4 reasons to get life insurance

4 reasons to get life insurance

The topic of getting life insurance is one you may not want to talk about. But because it is important that you ensure the financial security of people that depend on you, it is worth dealing with.

First, let us break down why you need one.

If you’re a breadwinner, you need a life insurance

Let’s be real, if you are the main financial backbone in your family and anything happens to you, your partner, children and anybody else that depends on you, will probably suffer financially. This is one of the major reasons people get life cover; to ensure a safety net for their loved ones in the face of unforeseen circumstances. With the rising cost of education, you can ensure that your kids will still be able to get the education they deserve should the worst happen.

It is not anticipating bad omen. It is simply facing reality and planning for it.

Got loans?

This is one that you might not have thought about. What becomes of your family if you have taken a loan or got a mortgage and something happens to you and there is no one to pay it off? Proceeds from your life insurance policy can be used to settle these loans ensuring that if the worst happens, your family doesn’t have an additional debt to deal with.

Single but responsible

Now, being single doesn’t mean you don’t have anyone that depends on you financially. It could be an elderly parent, sibling or relative. Having a life cover will make sure that these people you care about will be taken care of regardless of your presence, giving you and them peace of mind.

If you need to take care of future medical expenses

If you can’t predict the future, then you never know what may happen. A life protection plan comes in handy in the event of injuries, accidents or terminal illnesses which may prevent you from working. It saves you and your loved ones from unplanned and expensive medical bills.

While life insurance protects your family in the event of uncertainty, there are also lots of other benefits to getting one. Haven’t already taken out a life insurance? It’s not late.

Get in touch with us today via [email protected] to discuss your options.

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How we think about money- Busting Money Myths (1)

How we think about money- Busting Money Myths (1)

Money is one of the few things everyone never stops thinking about. We are either thinking of how we need it, how to get it or what to do with it. Our world view, orientation to life and many other factors contribute largely to our perception of money. It begins with watching our parents handle their finances to the books we read and the experiences that shape our life. Largely, many of us have come to believe popular money myths and have taken financial decisions based them.

Which of these myths do you agree with?

–          If you earn more you will be rich

–          My partner will always take care of me

–          Inflation is not a significant problem

–          Women are not good with numbers

–          Money can’t buy happiness (neither can poverty)

–          If you work hard you will be rewarded financially

–          Having money means having fewer worries

–          Financial matters are too complicated to understand

–          Financial planning should be left to the experts

–          Credit makes purchasing easy

–          Money is the best indicator of success

They are not altogether untrue but they are also not credible enough to form the basis of the financial philosophy from which we take financial decisions.

For instance, the assumption that earning more will culminate into wealth is probable until you consider factors like inflation and increase in family size/cost of living alongside increase in income.   While many married women, perhaps even men, rely on the joint force of their spouse’s income combined with theirs to make financial projections, occurrences like job loss, loss of affection or even like divorce or demise easily change the tide.

Recent experiences in the country have more than proven that inflation can quickly reduce the value of money, making a sum that would have been abundant less than enough. Women all over the world are successfully steering the financial wheels of large organisations, easily debunking the myth that women are poor money managers. Can money buy happiness? That depends largely on what happiness means to you. Whether money can reduce your worries or not is a function of the kind of worries you have. Your definition of success determines the possibility of being an indicator of how successful you are. While many have built conglomerates on borrowed funds, many have also dug their way into burdens of endless debts.

We could go on about the myths and it will only get clearer that these assumptions are hardly the foundation for financial freedom. Issues regarding finances are not too complicated for everyday people to decipher neither should we make financial decisions haphazardly.

In the next edition of these series, we will pinpoint critical factors to consider in our relationship with money, with regards to achieving our financial goals.

Should you require further information, write to us at [email protected] or connect with us on social media- Facebook, Twitter, and LinkedIn. You can also call 0700 CALLARM (0700 2255 276) or visit our Investment Center nearest to you.

