– With ANNUITY, Pensioners can even access loans without bottlenecks to meet peculiar personal or business needs
(For more clarification and details, contact Olawale Kazeem, Finance and Insurance Expert on 080355557449 or 08058204282.)
By Biola Lawal
Ilorin (FLOWERBUDNEWS): A Finance and Insurance Expert, Mr. Kazeem Olawale Lateef has counseled Pensioners in the country to change to ANNUITY insured payment to enjoy higher and regular monthly or quarterly income for the rest of their life.
Kazeem made the call on Thursday while speaking in an interview with FLOWERBUDNEWS in Ilorin on the generally pitiable condition of pensioners in the country and possible ways to help them.
The Finance and Insurance Expert explained that Annuity is a regular income guaranteed for life and technically known in financial language as ”Retirees life Annuity (RLA).”
”It is a product of licensed insurance companies like Leadway, Custodian, AIICO, Stanbic IBTC insurance etc.,” Kazeem told FLOWERBUDNEWS.
The Finance and Insurance Expert advised Pensioners saying; ”retirement is a social security, and insurance of an old age is something every individuals need to take very seriously wether you are a government employee , private employee or self employed even artisans.”
”It is therefore, strongly advised for us to make an informed decision before accessing our fund,” most especially those in government work at the FEDERAL., State or Local Government level
”It is also advisable for private individuals to consult an insurance professional in order to know and understand which insurance plan is suitable and beneficial for them,” Kazeem stressed.
He told FLOWERBUDNEWS that all workers needed ANNUITY to enjoy a most favourable retired life, saying; ”all of them need ANNUITY;
For government workers and those in private establishment, they should enter into what we call IMMEDIATE ANNUITY.”
For self employed individuals and artisans, ”they need Deferred ANNUITY,” the Finance Expert stressed.
He explained that ”in line with Contributory pension scheme, and as stated in the pension reform act 2014 page 6 , no 7, b and c, a retiree has two options in accessing his or her fund after retirement.”
They are: ”1. Programmed withdrawal monthly or quarterly calculated on the basis of an expected and,
”Annuity for life purchased from a life insurance company licensed by the National insurance commission with monthly or quarterly payment in line with guideline jointly issued by the PENCOM and NAICOM.”
In choosing Annuity you enjoy the following benefits, Kazeem disclosed;
1: Regular income for life, 2: Higher income
3: Easy and seamless assessment of death benefit by the named beneficiary because it is a mini will, 4: Contractual agreement signed by both parties, 5: You can transfer from programmed withdrawal to Annuity and secure loan seamlessly and easily especially from Leadway assurance, Lateef disclosed.
”If annuity is not better, it won’t be an option at all because your fund is already with PFA,” the Finance and Insurance Expert stated.
He urged Nigerian pensioners to Make an informed decision to enjoy their retired and old age life more. (FLOWERBUDNEWS)
(For more clarification and detail contact Olawale Kazeem on 080355557449 or 08058204282.
E-mail kazeemolawalelateef @gmail.com)
