By Adewole Kehinde
“Insurance is the embodiment of preparedness, offering a safety net when life takes an unexpected turn.”
Insurance is a contractual agreement between an individual or organisation (the policyholder) and an insurance company.
The policyholder pays a premium in exchange for the insurance company’s promise to provide financial protection or reimbursement against specified types of loss, damage, or liability.
This helps individuals and businesses mitigate risks associated with unforeseen events such as accidents, illnesses, natural disasters, or financial losses.
It provides peace of mind and helps ensure financial stability in the face of unexpected circumstances.
Insurance offers several advantages, including:
- Financial protection: Insurance provides a safety net that protects you financially in the event of unexpected events such as accidents, illnesses, or natural disasters.
- Peace of mind: Knowing that you have insurance coverage can give you peace of mind, reducing stress and worry about potential financial losses.
- Risk management: Insurance allows individuals and businesses to transfer the risks of certain events to an insurance company, helping them manage and mitigate potential losses.
- Legal compliance: In many cases, having insurance coverage is a legal requirement. For example, auto insurance is mandatory in most states to drive legally on the roads.
- Investment and savings opportunities: Some insurance policies, such as life insurance or retirement plans, offer investment and savings components that can help individuals build wealth over time.
- Access to healthcare: Health insurance provides access to healthcare services, ensuring that individuals can receive medical treatment when needed without worrying about high costs.
- Business continuity: For businesses, insurance can protect against financial losses due to property damage, lawsuits, or other disruptions, helping them maintain operations and recover quickly after an adverse event.
The Nigeria Police Force has been providing various insurance benefits to its officers and personnel. The common insurance benefits offered by the Nigeria Police include the Inspector-General of Police Family Welfare Scheme and the Group Life Assurance Death Benefit. In the event of the death of a police officer, their beneficiaries are entitled to receive a lump sum payment as per the terms of the policy.
On July 14, 2023, the Inspector-General of Police, Olukayode Egbetokun, commenced the distribution of cheques to cover the insurance benefits of officers who lost their lives while in service, as well as those who suffered various forms of life-threatening injuries while on active duty.
The total amount of cheques presented to 68 families of deceased officers and injured or disabled personnel, covered under the Group Life Assurance 2022/2023 Policy Year, is N535,618,788.44.
The IGP emphasised the value of human life and expressed the Nigeria Police Force’s commitment to prioritise the well-being of its officers and personnel.
He assured that the obligation of providing insurance and other benefits to police personnel would be fulfilled promptly.
The aim is to create a supportive environment where every officer feels valued, protected, and motivated to give their best in service to the nation.
The Inspector-General of Police expressed deep gratitude to the dedicated officers of the Nigeria Police Force for their unwavering commitment, sacrifice, and loyalty to upholding justice and security.
The IGP has given out a total of N15,606,138,376 to 5,225 family members and next of kin of deceased police officers between 2023 and 2024.
According to him, a total of N9,851,847,889.88 was paid to 3,077 families and next of kin on six different occasions between July 2023 and June 2024.
He said, “We will be presenting cheques totalling N5,754,290,486.38 to the families of deceased police officers who have selflessly given their lives in service of our great nation, Nigeria.”
Egbetokun said the disbursement covered balance payments for insurance policies for the years 2018-2019, 2021-2022, 2022-2023, and 2023-2024.
He said, “We have presented cheques amounting to N15,606,138,376 to 5,225 family members and next of kin of deceased officers.
“We will be presenting cheques totalling N5,754,290,486.38 to the families of deceased police officers who have selflessly given their lives in service of our great nation, Nigeria.
“This is the largest disbursement ever in the history of cheque presentations to family members of deceased police officers. This reflects our commitment to easing the burden on the families of our fallen colleagues. Today’s disbursement covers balance payments for insurance policies for the years 2018-2019, 2021-2022, 2022-2023, and 2023-2024.
“To the families of our fallen officers gathered here today, while we know we cannot fill the void left by the loss of your loved ones, we hope that these cheques will provide some support as you face the challenges ahead.”
Egbetokun promised to prioritise the welfare of police officers.
He said, “As we honour our fallen heroes, we also renew our commitment to the safety and well-being of the officers who continue to serve. The current management of the force remains steadfast in its dedication to prioritising the welfare of our personnel.
“I would like to take this opportunity to commend the hard-working officers of the force insurance unit for their continuous efforts in ensuring that claims are settled promptly, despite the challenges they face.”
In all, these backlog payments were made possible through IGP Egbetokun’s passionate drive to ensure that police officers are adequately catered for in the event of injury or permanent disability due to the risks associated with policing and that families of deceased police officers are adequately catered for in the absence of their breadwinners.
The IGP, while reiterating the value of human life and wholeness, emphasised that prompt payment of insurance and other benefits due to officers who have met with some misfortunes due to the risky nature of policing in the contemporary environment and unforeseen hazards of policing would greatly boost their morale and ensure they put in their best in service to the nation.
To support and care for the families of departed officers who lost their lives in the line of duty, the Nigeria Police Force on December 24, 2024, commissioned the Force Insurance Company.
The groundbreaking initiative is aimed at enhancing the welfare and security of police personnel and their families.
The establishment of the Force Insurance Company marks a significant step in the NPF’s commitment to the well-being of its members.
The newly formed insurance company would provide comprehensive coverage for police officers, offering benefits that include health insurance, life insurance, and various other financial protection plans tailored to meet the specific needs of law enforcement personnel.
The Force Insurance Officer, Lydia Ameh, a Chief Superintendent of Police, must also be commended for her passion, humbleness, courage, good discernment, and good communication skills.
She has been supporting the IGP by performing well under pressure, and she is adaptable in high-stress situations.
2025 will be a remarkable year for the police family, as the IGP has further promised better welfare packages for members of the police family, either serving, retired, or slain in the line of duty, to cement the already existing esprit de corps amongst the components of the police family.
Adewole Kehinde is the publisher of Swift Reporters. 08166240846. kennyadewole@gmail.com
