How to plan a financially secured retirement?
For many, the idea of retirement typically means a more relax and easier lifestyle, having time to enjoy the things that bring them joy, visiting family and friends, etc. However, one major concern that most will have when thinking about retirement is the apprehension about the ability to afford retirement. A highly suggestable way is to opt for a retirement insurance plan. Through this article, we talk about how a retirement insurance plan works and its functions and benefits.
What is a retirement insurance plan? A retirement insurance plan is designed in a way that helps grow your money, even out the market uncertainties and provides a stable monthly income after a certain age. The age limit is above the age of 50 for most premium companies. However, you should always check with the preferred insurance company to know the age limits as specified by their terms. What are the benefits of a retirement insurance plan? Having a good retirement insurance plan will be of great advantage that will help make your future worry free. Here are some of the advantages of having a retirement insurance plan in place: A steady monthly income: one great benefit of a retirement insurance plan is that it provides the insured with a steady stream of retirement income during the retirement years. Typically, the retirement income comes with a guaranteed portion and non-guaranteed portion. A non-guaranteed portion is dependent on the participating fund’s performance, which means it has potential to grow under good market conditions.
Customized pay outs: with premium retirement plan, pay outs can be customized according to your needs. The insured can decide when to start receiving retirement income pay outs and for how long they want to receive it for. The insured can also have the option to not withdraw their retirement income pay outs so that they can continue to grow their retirement money and withdraw a lump-sum in the future. Family protection: such types of retirement insurance plan also provides coverage for death. It brings protection to the insured’s family members with pay outs to the spouse in the event of the untimely death of the insured. Accident cover: another advantage of this plan is that most retirement insurance plans provide coverage for accidental permanent disability. Disability caused by an accident is covered under such plan with additional monthly income payable to the insured alongside a waiver for all future premiums. The smart way to plan a retirement is to plan it right away. With various retirement insurance plans offering a range of benefits, it is possible to live a retirement life free of cash crunch. The benefits mentioned above are some benefits typically offered by retirement insurance plans. It is advisable to check with your desired insurance company to know the specified benefits.
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