Experts Charge Insurance Ladies, Others On Retirement Plans

Experts have charged insurance ladies and other Nigerians to start planning for life after retirement right from when they are in active service.

The experts, who spoke at the 2nd Edition of Professional Insurance Ladies Association(PILA) Senior Ladies Forum sponsored by Cornerstone Insurance Plc in Yaba, Lagos, at the weekend, noted that, most people who are currently having it tough at retirement was a consequence of lack of planning while still active.

On her part, former Secretary General, African Insurance Organisation(AIO), Prisca Soares, noted that, aside planning for retirement, one must take good care of his or her health as age sets in, noting that, this will ensure a retiree lives a healthy life and live long.

Soares, who was the chairman of the event, while speaking on the theme of the event which is ‘Aging Gracefully’ stressed that, aging gracefully is crucial to a positive retirement life, urging participants to listen attentively and adhere to tips on how to live a successful retirement life.

Similarly, the president, PILA, Margaret Nkechi Moore, while applauding the sponsor of the forum, charged her colleagues to take their retirement life seriously by having series of investments while in active service, stating that, the return on such investments will ensure they don’t lack financially at retirement.

Urging colleagues to subscribe to health insurance and pension products that will be instrumental to a healthy life at retirement, he said, pension and annuity products will ensure there is monthly or quarterly stipend that will be coming regularly at retirement to lessen the burden of expenses.

Earlier, the former director general, Lagos State Pension Commission (LASPEC) who is also a motivational speaker, Mrs. Folashade Onanuga, charged insurance ladies as well as other working class Nigerians who are under the Contributory Pension Scheme(CPS) to also subscribe to Additional Voluntary Contribution(AVC) that can serve as savings to start one’s dream business at retirement.

Planning for retirement, according to her, will ensure that one is able to take care of basic necessities of life, such as; shelter, feeding, clothing, and so, at retirement, adding that, leveraging on pension contributions alone to resolve all expenses, will not work in an inflation-induced environment that the country is in now.

“You will need a lot of money to service your health in old age. Money is critical as old age is lonely these days. You don’t train children as your retirement plans as the children of nowadays are not wired to help their parents. Millennials are self-centered. Hence, to age gracefully, you need resources, unfortunately, the pension scheme is not enough. Inflationary trend has eaten deep into what pension you may be getting. Pension is inadequate for you to enjoy retirement, you need extra financial empowerment. Aging graceful is not to sweat for money, it is when your money should be working for you, it is about having peace of mind,” she pointed out.

The plan that you made in the afternoon stage of life, when you are aspiring is what will make or mar you in the evening stage of your life(retirement), she stressed.

Urging workers to always invest when they are earning income, she said: “Additional Voluntary Contributions(AVC) can block the gap between income and expenses at retirement. Moreover, always have an emergency fund which must be two to three times your salary. Similarly, don’t put all your investment eggs in one basket, diversify your investments and be intentional about creating liquidity for yourself. Be careful of loans, especially, 5years into your retirement, it makes you poor in old age. Occupy yourself, be doing something, don’t sit idle, eat healthy, eat in moderation and healthy, stay close to house of God and belong to different voluntary groups.”

Meanwhile, the managing director/CEO, Cornerstone Insurance Plc, who sponsored the event, Mr. Stephen Alangbo, said, his insurer is revolutionising insurance business in Nigeria, adding that, the company’s asset, which is one of the biggest in Nigerian insurance industry, is over N70 billion as the company did N23 billion businesses in 2022 financial year.

In the current year, he said, the company already had about N30 billion premium income, saying, the company grew significantly in the last few months.

Promising the brokers and the insuring public that the insurer is stronger and capable of honouring genuine claims as and when due, he noted that, as it stands, Cornerstone is not owing any outstanding claims, and that if there is any, it must be documentation issue.

He promised to continue to support PILA in its mandate to deepen insurance penetration in the country, adding that, there are lots of products in the kitty of the underwriters that allow Nigerians cut down on their expenses as the insurer will come to rescue in times of mishap and grieve.

He equally appreciated PILA for giving his insurer the platform to mentor the younger ones that are coming, to ensure more women come into insurance profession. He appealed to PILA for more support to build long-lasting partnership.