Overcome the fears of ageing with life rights

There is an enormous amount of fear when it comes to retiring, especially when it comes to how you buy your retirement home. The advent of the life rights model within the retirement sector has certainly helped to alleviate the fear factor, leaving retirees with the peace of mind that their quality of life will not be altered.

With an estimated 962 million people over 60 years old globally in 2017 (that’s 13% of the global population) and the average life expectancy being 61 for men and 67 for women, much needs to be done to ensure that this segment is taken care of. With this global figure growing by approximately 3% per year, quality living conditions are fast becoming a priority in South Africa.

The rapidly changing advances in healthcare and science could see the life expectancy figure jump to 90 years. If people retire at 55 or 60, there are still too many years to be covered when it comes to where and how they live in their golden years.

Phil Wilson, Sales Director of Evergreen Retirement Holdings, says life rights addresses this global phenomenon effectively and is viewed as a more cost-effective option to going the traditional ownership route.

“Simply put, a person who purchases a life right in a retirement village purchases the right to occupy that property for the rest of their life,” he says. “This is done via a once-off payment with the original capital eventually returned to the life right holder’s estate.”

This provides the security of guaranteed lifetime occupation of a property.

“Taking the life rights option alleviates much of the pressure and many of the risks typically associated with buying a property when it comes time to move from that family house to a home for your retirement years,” says Adam Kajee, Chief Financial Officer of Evergreen Retirement Holdings. “In addition to this, our villages combat a number of fears of ageing with the features they offer.”

LIFE RIGHT FEATURES

There are four key fears of ageing: security, finance, care and loneliness – but these are overcome when buying into an apartment or free-standing home in a retirement village. You no longer need to worry about security, unexpected financial costs, levies or maintenance fees. Medical care is on-site, there is support, and provision is made for hobbies and sporting activities.

1 Physical security

Evergreen villages are secured with electric fencing, CCTV cameras, 24-hour patrols, strict access control, and emergency Telecare call buttons in houses and apartments. These systems are closely monitored and regularly checked to identify where and when upgrades and improvements are required.

2 Financial peace of mind

Residents can accurately plan their financial future, thanks to the Evergreen Life Right, which offers flexible purchase options, reduced upfront costs and transparent levies.

3 Continuous care

High-quality healthcare delivered by registered, experienced nurses and therapists is available at Evergreen’s on-site care centres. Services include regular clinics, occupational therapy, home-based care, 24-hour nursing and recuperative care, frail-care and palliative care.

4 Sense of community

Village life revolves around a Lifestyle Centre, where residents spend time socialising, dining, or enjoying the many clubs and special-interest groups that meet regularly.

Facilities at the Lifestyle Centre would typically include a dining room and bistro, TV lounge, games room, bar, library, outdoor deck with braai facilities, heated indoor pool, gym, salon and laundry. This is also where lasting friendships are formed.

“When it comes to retirement, the life rights approach fundamentally revolves around giving the assurances necessary for comfortable living at a time when people deserve it. At Evergreen, we have been following this model since 2008 and understand it better than anybody. With us as a trusted partner, our residents will never be alone,” concludes Wilson.