One of the major stages of life that every worker patiently looks forward to is the Retirement stage. At this stage, everything changes. It is the stage where the heavy load of work, bulks of responsibilities, and endless stress is off your shoulders. You finally get to feel relieved and relaxed, having a long break from the hustle and bustle of life.
Retirement is when you experience many exciting changes in your schedules, routines, and activities. However, this stage of life is not independent of unexpected events. Therefore, to complete the joy of retirement, insurance is key. What are the insurance plans you need to gain at this stage of your life?
Read on, this article answers it all.
What is the insurance I need for Retirement?
1. Medical/Health Insurance:
According to an insurance expert, “The most obvious insurance retirees need to maintain is health insurance”. Because at this stage, age is advanced and the effect of strenuous work done over the years tells on your health.
There are several health insurance policies you can opt for that offer exceptional services. Medical insurance will guarantee your financial protection and meet your medical needs in the event of an unexpected hazard. You cannot afford not to have one.
2. Homeowners or Renters Insurance:
These policies provide insurance against loss or damage to property and possessions. It also offers you liability coverage and comes with affordable interest rates.
At the retirement stage, you must have gathered enough valuables over the years that worth a fortune. Such valuables as furniture, jewellery, art or other items including your home. There is a need for you to secure a policy for these valuables to prolong their lives.
3. Car Insurance:
This is another major insurance plan you need for retirement. Just like health insurance, car insurance is generally quite important.
Minor and major accidents occur with cars every day, so you wouldn’t want to take the risk of not having insurance. Therefore, it is of strong recommendation that as a retiree, you must secure care insurance.
4. Travel Insurance:
One excitement that comes with retirement is the ability to go wherever you want to go whenever. Therefore, there is a need to purchase comprehensive travel insurance. A travel insurance policy covers you in times of medical emergencies, evacuation, travel delays, cancellations, etc.
5. Annuities
Retirement generally means no more salary earning. In other words, when you run out of your savings, you often have to rely solely on your pension to survive.
However, with a fixed life insurance annuity plan, you can guarantee and secure a lifetime income for yourself.
Basically, an annuity is a financial product that insurance companies sell out to potential clients. It serves as a constant paycheck to the purchaser for as long as he lives. I further explained the Retiree annuity here
6. Vision Insurance:
Even before reaching the retirement stage, many people tend to rely on eyeglasses to support their sights. This is an unfortunate truth and must not be ignored.
Vision insurance exists majorly to cover the needs of retirees as regards the required eye care costs. These costs may include several routines on preventative eye care, such as screenings for glaucoma, macular degeneration, cataracts and so on.
Where can I Purchase Retirement insurance in Nigeria?
Several insurance companies offer good insurance packages for retirees in Nigeria.
But, before purchasing, it is imperative that you compare their quotes, to select the best value for money.
Some of the insurance companies from which you can purchase are:
- Lead way Assurance
- Aiico Insurance Plc
- Axa mansard insurance
- African Alliance Insurance
- Goldlink insurance
- Continental Insurance
Conclusion
The aforementioned insurance policies are the major but not exclusive plans available for retirement. Opt for these plans today and enjoy a stress-free retirement experience. The