Posted on: 2nd Dec 2020
Our MD/CEO, Joyce Ojemudia was featured in Pride Magazine as the woman of the month. In this feature, she spoke about the opportunities available in the insurance industry, particularly for women as well as the wins of African Alliance Insurance Plc.
Read the full article here.
See excerpts below
Posted on: 9th Nov 2020
Review of Retirement in Nigeria – The Management Approach by Felix Amadi was reviewed and delivered by Mrs Funmi Omo, MD/CEO, Enterprise Life Nigeria at the Muson Centre, Lagos on Thursday, 5 November 2020.
A. About the Book
Retirement in Nigeria is a 5-Part, 30-Chapter book that attempts to profile retirement practice in Nigeria alongside management principles with a view to reducing identified related socio-economic burden on individuals as well as the society. A well-researched book, by all means, the book brings to fore several issues facing the management of
retirement in these climes.
This review would be in parts in alignment with the author’s segmentation. I will attempt to be brief but thorough, concise yet fluid. It is my expectation that at the end of this review, we would all find many more reasons to buy this book and gift it to your friends, industry professionals as well as lovers of knowledge and insurance enthusiasts out there.
B. The Review
I. Part One – Planning Retirement
The author takes us through a journey of discovery and analysis here. Across eleven chapters, we are exposed to critical ingredients in planning retirement. He examines various environmental factors, highlights a time plan, a savings plan as well as an investment plan. Mr Amadi takes a journey into the wellbeing of the potential retiree through a chapter dedicated to health and fitness plans and indeed, the rarely-talked-about retirement home plan. This part is critical to every man. We agree that planning is always more important than the execution. Like a roadmap, you have a holistic idea of the journey you are about to embark upon with focus on possible potholes as well as means to mitigating any hold-up. For me, this part is the most important section of the book. It not only gives us a clean run-through of the necessities of planning retirement, but it also gives much material for further reflection as well as a practical guide for those whose retirement is nigh.
II. Part Two – Managing Retirement
It is said that the realities of retirement can never be adequately planned. The toll the whole idea of retirement can take on the physical, mental health can be much. Over six chapters, the author brings us to the harsh realities of managing retirement. He writes about managing money and investments, health, time estate and even the oft bereavement. If the first part was the most important foundation to the book, the second part paints a stark reality and offers equally profound analyses of the same.
This section of the book is humbling expose on the things we hear and see but never really can stop thinking about. From the sudden abundance of time to the loneliness and reduced social activities; the sometimes loss of a spouse or bestie, the inability to outgrow our used-to work schedules and many more. Managing Retirement is everything but a palatable section. But then, it is what it is.
Thankfully, the author did not stop at the gloom, he made conscious efforts to carve a way out using a commendable problem-solution approach to the subject.
III. Part Three – Retirement Management Organizations
I consider the third part of the book a necessary sequel to the second part. While the previous part deals with Managing Retirement, this sequel speaks about various organisations across industries that are in the business of
managing retirement for retirees. Here, the author takes us through the objectives, articles of association etc of the various organisations he profiled.
These include the National Pension Commission (PENCOM), the Pension Fund Administrators (PFAs), Life Insurance Companies, one of which I manage, The Nigerian Union of Pensioners, the Nigerian Legion and many others. Some of these organisations are pressure groups while the rest are active government establishments committed to making the retirement life easier on the citizenry. These organizations have much to offer every employee and employer of labour, as this part connotes.
Having an entire eight-chapter part of the book dedicated to this highlights the thoroughness of Mr Amadi’s efforts. Essentially, he has shown us that indeed, he is an authority in retirement affairs. I am not surprised.
IV. Part Four – The Future of Retirement Management
The shortest section in the book, here the author takes a look ahead into the future of retirement management in Nigeria. Seeing where we are, coming from where we were, Mr Amadi has cast his lens into a future yet unknown and bared his thoughts into what should be. Over three chapters, he identifies the need for research, the place of social work and the probable shape of things to come.
This section would interest researchers and annuity enthusiast as it could help them kickstart conversations around how the space might look like in the near future. An academic himself, Mr Amadi has ignited a discourse here in this part. It remains to be seen how much of his thoughts come to shape public discourse
in the years to come.
V. Part Five – Retirement Management; A Global Perspective
If there was any doubt about the thoroughness of the author, this chapter lays it all to rest. In three chapters, Mr Amadi brought retirement management in UK, Canada, Australia; three developed economies as well as in South Africa, India and Chile, three developing economies, to us. Here he examined how they do it, what works for them and does not work. He then highlights lessons for Nigeria from there. A fitting icing on the cake that the book is, this part is where everything comes to fore and situates us vs our peers in other parts of the world.
