1.1 Background of the study
In Nigeria the issue of taking life assurance policy has been neglected, in the sense that at this present time, it is estimated that not up to two percent (2%) of Nigerians own life assurance policies, from the research made on the internet, life assurance business is more operated and recognized in other countries such as UK, USA, Canada, Germany and other European countries, in Africa life assurance business is more recognized in South Africa for this fact, the benefits and roles life assurance plays in this country is being viewed from a very cooked point thereby making it slightly visible moreover, the life assurance industry has entered on era of accelerated change as a result of increased competition, such as other life institution e.g. National Health Insurance Sector (NHIS). Hence professional marketing management is now a prerequisite, if a company is to return or advance its position in the competition hierarchy.
Based on the investigations made on net, the major contention of this or the major aim of writing this is to pinpoint some of the challenges affecting life assurance industries in Nigeria.