Insurance can help you plan for old age income

Taking out time to look at what old age will be after working life is important for every individual. The reason is that what you fall back-on at the end of your working career is important in determining how you are going to spend the rest of your life. At old age are a number of challenges, which confront the retiree that can be softened if there was pre arrangement for it.

Among the basic challenges are issues bothering on health care (medical bills); eating healthy; travels; care for immediate family; school fees for wards and payment of other household bills.

There are numerous investment options to play with to enable easy life in retirement. These ranges from investment in stocks; bonds; properties and insurance, among other investments. Whatever choice you make, the basic fact is that it should serve the expected benefit taking into cognizance inflationary trend and tax issues.

According to one of the life insurance companies, the above might sound alarming but indeed it is true.  Many people work actively during their earlier years without having much to fall back on at old age when they are no longer active because they did not prepare for this period of their lives.

Moreover, a lot of people are living longer into retirement while fewer people are available to support them during this period.  Little wonder many people resort into old people’s home!

“Retire rich Plan”. Is a product of one of the insurance companies. This is a financial planning vehicle which enables funding towards a lump sum at an age specified by the policyholder. In the same vein, providing a life assurance cover during the period of contract or plan.

Retire Rich Plan plays a crucial role in providing a source of income in later years when you are no longer in regular employment and too old for the business rat race in our economy.  The CrystaLife Retire Rich Plan under the Company’s Secured Investment Policy will ensure financial independence in old age.

Specifically, Retire Rich targets to pay a guaranteed regular monthly pension for life after age 60 or any age you may specify; It is also designed to produce a lump sum that will assist you fund a business of your own after retirement; If death occurs within the retirement period the remaining balance of the Annuity guaranteed for five years will be paid to beneficiaries/estate; The minimum annual premium for the plan is N60,000.00 (N5,000.00 monthly); Medical expenses cover is provided up to a limit of N50,000,.00 per annum in event of accident resulting in hospitalization.

Source: Businessday