Cornerstone Insurance Insight: How retirees can secure lifetime income
Cornerstone Insurance Plc
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In an era of rising economic uncertainty and longer life expectancy, financial security in retirement has become a major concern for many workers.
Annuities are emerging as a reliable solution, offering individuals a steady stream of income long after they exit active employment.
An annuity is a contract between a policyholder known as the annuitant, and an insurance company. Under this arrangement, the annuitant makes a lump-sum payment to the insurer, who in turn guarantees regular payouts at agreed intervals such as monthly or quarterly, typically for the rest of the individual’s life. These payments provide financial stability and help retirees manage living expenses without relying solely on savings.
Workers with Retirement Savings Accounts (RSAs) can also get annuity by transferring their funds to life insurance companies after collecting part of the funds as a lump sum.
Under this annuity, a retiree continues to earn regular income for as long as he lives.
The annuity also ensures that if he dies before 10 years of collecting the payments, there’s a flat annuity with a 10-Year Guarantee, extending providing greater financial security for beneficiaries. This ensures the registered dependents get the remaining payments.
As awareness grows, annuities are increasingly seen as a vital tool for retirement planning, blending income certainty with peace of mind.
Customers can obtain more information by visiting any Cornerstone Insurance branch nationwide, calling 07086216957, or exploring the company’s offerings online at www.cornerstone.com.ng.
