FBNInsurance Limited has said that the company’s quaranteed lifetime retirement income is an immediate annuity plan that will help the retiree to maintain his desired lifestyle in retirement.
The Chief Operating Officer of the company, Johan Schalkwyk, speaking at the inaugural retirement seminar of the company in Lagos, said better retirement plan is a golden period in one’s life time to be financially secure. By converting your pension lumpsum into stream of regular income, adding that the company will ensure that you always have an income no matter how long you live.
According to him, with the company’s guaranteed lifetime retirement income plan, you can select to receive payments guaranteed to last for your life, two lives (you and your spouse), your life, but not less than a fixed time period guaranteed period (regulated 10 years, other options available).
He told the participants this means that we can help protect you from the possibility of outliving your retirement savings (longevity risk) and provide you with steady and predictable income).
The COO explained that it pays you a guaranteed income for a minimum guaranteed period (10 years) and for the rest of your life, hereafter. It pays an income to a dependent when hyou die, if the option is chosen; and income received can be protected from inflation or flat throughout the duration of the policy (depending on option you chose).