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Chuks Udo Okonta
Economic challenges have made it pretty difficult for most people to support their aged parents in retirement.
The high cost of running a family, managing utility bills and other sundry contingencies have left many unable to offer adequate financial care to their parents.
To relief yourself from continuous struggle in meeting your parental care, immediate annuity provides a solution.
Immediate annuity is a retirement product offered by life insurance companies that allows an individual pay a sum of money to procure a life time retirement package that pays either monthly, quarterly or yearly for an entire life span.
You should buy an immediate annuity on behalf of your parents, using your details – name and age to process it. While the annuity runs on your name the benefit payout is channeled to carter for your parents.
Benefits
*Financial relief
Buying an immediate annuity on behalf of your parents would relief you of stress of setting aside fund from your income to care for them.
The monthly, quarterly or yearly benefits payout, would be used to manage their financial needs, while your income is deployed to run your other personal ventures.
*Payment for life
As the annuity is bought in your name, the benefits payments continue after demise of ones parents.
After the death of ones parents, the benefit can be channeled into caring for other family members or retained as part of buyer’s retirement plan.
*Single payment
Immediate annuity requires paying a lump sum of money at once. The payment is worked on and spread over the life time of the annuitant – payment for life.
*Retirement plan for parents
For people whose parents do not have structured retirement plan and are not entitled to pension payment, immediate annuity helps put such parents on a retirement income.
Moreso, parents with little retirement benefit income, can also be supported with immediate annuity, as it would enhance their retirement income.
With just a sum above N5 million, you can put your parents on retirement benefits income closed to N50,000 a month.
Give your parent a toast today with immediate annuity for parental blessings.
