Acceptability of Micro-Insurance Scheme among Teachers in Public Secondary Schools in Lagos State, Nigeria

Abstract

Low income earning workers such as the teachers in the public secondary schools, are faced with varying categories of financial risk which cannot e alleviated without the help of some other social arrangement such as micro-insurance schemes. However, these scheme has not been well accepted among the teachers. The study however, looked at the reasons for the low acceptability. A stratified simple random sampling technique was used to collect data from a sample of 384 secondary school teachers in Lagos state, using regression analysis techniques. Adequate knowledge and well structured products designs of the micro-insurance products does not influence the acceptability of the products among the teachers. The study result however, shows that not making the products compulsory is the major factor that influence the acceptability among the teachers.