Posted on: 26th Jun 2019
As the years roll by, time passes and you begin to age gradually. Another thing that soon comes in due time is retirement. You can only work for so long before having to make an exit. Retirement typically comes with a pension and this is supposed to help a retired individual and especially their dependents (family) hold the forth while they’re alive and more importantly when they are no more.
However, while there are many fruitful pension schemes and plans, there is a salient need for additional income otherwise known as supplemental income if you want. As the name suggests, there may be a need to create an alternative means of funding in addition to your pension benefits all in the best interest of your family. Here in Nigeria, there are tons of stories regarding pension mishaps and with all that still relatively in play (not to mention delays in payment, etc.), there is no harm in making sure you have contingencies – Life Insurance. This is probably your best bet in securing the financial future of your family no matter what. While we aren’t trying to insist that you become paranoid but we are also saying that ‘’a little paranoia never killed anybody’’.
Reasons Why Pensioners Need Life Insurance.
In a nutshell, this is why pensioners need to supplement their pension with life insurance. They include;
First and foremost, this automatically means more money for your family in the event of your death. Even if your pension benefits are capable of handling your family’s needs, your life insurance will see to it that their needs are taken care of for far longer.
Due to any number of reasons your pension may prove insufficient and then, it is only your life insurance that can help your family to settle any number of debts. Whether its debts incurred due to your funeral/burial arrangements or debts owed before the insured’s demise, life insurance is a good financial security plan for such. This should be paramount as no one would want to pass away and leave their family in the hardship of paying debts.
Even as the end gradually approaches, you can aspire for more by intentionally attempting to create an avenue for well, more. This means choosing a life insurance package with a permanent life insurance policy that is capable of materializing into trusts and estates which can be set aside for your loved ones. More can also mean making financial plans to see to it that you are prepared for long-term care. Retirement means a lot of things, but a significant component that it points to is your near inability to work anymore. If peradventure you’re still alive, there are life insurance policy riders that can ensure that your family gets the necessary income to cater for you in your last days. If you’re a teacher in the state of Nevada, then you should also learn more about the retirement payment schedule.
Note that life insurance for pensioners can either be a term (for a period – 10 – 30 years) or permanent (upwards of 100 years) life insurance. Each has its pros and cons and can be purchased under a formal insurance policy such as joint, burial, etc. At African Alliance PLC, we may be able to interest you in the Money Appreciation Plan – a product of ours that doubles as a viable investment option and a life insurance cover at the same time. Visit our website and click here: MONEY APPRECIATION PLAN to find out more.
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