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How much life insurance do you need in Nigeria?

A practical life-cover estimate starts with the obligations your income supports, then subtracts assets already available to meet them. There is no universal Naira figure or multiplier that suits every household.

What to check

Add debts, essential household spending for a chosen period, education commitments, funeral costs and other dependants. Subtract liquid savings and existing life cover.

What could change the answer

Inflation, exchange rates and changing family responsibilities can make an old sum assured inadequate. A calculator is a starting point, not personal financial advice.

A practical next step

Run the calculation, choose a premium you can sustain and review the figure after a birth, marriage, loan, salary change or major move.

Reviewed 2026-09-09