becomes payable to the beneficiary is known as the maturity date. A life insurance policy is more often than not, a sort of protection for the spouse of the insured in event of his or her untimely death. To purchase an insurance policy, the owner of the policy must have an insurable interest. Insurable interest is a reason to secure the life of a person. Insurable interest is an important consideration that determines the unassailability of a policy especially when the owner and the insured are not the same. In the absence of the same, a policy is declared as invalid. When a person dies, a solid proof of the cause of the death has to be handed over to the insurance company in order to claim the policy benefits. In most cases, a notary’s signature on the death certificate is an accepted form of proof. The benefit could be paid in one go or an allowance is paid at regular intervals. This guarantees the beneficiary some sort of monthly income for the rest of his or her life. There are two types of insurance policies, the temporary one and the permanent one. The temporary insurance or the term life is a cover that insures a person for a fixed period. For instance, a 20-year term life insures a person for a period of 20 years. There are two types of permanent insurance policies: the whole life and the universal policy. In the whole life policy, the person has to continually pay premiums not minding how long he lives. If he passes away, the payout will be done at whatever age. The Universal policy on the other hand is a bit more flexible with more flexibility in the payment of premiums. So it is advisable to consult an agent or a broker before buying any of these insurances.
Police in Abuja have uncovered a criminal group making fake diplomatic and government number plates.
Ahmed Sanusi, commissioner of Police FCT, stated this during a press briefing on Friday.
He explained that criminals use these fake plates to dodge security checks and enter restricted areas.
The investigation started soon after Sanusi took office.
He noticed too many unauthorized cars driving around with official government and diplomatic tags.
“I immediately ordered a comprehensive investigation into this disturbing trend,” Sanusi said. He noted that these individuals use the plates as a cover to commit crimes and avoid arrest.
The police have already arrested several people caught using the fake plates.
They have also figured out who is making them.
The manufacturers operate outside Abuja, and police are actively hunting them down.
Sanusi kept their names secret so they would not flee.
He stressed that this is a highly profitable illegal business.
Buyers pay between N500,000 and N1.7 million for a single fake plate.
“This will tell you that they are making such huge expenditure because they have an agenda,” Sanusi explained.
“Now they will face punishment that is bigger than both the cost they incur and the agenda they are planning.”
The commissioner urged residents to report any cars with suspicious diplomatic plates.
He reminded the public that real diplomatic tags follow a very specific format.
A diplomatic number plate in Nigeria is a special vehicle identification tag issued to foreign embassies, high commissions, and accredited international diplomats.
Gavi has approved $500 million to strengthen Nigeria’s immunisation programme, primary healthcare services and long-term vaccine financing.
The move followed high-level discussions between Professor Muhammad Ali Pate, coordinating minister of Health and Social Welfare, ]and Dr. Sania Nishtar, chief executive officer, Gavi in Abuja.
The funding, approved under the Gavi 6.0 programme, will support Nigeria’s efforts to accelerate routine immunisation, sustain polio eradication, expand HPV vaccination, strengthen primary healthcare services, and improve long-term vaccine financing.
Speaking during the meeting, Pate said Nigeria was strengthening its partnership with Gavi to accelerate immunisation, expand primary healthcare services, and ensure sustainable financing for vaccines.
He welcomed Gavi’s country-focused reforms, including the introduction of a predictable five-year funding envelope.
Pate said the US$500 million allocation will enable Nigeria to plan more effectively and deliver life-saving vaccines to more children and vulnerable populations.
The minister also revealed that quarterly visits to primary healthcare centreshad increased from about 10 million in 2023 to more than 45 million, reflecting significant progress in revitalising the country’s primary healthcare system.
Pate welcomed the announcement of a US$600 million pledge by the United States government to Gavi, describing it as a strong endorsement of the alliance’s leadership and the global value of vaccines.
He also commended Nishtar for prioritising Nigeria and praised the closer coordination among Gavi, World Health Organisation (WHO), UNICEF, World Bank, Gates Foundation, and other development partners, describing it as a model that has improved efficiency and aligned support with Nigeria’s health sector reforms.
The minister expressed appreciation to Gavi and its partners for their continued technical and financial support, while calling on state governments to invest more in healthcare and immunisation to complement federal efforts.
For many women, financial independence means the freedom to provide for their families and build a better future. Yet, this remains out of reach due to limited access to opportunities, business support, and secure payment solutions.
Like millions of women in Nigeria determined to be financially independent, Pricillia started with a single PalmPay POS terminal, and as an agent, every successful transaction provided a commission which brought her one step closer to achieving her dream.
Through consistency, discipline, and support from the payment platform, she reinvested her earnings and eventually opened her own provision store.
“I started as just a PalmPay agent with one POS. The consistency of the platform gave me the confidence to expand. With the income I earned, I was able to open my own provision shop.” Priscilla said.
For Priscilla, PalmPay was more than a payment platform. Its secure payment infrastructure gave her the confidence to serve her customers, build trust, and grow her income.
Today, Pricillia has joined the statistics of SMEs powering Nigeria’s economy and PalmPay continues to support her daily operations, helping her receive payments, as she works towards her next business milestone. Her journey is a reminder that when women have access to secure financial tools and opportunities, they can build lasting economic independence.
Speaking on Pricillia’s journey, Femi Hanson, Head of Marketing, PalmPay said: “Providing a secure platform that users can trust, whether for everyday payments or high-value transactions, is central to our vision of advancing financial inclusion. Priscilla’s story reflects our commitment to supporting the ambitions of Nigerians by providing a platform they can rely on to grow their finances. After all, seamless banking begins with security, and every successful transaction reinforces the trust our users place in us.”
Priscilla stands among thousands of PalmPay agents nationwide who are helping to expand financial access across Nigeria while earning commissions to create sustainable sources of income for themselves.
Every payment tells a story. It begins with trust, the confidence that your money is secure and that financial services are accessible. And when that opportunity reaches women, it creates ripple effects that transform families, strengthen communities, and drive economic growth.
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