C. Some Questions…
The author has packaged raw gold in over 400 pages for us all. In simple language, he has demystified retirement for all classes of readers. Be you an academic, an enthusiast, industry player or just a lover of knowledge, this book gives you the run-through on everything retirement. However, I have a few observations for the author:
i. There seems to be little focus on youthful retirement or even forced ones. Many do not have the luxury of planning for retirement and thus miss out on the first part which your book addresses. Perhaps you need to consider a future volume that highlights the pros and cons of an unplanned retirement.
ii. The second part did very well on managing retirement. But then, the analysis seems generic and is not delineated across gender. Are we saying men take retirement same way as women? What is the skew of this imbalance? What can be done? What factors affect these? Etc.
iii. Is it possible to consider a second retirement? The book totally assumes we all get to retire once. In this age and time, some have the good fortune of retiring twice; where is their place in the entire value chain? What are those factors that necessitate this and what are the available resources for these kind of people beyond the usual, seeing as they are not a usual breed?
Retirement in Nigeria – The Management Approach is a delightful read with a quality presentation. It is a book that struggles between an academic exercise and a smooth, casual read. But we all know the subject is anything but casual. I recommend for everyone, including departments of insurance as well as public libraries.
MD/CEO, Enterprise Life Nigeria
Posted on: 20th Oct 2020
Takaful is a policy of mutual co-operation, solidarity, common interest, shared responsibility, joint indemnity and brotherhood against unpredicted risk or catastrophes, in which the participants involved are expected to contribute genuinely.
Takaful in Arabic means “Joint Guarantee”. It provides policyholders with the self-discipline for savings and investment and encourages the habit of sound financial planning to take care of themselves and the needs of their children and families.
A Family Takaful Plan is an ethical insurance product that combines long-term savings, investment, and financial protection meant to cater for future contingency needs.
Objectives of Family Takaful Plans are:
Want to get started or learn more? Click here.
Posted on: 7th Sep 2020
Growing up, we had a lot of communal upbringing, from aunties, uncles, grandparents to neighbours, we were taught the Nigerian culture by words and action. However, as the world is becoming more fast-paced and digital, one of the things easily forgotten is culture.
If you are a parent and you have been worried about your children learning about their culture, see the books below.
Posted on: 21st Jul 2020
The first half of 2020 started off on such an optimistic note, but with the global COVID-19 pandemic, the year has taken an uncertain turn. It might even seem like the financial goals for 2020 you made have all been derailed.
We are sure that you had lots of plans for the year and July is the best time to reevaluate the progress made on those financial goals in the last few months and set new, realistic goals based on that reassessment. Beyond life, you have to take charge of your finances too.
Not sure about where to start? We have some ideas to help:
1. MAKE A REALISTIC BUDGET AND STICK TO IT
Creating a budget-making habit takes discipline, but once it becomes part of your financial planning arsenal, it is indispensable. It’s important to create an actionable budget that works for every aspect of your life and be realistic about how much you need to spend.
2. SET UP AN EMERGENCY FUND
Recent events have shown us all that emergency funds are indispensable. As much as possible, have at least 3 months of your monthly income stashed away for when things get really rough. Your emergency fund could be a lifesaver.
3. WORK ON CREATING MULTIPLE STREAMS OF INCOME
The key to having multiple streams of income is to find an opportunity or problem and create a solution to it, or to invest strategically. The first approach would create a side-gig for you to operate while you still run your day job, and investing makes sure that your money works for you while you sleep.
4. CREATE A PAYMENT PLAN TO PAY OFF DEBTS YOU MAY HAVE
Debts can seem very oppressive, but it’s much more manageable when you break them down into an easy payment plan. Start paying them off little by little to ease the burden.
5. PUT A SMALL AMOUNT ASIDE PERIODICALLY FOR RENT
Rent comes around every year, so it’s only smart to start early to plan for next year. Put aside a small amount every month instead of waiting until rent month and then taking large amounts of cash that set you back for months. By the time the rent rolls around, you might even have more than the amount you need.
6. START AN EDUCATION FUND TO PROTECT YOUR CHILDREN’S FUTURE
With all the uncertainty in the world right now, life insurance has become even more important. Education insurance, in particular, makes sure that your children’s lives are not disrupted by a tragic event. Whether you are there or not, your dreams for them will stay on track.