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Source: Articles

Abu’s journey (4): Get rich, stay rich

Abu’s journey (4): Get rich, stay rich

In Episode one, Abu was just passing out from the compulsory 3-weeks orientation camp. Episode two sees him counting the days until NYSC is finished. In Episode three, Abu goes full mode job seeker. Now in this episode, the job market tide turns favourably for Abu. Read on…

***********************************************

Work had started in earnest for Abu and he was enjoying every bit of it. The first week, all official bits with Human Resources had to be taken care of. While other new intakes searched the ceilings when it was time to choose their Pension Fund Administrators (PFA), Abu proudly filled out his ARM Pensions form. He has had this company on his radar since his days as a youth corper when their Job hunter series kept him company and he saw himself doing great things with them.

The second week, pure engineering work began. Understanding the job description wasn’t an uphill task for Abu who had wanted this for too long. In the few days he had been at work, his superiors were already noticing him. His constant volunteering for tasks, asking relevant questions and making sure every ‘T’ was crossed and every ‘I’ was dotted made him ‘special’ in the eyes of his managers. But it was still too early to judge, so they all silently watched and scored him behind the scenes.

The first 3 months came and went too fast for Abu. He had spent most of it getting used to work, studying his managers, knowing his way around work and plotting his next move to claim Yinka for himself for good.

Stoneface, his friend with the permanent frown came in handy for the plan to win Yinka. Stoneface’s uncle owned a big advertising firm in Lagos and he had resumed there after his service year. Now, Abu needed a favour from Stoneface and he called it in.

Stoneface had no qualms about it. He spoke to his uncle about a certain brainbox named Yinka who would take his Creative department to another level with her copywriting skills. Intrigued, his uncle demanded to see her work samples which Stoneface fished out from her portfolio on LinkedIn. Mr. Lukman perused these creative pieces for one week and decided that this talent was worth wooing.

So, he made the call.

When Mr. Lukman mentioned his name, Yinka couldn’t believe it. She couldn’t understand how a company CEO would call when his company had a Human Resource department. But seconds into the conversation, she realized it was no prank. She quickly sat on the edge of her seat and instantly began to stutter.

“Can you come to the office for an interview next week Friday?” he asked. “Yes, sir. Of course, sir. Definitely sir. Thank you sir” she rambled on. “Okay great. See you then.” And the line went dead.

Yinka stared at her phone. “What just happened?” she thought. Then as if on autopilot, she dialed Abu. “Abu, you can’t guess who just called me.” She rushed on. “Who?” Abu asked.

“The CEO of ThinkIt advertising. Can you believe it? He wants me to come to Lagos for an interview” Yinka said excitedly.

“Wow”, Abu said feigning ignorance. “Babe, you don turn superstar o.” “Ha, me sef I no understand this miracle” continued Yinka.

“But will you come?” Abu asked. “Before nko. Is it this 70k they are paying me here I will survive with? Omo, no dulling o” answered Yinka.

Abu smiled knowingly. His game plan was in place.

But he had some big plans to make. If he intends to give Yinka the life she wants, he better begin planning towards it.

With this thought in mind, he turned to investment options. With his investment growing surely and steadily, and his retirement savings account maturing with each quarter, he was sure he had started off right.

Strides into the future

Everything happened too fast for Yinka. Looking back, she couldn’t believe she now worked as Senior Copywriter for ThinkIt Advertising, a position she earned after 4 years of blazing trails. Her baby’s cry brought her back from la-la land and she smiled as she picked little Ahmed up with care not to wake his twin sister Hadizat. He was the spitting image of his dad and Abu always made sure he sang it out loud everywhere he went.

Abu not only took pride in the family he has but also in his consistent climb up the career ladder. In four and a half years, with several professional trainings abroad, a few big oil and gas companies made moves to poach him. He finally settled with DKY Oil and Gas where he became a ‘big boy’ earning a 7-figure salary with mind-blowing benefits.

Having learned all there was to know about wise investments and how it ensured a financial future from ARM, Abu took the big step. He went into real estate investing along with his wife.

He was living the dream and didn’t need any unforeseen interruptions especially regarding the future of his children. So, when Yinka suggested an education savings for their two children, Abu was on board. He was all for plugging every leak after all.

