He was once a man everyone stood for when he entered a room. Years of service to the nation, in classrooms, on panels, in policy rooms. All these earned him respect and a name. A PhD holder, former Rector, and public servant for 35 years, he didn’t just serve but gave it his all.
For a long time, retirement treated him kindly. He stayed active and healthy, consulting, mentoring, and earning from two rental properties he had wisely secured years earlier. Thankfully, before stepping away from public service, he had seen all his children through good education and watched each of them settle into married life. He took quiet pride not just in what he had achieved, but in the thoughtful way he had mapped out his life journey. His pension, though modest, was backed by steady passive income and a legacy built on decades of honest and diligent work.
But time, as always, is no respecter of titles.
Now 86, he no longer moves around on his own. Hospital visits are more frequent. His earnings have slowed down, and inflation has drained the worth of the little that comes in. His rental properties still exist, but maintenance costs eat into the returns. Nigeria happened to him. The applause has faded, the room is quieter and his children have become his primary support.
It’s a familiar story for many Nigerian seniors. Not from poor planning, but from a system that honors service with a little more than a handshake and a fading gratitude.
The Role of Insurance When the Applause Fades
When government pensions fall short and health needs rise, insurance can serve as the second applause. That’s where personal insurance plays a vital role. Here are a few types of insurance policies that can support seniors in retirement and beyond:
- Health Insurance for Seniors
- What it covers: Regular doctor visits, hospital stays, medication, diagnostics, and sometimes home care.
- Exclusions: Pre-existing conditions might not be covered initially, and many local providers have age limits.
- Cost: Premiums vary; comprehensive private plans range from ₦50,000 to ₦300,000 annually depending on coverage and age. Premiums may rise with age but are worth it.
- Critical Illness Insurance
- What it covers: A lump sum payout upon diagnosis of major illnesses such as cancer, stroke, or kidney failure.
- Why it helps: Offers immediate funds for treatment and recovery without burdening family.
- Exclusions: Coverage usually begins after a waiting period; existing conditions are typically excluded.
- Cost: From ₦30,000/year upwards, depending on age and chosen sum assured.
- Personal Accident Insurance
- What it covers: Injuries resulting from accidents — including slips, trips, and falls — common in older age. Covers treatment costs, disability benefits, and in some cases, accidental death.
- Why it matters: Seniors are more vulnerable to falls that can lead to serious complications or long recovery periods.
- Exclusions: Self-inflicted injuries, incidents under the influence of alcohol/drugs, or high-risk activities may not be covered.
- Cost: Affordable, typically starting from ₦10,000 – ₦50,000 annually based on cover limits.
- Annuity Plans
- What it provides: Guaranteed periodic income for life after investing a lump sum. Great for bridging gaps left by pension shortfalls
- Why it helps: Supplements pension and helps maintain independence.
- Cost: Begins from a lump sum investment of ₦500,000 and varies based on desired payout and age.
- Property Insurance
Those rental properties need protection too.
- What it provides: Covers fire, flood, theft, and even loss of rent in some cases
- Why it helps: Preserves your passive income stream
- Cost: Affordable, Depending on the value of property.
Retirement Should Be Rest and Not Worry
In developed countries, retirees enjoy structured support such as healthcare, stipends, and specialized housing etc. But here, families bear the weight alone.
Still, there’s something we can do. We can plan better, invest smarter, and protect what we build. Insurance does not stop aging but it softens the blow. It makes dignity affordable when strength begins to fail.
Steps To Take
If you’re still working, now is the time to think long term.
If you are nearing retirement, explore insurance that aligns with your lifestyle.
If you have elderly parents, support them with love and an insurance policy that protects.
👥 Talk to theinsuranceguarantor today and secure the applause long after the stage is empty.
This is quite educative and informative.
Please what kind of Insurance policy would you recommend for an association of old students with ages ranging from 55 and above?
What are the requirements?
Thank you so much for your kind words. I am really glad you found the post informative. I am sorry for my late response. It was an oversight. I actually thought I responded. My sincere apologies.
For an old students’ association with members aged 55 and above, a combined Group Personal Accident Insurance/ Group Term Life Insurance policy would be ideal. These policies can provide benefits like medical expenses from accidents or natural death, disability cover, and even funeral expenses or lump sum payment to next-of-kin in the event of death.
If healthcare is a concern, some insurers also offer Group Health Insurance tailored for older adults, although it comes with age-related underwriting and premium considerations and can be a bit pricey.
Requirements usually include:
A minimum number of members (usually 10 or more)
Accurate age data and personal information
Agreement on sum assured and coverage scope
Annual premium (can be paid by the association or jointly by members)
I would be happy to guide further based on your group’s needs and budget. Feel free to DM me privately or reach out anytime. Many thanks again for your time. Much appreciated
This is quite educative and informative.
Please what kind of Insurance policy would you recommend for an association of old students with ages ranging from 55 and above?
What are the requirements?
Thank you so much for your kind words. I am really glad you found the post informative. I am sorry for my late response. It was an oversight. I actually thought I responded. My sincere apologies.
This is an interesting read, very educative, and like you rightly said, this is a pattern for lots of senior citizens in Nigeria.
Is it too late to open an health insurance for a senior citizen aged 70 and above. Searched the internet and there isn’t a lot of options available without an hidden T&C
Thanks Tobi. I appreciate.
Your search is correct. The insurance companies are not likely to take up a new client above 70 years except you are an existing customer. Another product that is available for clients above 70 years provides for home care treatment only.
Once again Thanks for taking time to read.
This is educative and inspiring. I appreciate the write up, it’s practical , it’s based on the plight of a typical Nigerian retiree!
One of my concerns with life insurance related products is inflation both official and non official rates
The second one is failure of most insurance institutions to live up to their obligations for example failure of companies like Nigeria Insurance Plc, Standard Alliance Insurance Plc, Goldlink Insurance Plc etc. This development jeopardizes the interest of insuring public on both long and short run
Interestingly and worthy of mention is a system of program withdrawal by Pension Fund Administrators as an alternative or addition to annuity(insurance)
Thank you
Thank you so much sir for taking time to read and your thoughtful comment. My sincere apologies for my late response. I actually thought I already responded until now. I am so sorry.
You raised very valid concerns. Inflation is a real threat to the value of long-term insurance, and the failures of some insurers have understandably shaken public trust. It’s why careful selection of reputable companies is so important.
Programmed withdrawal through Pension Fund Administrators is indeed a valuable alternative or addition to annuities.
Thank you again for engaging. Conversations like this help create better awareness and better choices.
I really appreciate.
Hmm! Thank you for constantly enlightening us on the importance of insurance.
This is also quite informative.
Thanks Titi for taking time to read. I’m encouraged.
Thanks for the education
Thanks Seeke. I appreciate.