THE AWARENESS OF HAVING LIFE INSURANCE POLICY: AN EXPLORATORY STUDY AMONG LAGOS STATE UNIVERSITY STUDENTS IN OJO, LAGOS, NIGERIA
THE AWARENESS OF HAVING LIFE INSURANCE POLICY: AN EXPLORATORY STUDY AMONG LAGOS STATE UNIVERSITY STUDENTS IN OJO, LAGOS, NIGERIA

Summary/Abstract: The paper examines the level of awareness of the importance Life Insurance policy among the Nigerian students using students of Lagos State University, Ojo-Lagos, in the South-West part Nigeria as our case study. This University was better known in the mid nineties for incessant Cult clashes right in the University campus, which resulted to unwanted deaths and maiming of innocent Students and Staff alike. We discovered that lost their lives , lost “entirely” because most of them were not insured. It was discovered through the simple descriptive survey adopted for this study, that most students are actually aware of the significance of Life Insurance policy especially the financial benefits one can derive in case of unexpected death of their parents but they are handicapped of possessing the policy because they cannot afford to buy one. The survey revealed that 71 percentage see taking Life Insurance necessary, 22 percentage see taking Life Insurance Compulsory, while 7 percentage did not see to why someone should considered taking Life Insurance. The study also found that taking care of Children’s future took approximately 67 percentage as main goal for the University Students taking Life Insurance in the future. Whereas 20 percentage perceived Wealth creation as the reason of taking Life Insurance policy after graduating from the University, while other reasons took 13 percentage. Conclusively, it is suggested that the various stakeholders should make extra effort to let people know the importance of having Life Insurance at the early stage. University Students are most potential group because most of them are ready to buy this policy after they have graduated from the University.

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