(Will anything happen to stagger this beautiful life that Abu has built? Find out in next week’s episode of Abu’s journey)

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The Girl Child – A beacon of hope

The Girl Child – A beacon of hope

They are the smiling faces that peddle wares while their mates are in the classrooms. They are the victims of sexual violence and rape you read about in the papers. They are the bodies that birth the future. They are the trail-blazers in decision making positions. They are more than the weaker sex. They are women who were once girls.

This October 11, the world celebrates the International Day of the Girl Child. A day that recognizes the right of girls, the unique challenges facing them in actualizing their dreams and to promote their empowerment to fulfill their human rights and compete favorably with their male counterparts.

It is a fact that 43 percent of Nigerian girls are married off before they are 18 years? These girls become women even before they have been given the chance to be girls. What if they had been allowed to go to school to the level they wanted and make decisions for their own lives?

What if the decisions they make would bring a turning point to their families and the world as a whole? A lot of what ifs…

Education is the basic right of every human being irrespective of gender. But sadly, research has shown that Nigeria holds the global record of the highest number of children out of school with a huge number of 10.5 million children most of which are girls.

According to statistics from UNESCO, improvement in girls’ education saved 2.1 million girls under the age of five between 1990 and 2009. This shows that education is crucial in equipping the girl child with the needed knowledge and power to become all that she can be.

As a parent, education is a worthy investment that you can make in the life of your girl child to prepare her socially, morally and politically for the future no matter what it takes for her to get there.

Every additional year of schooling for the average girl child increases her earning potential giving credence to the saying that empowered girls are a sure way to breaking the cycle of poverty for families in Nigeria and all over the world.

Join us on this week’s episode of ARM Life Living Benefits show as we look at issues that affect the girl child and how to deal with them. There is a gift voucher to be won at the end of the show. Look forward to it!

 

 

 

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Six types of people you see at a run

Six types of people you see at a run

It’s run day and people gather in their numbers. On your mark, get set, go! They take off. Each towards their own specific goal for participating.

Let’s group our runners in categories based on specific running goals:

 

Those who came for the snacks:

Yipee! There will be free snacks and these lot are not missing out on it. What is life without freebies?

Those who came to network:

For these ones, there’s no better place to find connections and make new friends. They come armed with their phones, business cards and enthusiasm to collect numbers.

Those who came to find bae:

It’s possible that good old cupid shot his love arrow into the crowd of marathon runners and these ones are set to find their own match. They run with vigilance inspecting their love interest with every mile. Once they find chemistry, the rest of the run is history.

Those who came to look for work:

If ARM Pensions is organising the Run For The Future run/walk, there has to be company executives present right? These job seekers come ready for an on-the-run interview. Since they’ve not gotten any response from all their LinkedIn effort, a physical casual meet may work.

Those who are just bored at home:

These ones live for fun. They’ve probably seen Season 7 of Game of Thrones and every other exciting series available and have no hope of excitement for the weekend… But they need some fun and adventure. What better way to have these than at ARM Pension’s Run For the Future?

Those who came to win:

These go-getters have only one goal. They came to play and win. From the first step, their eyes are on the prize. They are possibly team ‘fitfam’. These are the ones you see with earphones and absolute focus as they launch giant strides after another. They overtake and conquer.

Which category do you fall under?

 

If you haven’t done so already, you can still register here! www.armpension.com/rftf

 

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Starting a business later in life

starting a business

Even if retirement is still a world away from you, the time will eventually come when you will wind down your career and retire.  As retirement approaches, the question of what to do with all the time and money that would soon be at your disposal cannot be ignored.

Is it too late to follow your dreams? Can you survive a life different from the very structured one you have lived over the last few decades? What about rest, family and the jolly good time that should come after years of dedicated service? How long can you comfortably live on your retirement benefits? Several thoughts run through your mind, such as starting a business.

While many find that they might not be able to pursue the dreams they had as youths, lots of retirees discover businesses they can do to keep busy and maintain an income stream. Regardless of your age or interests, opportunities abound for you to tap into post retirement. You might however want to tread cautiously as you are no longer as young and agile as you once were. Since you cannot risk losing your capital, your retirement benefits should be invested in a venture that is guaranteed to bring consistent returns. Low risk should be the watch-word.

