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FAQs - Retirement
What is Retirement insurance?
Retirement plan refers to planning that an individual employs to plan for the future and enjoy their retirement. It includes financial strategies involving saving investment and ultimately distribution of money while taking into account the future expenses, liabilities, inflation as well as life expectancy. The words of wisdom here are that it’s never too late and never too early to plan for your future happiness.
Who needs Retirement insurance?
It is never too early or too late to start planning for your retirement. Whether you are a young adult or a late midlifer, a retirement plan is essential for your future well being and happiness. Based on your stage of life you can follow these general guidelines to get started with your retirement planning:
- Starting at young adulthood (age 21-25) gives you time to take advantage of compound interests and let your investments mature. The more time you give the more the mathematics of compound interest returns.
- Early midlife (age 36-50) brings financial liabilities including mortgages, student loans insurance premiums, etc. However, this time also allows some aggressive savings backed by more earnings and time to see your investment mature.
- The late midlife stage (age 50-65) might sound late for planning your retirement however it does have its benefits. At this stage, higher wages and lower liabilities might introduce more disposable income for saving and investment and give a boost to your retirement planning.
What does Retirement insurance not cover?
How to switch insurance if I'm already covered?
Switching policy provider at the time of renewal, that is when your current insurance is near expiration, is straightforward. However, it's important to maintain the continuity of coverage while switching insurance providers. Our team at BLACAZ is always eager to assist you, so get in touch if you have any concerns.