Our Role in the New Mandatory Pension Reform – An Offer to Serve

In addition to the payment of gratuity and pension benefits at retirement, a more important aspect of the new pension reform is the mandatory provision of life assurance cover on the life of the workers. Section 9 (3) of the pension reform Act 2004 stipulates inter alia… “employer shall maintain life insurance policy in favour of the employee for a minimum of three times the annual total emolument of the employee”.

The Act is applicable to “all employees in the public service of the Federation, Federal Capital Territory and the Private Sector” (Section1 (2).

It is important to note that the life assurance benefit is distinct from the pension which is a form of savings (contributory) and payable at a later (known) date. Life assurance is meant to provide for the unexpected. It will cater for the financial burden which the untimely death of the breadwinner (employee) will cause to his/her dependants. It is one and only sure legacy which is certain to get to the target beneficiary.

Unlike the retirement saving aspect of the pension scheme which is contributory (by the employer and the employee), the employer is mandated to finance the life assurance cover 100%. This is to emphasis its importance. The snag of this life assurance aspect is that unlike the pension aspect which is much more of regular savings, the life assurance aspect involves some technicality which requires professional expertise. This is what we wish to offer to you.

As life assurance brokers, we will arrange; in line with the guidelines of the National Pension Commission (PENCOM); and to the ultimate benefit of the workers and consequently their dependants and/or beneficiaries; the proper life assurance cover that is:

  •  Adequate in Benefit
  •  Devoid of unnecessary technicality
  •  Highly competitive in costing
  •  Prompt in claim payment.

We, as a matter of tradition, will

  •  Properly keep all your insurance records and review same regularly as to keep you updated.
  •  Negotiate the most competitive cover, in term of costs, conditions and benefits, for you.
  •  Ensure that claims are settled with no hassle but equitably too.
  •  Give you the opportunity to compare quotes from various reputable life insurance underwriters before final take-off and/or renewal decisions are taken.

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 Why Engaging our Services.

By convention, when you engage our services as an insurance broker, you pay no fee as our remuneration is traditionally built into whatever premium you pay on insurance services. By not employing our free services, you are only short-changing your self.

  • Our allegiance is to you as our client and not to any insurance underwriter. Hence, we will always strive to ensure that we retain your patronage.
  • As a corollary to the above, it makes business sense that we will do everything within our professional capacity to ensure that you have the best bargain at all times.
  • All available discounts will be obtained for you. Hidden clauses, obnoxious terms and conditions usually found in standard insurance documents will be negotiated to your ultimate advantage. No insurance company direct marketing staff will ever do this for you.
  • Personalized services will be rendered by us to make you happy always.
  • There are many more reasons why you need our free but very beneficial services.

How do you engage our Services.

You are just to write a simple letter of appointment, whereby you indicate to us that you wish to appoint us to handle your insurance portfolio for you.

Please note that we will professionally not commit you on any insurance matter without your consent, except when it is beneficial and will not cost you any thing at all.

Conclusion

Above is a brief of our offer to serve you. We shall be glad to meet you and expatiate further on our services. But we can assure you that you will be better of when you engage our services as against dealing directly with insurance company on your insurance needs. No matter the promise, the benefits (cost and otherwise) can never equal.

We thank you for your anticipated interest in us and await your favourable disposition to our proposal.

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