Assessing the Awareness, Acceptance, and Perceived Suitability of Group Life Takaful among Extended Family Structures in Nigeria

Abstract

This study has explored group life Takaful for extended family structures in Nigeria, with the hope of gauging its potential as an all-inclusive financial safeguard measure. The quantitative research design was used, and a structured questionnaire was administered to 500 respondents in Northern, Western, and Eastern Nigeria. The correlations of awareness and acceptance with perceived suitability, as well as multiple regression, ANOVA, and Chi-square, were used to determine the relationship between awareness and acceptance and perceived suitability. The findings showed a moderate level of awareness, high levels of acceptance, and positive overall views of suitability, with religiosity, education, and income having appeared to be significant predictors of participation. Knowledge was mainly enabled through informal contacts like family and friends, and acceptance and perceived appropriateness were largely due to the correspondence of Takaful to ethical and socio-cultural norms. Significant positive relationships were established between the following constructs through statistical analyses: awareness, acceptance, and suitability, proving the interdependence of the constructs on each other. The results indicate that Group Life Takaful can be a highly valuable inclusive financial protection tool if awareness campaigns, versatile contribution plans, and culturally sensitive product designs are introduced.