Retiree life annuity is a special insurance package designed for retiree so that they enjoy payment as long as they live unlike the programmed withdrawal managed by PFAs.
This insurance package is backed by the Pension Reform Act 2014 in section 7 1(c) which states that:
“A holder of RSA upon retirement or attainment of age 50, whichever is later, shall use the balance standing to the credit of his RSA to purchase an annuity from a Life Insurance Company licensed by NAICOM with monthly or quarterly payment”.
The advantage of retiree life annuity is that you will enjoy payment for life. This is important because you plan to live longer. What then happens when your monthly allowance suddenly stops after 18 – 25 years of payment? In my opinion, that is the time you will need the money to keep up with daily expenses.
Let us show you how to obtain a life annuity with the money you have on your RSA account. Fill the form below to get started.