Before you make that all-important decision of what business to venture into, consider the points highlighted below:

What lifestyle changes are you willing to make?

There are certain lifestyle habits you have built over the years that might be hard to drop. Such should be considered in the choice of a business venture. If for instance your job is one that entails a lot of travel, would you be comfortable leading a business that keeps you in one place? Are you looking forward to relaxed mornings post retirement or would you rather a business that allows you keep up the early morning schedule you have run for years? Do you want a business that occupies you every day or one that allows you leisure and travel time as often as you desire? All these and more should inform your decision.

What does it cost to run your household?

Do you still have dependents or are you an empty-nester? Whatever business venture you settle for must be one that can conveniently cater to your needs and your household’s. While you may not be able to maintain the same lifestyle you enjoyed while in service, the plunge shouldn’t be too deep. You and your loved one should still be able to enjoy your lives together.

Do you have concerns about adequate capital to start your dream business?

It is often unsafe to just assume what it will cost to start a business. It is wise to research extensively and make projections based on adequate information. You might find that you do not have efficient capital to properly float your business idea. Perhaps you could consider a more cost effective way to execute that business idea or a new business line.

What about a Franchise?

Have you considered buying a franchise instead of a start-up? A franchise allows you tap into the goodwill of an already established business. It also mitigates the challenges associated with registration of a new business entity. It could also guarantee a ready market for your business. Buying a franchise can significantly reduce the risks inherent in a start-up.

 Large or small scale?

Do you plan to launch out big or you just want something to keep body and soul together? While a shop in front of your house or even a home office might suffice where subsistence is the objective. On the other hand, a large scale business could be capital intensive. It is advisable to pre-determine all these factors in relation to your health status and available resources, bearing in  mind that you may not be able to recoup financial losses at this stage of your life.

 

Bringing it all together, a comprehensive financial plan is needed to set the tone right for starting a business. It will clearly define the resources available to you vis-à-vis the resources needed, thus enabling you to make apt projections and draw up an actionable plan.

Let us get you started immediately. Contact us today for that tailor-made comprehensive financial plan with a wide range of investment opportunities you can explore.

Established and Unmarried…planning your retirement.

Established and Unmarried…planning your retirement.

Once upon a time, being unmarried was considered a disadvantage, however many single people have gone ahead to lead respectable and established lives. While a person may stay unmarried for several reasons, be it by choice or due to unplanned circumstances, planning your retirement as a single person does not have to be a cumbersome process. There are some key things you should consider in your quest for a secured future as you approach retirement.

  • Who is your Next of Kin?

If you were previously married or never married, there is a possibility that either your spouse or one of your parents is named your Next of Kin(NOK). Either ways, there is a need to review your NOK to ensure that it alludes to someone who is agile and responsive enough to play that role, should the need arise. See the full duties of a NOK here.

  • Do you have an RSA Will Beneficiary?

You might also want to consider setting up an RSA Will which clearly states who should benefit from your pension fund should anything happen to you. Your NOK is not automatically entitled to access the funds in your pension, you need to set up a beneficiary for that purpose.

  • Have you saved enough for tomorrow?

In the case where you have mostly been dependent on your spouse financially, now is a good time to take charge of your finances in preparation for the future. To save faster, we recommend that you set up an Additional Voluntary Contribution to supplement your monthly pension contribution.

  • How responsive is your PFA?

To put all these in place, you need a reliable and accessible PFA. Your relationship manager at your PFA will guide you into choosing the right payment option for your emolument. If you do not have a PFA or would like to move your account to ARM Pension, talk to us today.

  • Other Investment opportunities

Perhaps your late spouse left you an inheritance, you could consider reinvesting the funds to yield more for you. Real estate, mutual funds and stocks are good investment opportunities to consider.

Should you require further information regarding any of the points raised above or general information about your Pension, send an email to [email protected] or call +234 (1) 2715000/ 0700 CALL ARM (0700 2255 276).

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Source: Blog

In the news: DMO Raises N244bn via Bond

In the news: DMO Raises N244bn via Bond

Punch

DMO: Foreign debt payment to gulp $11.62bn in 10 years

Nigeria may have to grapple with the payment of $11.62bn in foreign debt in the next 10 years, a projection of the Debt Management Office has shown.