The most important day in everybody’s lives is today, so if you want to get ahead in 2020, the best time to start is now. Start making plans, start creating solutions, and making long-term decisions for you and your family today.
To get started, send us a mail at email@example.com. We are always available to help you.
Posted on: 8th Jul 2020
As a religious country, talking about the end would most likely seem like a taboo, however, we all know that it is the one thing that is inevitable which is why it is important to have that conversation with yourself and make plans that will help your dependents when you are no longer here.
Because of this fear, a lot of misconceptions have been passed around over life insurance and we have come up with some of the most common ones backed up with information to make you understand better.
One of the things that are misunderstood about life insurance is how much it costs: the majority of people assume that a life insurance policy will cost them a lot which is not true.
It’s true that there are many varieties of life insurance. But for most people, the best choice is Term Assurance and it is quite straightforward.
With term life, you determine the amount of coverage, say N10,000,000 — and the timespan for your protection is 20 years. If you pay your monthly premiums and die within the term, your beneficiary gets the money.
Online tools make it much easier to research and purchase a policy than it was years ago. You can get a quick quote with the African Alliance Premium Calculator on our website. Check here.
It is better to buy a policy when you are young and it costs the least. For example, the premium calculator shows a policy that costs N3,000 a month at age 30 will cost about N6,000 a month at age 40. Because you’re more likely to develop health problems as you age, the price goes up.
There are many reasons single people should buy life insurance. For example, you may have children, be planning to marry or have aging parents who are financially dependent on you.
It’s important to save for retirement, but a life insurance policy is an important part of a financial plan. The great part is our Term Assurance is fairly inexpensive while also being a great plan that helps you plan for life, you should be able to pay for a policy while saving as well.
Thinking of how to start? Easy, click here to learn more.
Posted on: 30th Apr 2020
With the Covid-19 lockdown, the normal realities of our lives have evolved. For most people, life has shrunk to the size of a few rooms, no parties, no outdoor relaxation, and losing the ability to see friends. The lockdown is important and we have to keep to the directives from the government.
However, while this remains important, it’s also important we look for ways to curb the impact the lockdown is having on us both physically and emotionally. If this is not addressed, it can make us less able to think clearly and work productively.
The next 3 tips will offer you practical steps that can stabilize your state of mind and help you stay happy throughout the lockdown and also after.
Since the lockdown started, many have relaxed on their daily routines and have found themselves bored, disheveled, or even confused. A good routine can improve your lifestyle and enhance your productivity throughout the Covid-19 lockdown.
Setting a routine doesn’t mean you have to get up at the same time as you would have done if you were going out to work. In fact, the lockdown is a good opportunity to rest and relax your body from all the stress it has been through.
Experts have advised that you should aim to wake up and go to bed at approximately the same time each day.
The period of lockdown is a good time to soothe away your stresses. Smile, keep fit and show extra love to your body.
The following tips can help.
With the spread of the coronavirus globally and especially in Nigeria, we naturally feel inclined to keep up with the latest developments and advice. Unfortunately, information overload (from sensational news to fake news and speculations) would most likely increase your anxiety.
Limit how much you tune in to the news, interact with social media, or watch stress-inducing films. Pick an outlet you trust and check in once or twice per day.
Engage in fun activities with your immediate household, research or read good books, online interactions with friends or video calls where you can actually see another human face will really help.
Spend time to think and plan how you can better prepare you and your family to live well in times of unforeseen occurrences such as the Covid-19 lockdown. Your future is what you make it and you have the opportunity to make it the best for you and your loved ones by securing an insurance plan which helps you live a life of peace.
Our plans at African Alliance Insurance give you interest on your savings and a full life insurance cover up to N1,000,000 or more.
Posted on: 23rd Apr 2020
As we are entering the holy month of Ramadan, these are some things you can do to make the best of the holy month.
1. Avoid food waste
As you fast this Ramadan, you can avoid food waste by freezing excesses, reuse leftovers, and blend overripe fruits with yogurt or milk to make smoothies for Sahur.
2. Offer support to friends and neighbors
This Ramadan, offer financial help to friends and neighbors in need and reach out to new Muslims from out of town who may feel alone. Encourage them with calls and kind words to keep them motivated throughout Ramadan.
3. Unplug from worldly things
In Ramadan, our spiritual needs should take priority. This holy month, make effort to unplug or reduce the time and attention spent viewing the television, internet, and all social media channels. Give more time to your spiritual growth and encourage family members to do the same.
