Insurers urge retirees to adopt annuity plans for ease of mind

By Cynthia Ezekwe

The Nigerian Insurers Association (NIA) has  encouraged retirees on the need to adopt annuity plans as a pension-regulated option under the contributory pension scheme.

Yetunde Ilori, the director-general, NIA, while speaking at the retirement readiness workshop organised by the association, assured that annuity would give retirees peace of mind as it offers regular income throughout one’s retirement life.

The workshop, which was largely attended by retirees and contributors under the Contributory Pension Scheme, provided a platform for the intending retirees to have informed knowledge ahead on annuity.

Niyi Onifade, managing director and chief executive officer, Heirs Life Assurance, emphasised the significance of subscribing to holistic retirement planning that provides financial backing and a comfortable future.

Onifade, who spoke on the topic “Annuities: What they are, the types, how they work”, emphasised the necessity of being prepared for retirement.

Sharing annuity options available to retirees, he stated that Heirs Life Assurance recognises the need for individuals to secure their financial future, and  offers a robust solution that aligns with individual retirement goals.

According to the Heirs Assurance CEO, Heirs Life annuity plan is designed to provide individuals with a steady stream of income during retirement, ensuring financial security, with flexible options tailored to meet diverse needs. He further noted that the plan offers a reliable solution for retirees seeking financial stability in their post-working years.

“At Heirs Life Assurance, we recognise the need for individuals to secure their financial future and we believe that our Heirs Life Annuity Plan offers a robust solution that aligns with your retirement goals,” he added.