Nigeria’s crude oil over-subscribed, says NNPC

The Nigerian National Petroleum Corporation has said the demand for the nation’s crude oil outstrips the current supply.

This Day

DMO Raises N244bn via Bond, almost Double Amount on Offer

The Debt Management Office (DMO) raised N243.7 billion at a bond auction on Wednesday, almost double the amount it had initially sought, as local funds and foreign investors piled into longer-term debt to lock in higher returns.

Nigerian Equities Market Rebounds, Index Rises 0.44%

The Nigerian equities market Wednesday recorded its first gain in the week following bargain hunting and appreciation posted by Dangote Cement Plc.

Guardian

NNPC to lift force majeure on Bonny Light in October

Nigerian National Petroleum Corporation, NNPC, plans to lift the force majeure on Nigeria’s Bonny Light crude next month.

Naira depreciates to 360/$ in NAFEX as CBN plans to sell N130.4b T-bills

The naira, yesterday, depreciated to N360 per dollar in the Nigerian Autonomous Foreign Exchange, NAFEX, just as the Central Bank of Nigeria, CBN plans to sell N130.4 billion treasury bills next month.

The Nation

Reps give CBN, Auditor-General six weeks to provide TSA’s report

The House of Representatives has given the Central Bank of Nigeria (CBN) and the Office of the Auditor-General of the Federation (OAGF) six weeks to provide detailed reconciliation and audit reports of the amounts generated so far in the Treasury Single Account (TSA) of the Federal Government.

Coca-Cola Nigeria okays $600m for expansion

Coca-Cola Nigeria  will invest $600 million by 2020 to boost sales, in line with a global strategy to extend the product range beyond its soft drinks.

Reuters

Lafarge Africa lays out terms of proposed rights issue

The board of directors have approved the terms of rights issue and will raise 131.65 billion naira by way of rights issue at N42.5 per share by issuing 5 new shares for every 9 shares held by investors.

Bloomberg

Nigeria Plans to Sell $5.5 Billion of Eurobonds by Year-End: Nigeria plans to sell as much as $5.5 billion of Eurobonds in the next three months to fund capital projects and replace local-currency debt, according to the Debt Management Office.

 

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Source: Blog

Next-of-kin Vs Beneficiary: Who gets what?

Next-of-kin Vs Beneficiary: Who gets what?

Ubong sat in the seat with her notepad and fiddled with her pen as she waited for Mr. Edewor to finish with his phone call and resume the interview.

Being a journalist had taught her patience and she was grateful for that. The minutes went by and Mr. Edewor’s call seemed unending. While Ubong wasn’t one to eavesdrop on the conversation of others, she couldn’t help her sudden interest and curiosity in the ongoing conversation.

“No, Esther. Don’t create a scene there. Basil didn’t make you his beneficiary so you have no claims to his estate”, continued Mr. Edewor. His response obviously triggered an outburst on the other end of the line, which he responded to.

“See Esther, I’m in the middle of an interview and your shouting and crying is not what I need right now. Your husband may have filled in your name as his next-of-kin in all documents, but pertaining his investments and will, the name there is his younger brother’s name. So yes, Fredrick is right to challenge your claims. I’ll hang up now to call you later. In the meantime, pull yourself together, I’m sure it can all be worked out.”

Mr. Edewor ended the call and with a shake of the head said his apologies ready to get back to the matter at hand. But Ubong wasn’t ready for the matter at hand.

In all her education and exposure, she couldn’t understand why she was just hearing that there was a difference between next-of-kin and beneficiary.

Are you like Ubong? Don’t fret. We will be breaking down all you need to know about next-of-kin and beneficiary in today’s episode of ARM Life Living Benefits show.

Tune in on Smooth 98.1FM by 6.40pm (Lagos) and you might also get to win a gift voucher!

 

 

 

 

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Source: Blog

Abu’s Journey (2): NYSC PPA ordeal

Abu’s Journey (2): NYSC PPA ordeal

Did you miss Episode one? Read it here

A few hugs and tears later, Abu and Yinka were on separate buses to their respective Places of primary assignment.

