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Insurance firms told to develop annuity products

27 August 2013, 07:26

Lagos - A former President of the Chartered Insurance Institute of Nigeria (CIIN), Dr Wole Adetimehin, on Monday urged insurance companies to develop annuity products.

Adetimehin gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos.

Annuity is a regular payment to a retiree from a particular date up to a period or for as long as he lives.

According to him, taking up annuity product is a sure way of securing one’s future after retirement.

“So the products need to be available to enable the retiree buy into it.”

“The companies also need to go out and aggressively market annuity products.”

“This is because the products will help to shape the life of the elderly, especially those who had been in active service,” he said.

Adetimehin said that those who worked for themselves should also see annuity products as a worthwhile investment for their future.

According to him, under the annuity contract the person can pay the premium to the company on quarterly basis or annually.

-    NAN


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