ARM Life Insurance: Frequently asked Questions

At ARM Life, we seek to simplify life insurance by providing you with these frequently asked questions and general answers.

At the inception of your insurance plan, you are encouraged to ask as many questions as possible and once you have taken up your insurance plan, we strongly recommend that you read through the insurance contract (policy document).

The policy document is the contract of insurance and it is what governs your contractual relationship with your insurance company.

What is Life Assurance and how does it work?

Life Assurance is a protection plan that helps to provide financial support to the ones you love in the event of your death or disability. The policy pays out your chosen amount of cover (usually referred to as either the Sum Assured or Cash Benefit). You choose the amount of cover you need and the length of time you want to be insured for.

Why buy Life assurance?

One of the most important reasons to purchase Life insurance is to ensure your loved ones are provided for financially. Life insurance is also useful in helping your survivors pay bills and debts after your death, children’s school fees, outstanding mortgage loan and even funeral expenses. It may also be used for wealth accumulation and distribution as part of an overall financial strategy to live happily in retirement or pay for your child’s wedding.

How much Life assurance do I need?

Generally the amount of protection you need is a combination of what would be required by your loved ones and dependants to meet their current needs ( food, clothing, utilities, mortgage payments, school fees) plus future obligations (like college and retirement funding) minus the resources that your surviving family members could draw upon to meet those obligations (spouse’s income, savings and investments, other income producing assets, and any Life insurance you might already own).

By rule of thumb, a good starting point will be to purchase a Life benefit that is at least 5 times your total annual net income. It is also recommended that you add to this, any outstanding mortgage or debt obligations that you may have.

What types of Life assurance plans are available?

There is an array of Life Assurance plans. At ARM Life, our Living Benefits advisors would be pleased to sit with you and talk you through the plans that best meet your requirements.

What is a Term Life Assurance policy?

Term Life is the simplest and cheapest type of life assurance. It provides cover for death and permanent disability. It does not have a cash value because it is not a life-linked investment plan. The premium you pay at the inception of a Term policy remains the same for the duration of the policy. At ARM Life, we not only offer you this affordable plan, we also give you the option to pay monthly!

Who can apply for Life Assurance plan

You must be at least 18 years of age to purchase a Life Assurance plan (Mortgage plan – at least 21 years and 25 years for Retirement Savings).

Many Life assurance plans will not admit persons who are older than 55 years but we have plans that can accommodate those aged up to 70 years.

How much will Life assurance cost?

Life Assurance is an inexpensive way to create and protect wealth. For as little as N1,000 per month, you can enjoy a cash benefit plan of N1,000,000 The premium is determined by simple factors such as age, health status, desired cash benefit, the frequency of premium payment and the period of cover.

What are policy riders?

A policy rider is an additional benefit under an existing insurance policy that provides additional coverage to an insurance policy. Generally, policy riders are sold separately from insurance policies

Can I add critical illness cover?

Yes, you can apply to add Critical Illness Cover when you take out life insurance. Adding this important benefit means that your policy will pay out upon your diagnosis of a terminal illness. These illnesses and the conditions under which they qualify for the cash benefit are always clearly stated in the Policy document.

Who should buy a life insurance cover?

Once you are 18 years and you earn regular income, we strongly recommend that you purchase a life insurance cover.

Why should I buy from ARM Life?

At ARM Life, we have designed bespoke solutions to create a diverse portfolio of products and services to cater for all our clients. Supported by a team of experienced professionals and risk management specialists, whatever kind of protection you’re looking for there’s a plan for you. We provide different ways for clients to save for the future and their retirement.

What do I need to purchase a Benefit Plan?

You need the following to purchase a Benefit Plan.

  • A duly completed proposal form.
  • One passport photograph.
  • The first premium contribution.
  • Utility bill.
  • Evidence of Age.

How long does it take to process a Benefit Plan?

It will take 3 days to process your benefit Plan provided all our requirements have been met

Do I need to meet with an agent?

We recommend that you meet with a Living Benefits advisor to determine the right policy for your needs. Please call +234 (1) 9035888-9; 0700-ARMLIFE (0700-2765433) to speak to a financial advisor or visit your  nearest Living Benefits centre

How do I know that a Living Benefits Advisor is genuine?

An advisor must present you with his/her ID Card. You can also confirm by calling our dedicated hotline 0700-ARMLIFE (0700-2765433) to confirm.

How can I pay my premiums?

You can make your premium payments/contributions by cheques, Webpay, Direct Debit, Mobile Money or any other secure method. ARM Life does not accept cash payments.

Can I increase my insurance coverage?

Depending on the type of policy you have, you may be able to increase your coverage within that policy or you may purchase additional policies to increase your coverage.

What if I need to change my policy?

We recognise that sometimes your protection needs change. Our polices allow you to make changes giving you the freedom to:

  • change the term
  • increase or decrease the amount of cover
  • remove a life from a joint policy if cover is no longer required for that person
  • change the frequency of your premium payment between annually and monthly

Can I cancel my policy?

Yes, you can cancel if you decide it is not the right choice for you and your loved ones.

After applying for cover you will receive a 30 day cancellation notice which you must send back if you decide not to continue with the policy.

If you cancel within 30 days we will return any premiums paid. If you cancel after 30 days you won’t get anything back.

Does term life assurance policy have cash value and can I borrow against my policy?

Does term life assurance policy have cash value and can I borrow against my policy?

No, Term life assurance policies do not have a cash value or any amount you can borrow against.

What do I need to make claims?

You need your policy document and a completed claims form to make your claims.

How long does it to take to make claims

You will receive your claims payment within 4 days of submitting your claims form.

Who can I contact when I have enquiries?

You can talk to one of our living benefit advisors on +234 (1) 9035888-9; 0700-ARMLIFE (0700-2765433) for any enquiries or complains. We assure that your enquiries and complaints will be dealt with utmost confidentiality.

How do I purchase a Benefit Plan?

You can purchase a Benefit Plan in either of the following ways:

  • Signup online
  • Visit any of our Living Benefits Centres.
  • Call ARMEngage: 01-2715000, 0700CALLARM (07002255276)
  • Contact one of our Living Benefits Advisors
  • Email: info@armlife.com.ng; wecare@armlife.com.ng

Please note: The above is meant as general information on Life Insurance. The descriptions, illustrations and statements may vary according to your needs and the terms of your insurance contract. The statements and definitions make no specific reference to our insurance contracts and shall not be construed to modify our insurance contracts.