4. Stay hydrated
Drink plenty of fluids such as water, freshly squeezed juice, or milk, this will prevent dehydration and provide your body with the essential fluids it needs.
5. Exchange gifts
The world can only be a better place if we help each other, in return Allah rewards us in both worlds. So exchange gifts with each other this Ramadan.
6. Read the Quran
Reflect on the Quran to get closer to Allah this Ramadan, every time you read or listen to the Quran, you will uncover more benefits in this world and in the hereafter.
7. Eat at the right time
In this holy month of Ramadan, always observe sahur and iftar at the appropriate time, these meals keep you nourished through the long fast.
8. Observe your prayers
As you fast this Ramadan, always observe your 5 daily salats and don’t forget your taraweeh every night.
9. Make Dua
As you fast this Ramadan, always observe Nafilah at least 2 rakats every night. It’s the best time for making Dua.
10. Ask for forgiveness
This Ramadan, make it a point of duty to be steadfast. The lockdown is a good time to renew your relationship with Allah without the distraction of daily life.
Lastly, you should check out our Takaful plans for ethical insurance consistent with the dictates of Islam.
May almighty Allah answer our prayers.
Staying indoors can be frustrating but it can also present the opportunity to discover something unique about yourself that will transform your life and your goals.
How do you discover your life purpose during this lockdown?
Write down everything you would like to achieve in the next five years, then break them into smaller goals. It does not matter how big your goals are, just write them down.
For example, if you want to double your income, you need to break down to how much you must achieve each year to get to your long-term goal.
People often overlook the talents or traits that come naturally to them.
Think about what you could be doing with your unique talents and explore those things, no matter how mundane they seem. The easier it is for you, the likelier you have a calling in that area.
Take up hobbies or learn new ways of doing old things. You could discover something you enjoy in the process.
This lockdown is the best time to take up music, arts, cooking, business, writing, strategy or anything else that holds your interest.
Sometimes, we hear stories that connect to us on an emotional level.
Your purpose may lie in the causes that stir your emotions deeply enough for you to try to want to do something about it.
For example, a passion for volunteer work points to a bigger purpose in humanitarian work.
Self-realization takes seeing yourself through the eyes of the people that know you the most.
Ask those around you what they think about you and what they feel you might be interested in.
Now is a great opportunity to seek out someone you admire and respect to mentor you.
There is a lot of time to have deep, long conversations and work on personal and professional growth. A mentor could help you grow towards your purpose in life.
According to Mark Twain, a renowned writer and lecturer “The person who won’t read has no advantage over the one who can’t read.”
Reading can help you work through feelings. The words you read can uplift, entertain and elevate your mood, making you feel happier. You learn about different people, different places, different cultures, and different beliefs. You understand the intricacies of human behavior, actions and that makes you a better decision-maker
While working on today, pay attention to tomorrow. One of the easiest ways to do so is by getting a life insurance plan to ensure that no matter how the future goes, you and your loved ones are safe and secure.
Let’s help you get started on this journey.
Posted on: 17th Apr 2020
It is almost impossible to do anything right now without hearing the word “coronavirus.” The anxiety is real and growing, especially with the extended lockdown period.
While it is normal to be worried, anxiety does more harm than good. So how do you clear your head and make the best out of this challenging situation?
1. Screen all the information you see
As much as there is information, there is also misinformation. Stick to trusted sources such as the NCDC, WHO and relevant government authorities. Compulsively checking the news and social media for updates will fuel your anxiety rather than ease it.
2. Focus on the things you can control
There are so many uncertainties right now, but focusing on questions with unknown answers and circumstances you cannot control is overwhelming. Instead of allowing yourself to get caught in the fear of what might happen, focus on what you can completely control like keeping yourself healthy, tracking your finances and following the health guidelines of NCDC while you observe the lockdown/social distancing.
3. Be intentional about finding calmness
You have to become proactive about finding ways to calm the storm in your head. For some, taking up meditation helps, while others find calm in talking to loved ones. listening to music also helps, and so does writing down the things you’re grateful for every day. Find what works for you.
4. Plan for life
While we are positive that we will all get over this trying time together, you need to plan for tomorrow. You should think of investing in a life insurance plan to keep you secure and confident about the future.
Want to know more about this? Let’s talk today: send us a message on WhatsApp 08130858310 or email firstname.lastname@example.org.
Check out these 5 steps to stay ahead despite the Coronavirus pandemic
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