Abu wasn’t so sure of the folks posted to the same village with him. They didn’t appear lively. He tried to make conversation but got monosyllabic responses. “Ha! My own don finish” he thought.

Relaxing to the weirdness of his colleagues, Abu dozed off. It must have been about 3 hours of sleep before Abu woke to discover they were still in transit. “Wharrahell!!!” he mused. Turning to Fayose seated right beside him, he nudged him asking “Guy, we never still reach?” Fayose responded “Omo, na so me sef see am o… whether na hell we dey go, I no know”.

Less than 5 minutes after their brief complaints, the rickety bus came to an abrupt halt. “We don reach fa” shouted the driver. “Oya, come dan”, he continued impatiently.

Abu and his colleagues alighted and met their first surprise. Kankara corpers camp was set almost away from the village in a wide expanse of land. Abu threw his hands up in exasperation and shouted “Save me Lord”… His voice echoed back at him.

He immediately brought out his mobile phone to call Yinka and lament his predicament. Then the second surprise hit him. There was no connection for his network. “What??? Just kill me now now” yelled Abu. More complaints from his colleagues filled the air.

Resigned to fate and finally settling in to the warm welcome of the Batch B corpers that were already there, Abu and his colleagues got succor with the news that they could access alternative mobile networks. Finally, he could call Yinka!

Service Year

Slowly but surely, the service year rolled by. Abu poured himself totally to teaching his students, even though sometimes he had to practically use sign language for the not-so-bright lads who understood only Hausa language. His students loved him, personality and all. The ladies cozied up to him. How wouldn’t they? Abu was the complete package. But Abu wasn’t here for all that. In the absence of fun, all he could look forward to was seeing Yinka again and finishing NYSC.

Headcounts were so exciting for him because he got to see Yinka. The excitement tripled when he realized Malunfashi was just 40 minutes away from Kankara. Meaning more frequency in their meeting.

Joe the ‘Stoneface’, his close friend serving in Lagos and nicknamed for having a permanent frown made his week by regularly sending the video link to ARM Pension’s Diary of a job hunter series acted by Fish. Abu would forget his sorrows as he laughed so hard with Yinka each time they watched the video together, then proceed to write down the lessons learnt. They were both bent on never being in Fish’s predicament when they finished youth service.

Sparks ignite…

What started as a friendship between two like minds soon became complicated.

Abu didn’t understand how he felt. A chronic ‘playboy’, he refused to admit that his sudden fondness for Yinka had become love. Yinka on the other hand, told herself she didn’t share the passion. She had a bae and wasn’t prepared to bail on him.

So as months flew by and the end of NYSC neared, Abu feared for his fate. He had waited for the end of youth service desperately and now that it was here, he felt an emptiness. He thought of his journey back to Lagos and Yinka’s move back to Abuja. Would he ever see her again? Did their relationship mean enough to her?

These thoughts ran ceaselessly in Abu’s head as he prepared for Passing Out Parade. Even though he tried to tell himself that the feeling will pass when he got back to the groove in Lagos, a part of him said otherwise.

…………………………………..

“Yeah babe, I miss you too and I love you” Yinka cooed to Tony her boyfriend of 3 years. This time though, there was a catch in her voice. Did she really mean what she just said? Yes, she liked Abu a lot, but why did it feel like she felt more?

 

P.O.P Finally…

Packed up and ready to wave goodbye to Katsina, Abu and Yinka made their way back to the orientation camp in Katsina town for the Passing Out Parade and collection of their NYSC discharge certificate.

The place was buzzing with activities and the march past was in progress. Soon, corp members began collecting their certificates.

A few hours later, with certificates tucked inside their bags, Yinka and Abu flagged a bus back to Kankara. Yinka would take another drop from there to Malunfashi, before leaving finally for Abuja. The ride back was made in silence. For a duo that always had a lot to discuss, it was a weird occurrence.

When they got down at Kankara, Abu looked Yinka in the eyes and for the first time in many years, tears filled his eyes.

 

 

(What happens next between Abu and Yinka? What did the future hold after NYSC? Find out in next week’s episode)

 

 

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Source: Blog