Protecting your future against the risk of Loss
By : UnknownPart 2: What will you do with the money you get for retirement? Pension Vs Annuity and why?
Part 3: See Illustration of what a life time income means
Call me for clarification: 08036411416 or 08023782509, Email Bayo Mutual Benefits Life Assurance
bayomutualbenefit@gmail.com
With Us the Benefits are mutual
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Protecting your Future against Risk of Loss
By : UnknownWhy have you been working? I assume any of these:
- To provide a sustainable income for yourself and family? Cool
- Provide a better education for your child/children if you have any (God will provide but are you prepared?
- To keep the body and brain active?
* Have I made provisions for myself and family?
* The expense (School Fees) of my loved ones will keep increasing
* If you are currently working for someone, you most sort for what is guaranteed (e.g your own business) because nothing last forever.
1. What will my retirement be like?: Meeting many people from my experience on the field, I have discovered people never want to talk about retirement at a young age but unfortunately only the wise start the planing now because your pension is never enough and investments are risk driven and uncertain. So where and how do yo get up an annuity if you don't plan your future now
2. What will be of my love ones if I pass away: In as much as I don't like talking death but this is inevitable, what time we die doesn't matter now but what plans are set to provide a sustainable income for your beneficiary long when you've gone
3. How do I pull funds to support and start my business?: If you haven't started your business, you need to begin to scout for a business you can start little with. Remember, every business requires financial obligations most especially your fixed cost. Let the planning start now. You are responsible for your future
4. If I have children, how do I manage the fact that school fees are on the increase on a daily basis. You definitely don't want to settle for less.
There are no magical ways of solving these challenges that stare you in the face but the solution is not to embrace fear but provide for your future through planing. The most common problems are we ourselves, we believe in miracles that somehow when the time comes we'll fix it (May be collect loans, take from ROI (returns on investment). Remember, you will have to service these loans with interest. What if investments and business isn't booming at that time? What if you loose your job (Godforbid)
Draw up a simple realistic Plan in a sheet of paper and highlight the business, children education, & career financial implications. For instance, 6years from now I should start a business worth 10million or have an extra 10million for my child for business or school fees or upon retirement I must have gathered over 20million to support my pension and buy up an annuity that pays me salary for life
* Split these amounts through a number of months such that you can save to achieve the lump sum set as target. If what you can afford as savings can't get you the total lump sum estimated, calculate your savings to a specified year which you can take the lump sum to buy up an investment that will yield profits that could be pushed back to the savings to achieve your set target
* Get a Life Cover: This is a little amount of money given to an insurance company to buy up a large sum in case of eventualities such as death or permanent disability. e.g. N5,000 can be use to get 1,000,000 naira worth for your beneficiary in case of death. This life cover sometimes can be integrated to your savings if you start your savings with an insurance company. Long term savings and futuristic planing are best with insurance companies because one should factor eventualities and discipline to save
* Ensure your savings is not terminated. This is the most difficult part of it, most people end up diverting their savings for some variable expense that spring up. SMH# Expenses will definitely occur. A terminated savings, is a terminated destiny/financial goal... #princesage. You can choose an insurance company to prevent you from accessing it and tie it to a direct debit from your salary account or standing order if you are self employed. Have heard people that have screamed for their money and when they collect it, it is totally wiped off and they don't enjoy the benefits of savings and have had people who completed their savings, thanked me and converted it to a mega business or annuity
Future Talk: How to increase what you get after retirement (Are you on the right track?)
If you have all of these implemented, you are rest assured that you are on the right track never to regret in future
Written
Bayo MBLA
Why do I need to start or continue my savings plan with Mutual Benefits
By : UnknownMy friend who works at Ecobank, is a little above average. Perhaps, we can say he's successful/well to do
In the bid to sell Segun on my company's plan, I discovered he had several reason why he stopped running a savings plan with mutual benefits or why he feels he is not ready to start or continue any plan. He's reasons were as follows:
1. He believes, according to the previous savings plan he had with mutual benefits which allowed him withdraw 90% after a year. A 5% Compound interest does not make sense compare to having his savings with Eco Flexi which gives 13%.
My response:A life assurance savings is a better platform for long-term financial planning compare to any other financial institution (Short Term Savings-Bank, Long-Term-Life Assurance). My Question is what was your initial financial goal before picking up a plan like that. Over time, we discovered many people pick up a savings plan without a future plan. It is when you design a future plan/need you tend to value your savings. Imagine you design a plan; Say 5 years/10 years from now I should have started my mega spinning business and I want to start up with something little from my earnings every month by saving 20k to 50k which will pull a lum sum of say 6million naira thereabout at maturity. Mutual Benefits/We will give you a compound interest of 7.5% prorated on a yearly basis depending on the plan with a life cover which no financial institution will give. What i was saying in a nutshell is this: you don't earn much interest saving for a shorter period and a smaller amount in the bank but having a life savings is spreading little drops of water to make an ocean. (That real estate business/That child's eduction, or that professional course etc). Some financial institutional plans are at flat rate but to enjoy Mutual Benefits compound rate, do not intercept your savings because it is prorated on a yearly bases. The reason why we give that 90% partial withdrawal is because we believe some needs might occur and you might need a withdrawal probably after a year. Secondly, you are sure while saving for a longer term, you are at the risk of death. What does the bank offer your beneficiary when you are no more, only what you saved, I guess! #raisedeyebrown (I stand to be corrected though) and that's if they have the time and document to possess their entitlement from probate registry but in the case of a life assurance the company will give the beneficiary what your little monthly contribution i.e. =N20k will amount to at maturity, say =N6million (Think wisely esp if you have a family) and if nothing happens to you, get you money back
2. Why will I just leave my money idle somewhere without any plans for it especially in this hard time(Dollar Palava lol)
My Response: Why won't you? Savings is never a waste. Its a smart decision. You should save first before spending in this present Nigerian economy, even pay your tithe sef! lol. Whatever, your little savings gotten from your income and investments accumulates to something reasonable, you can then push back to investment or acquire fixed assets. Just imagine you were to send your child to that desired school or fulfill a 5 year financial goal now and you had no savings. You will definitely deep from your investment and income or even get a loan which you pay back with interest instead of benefiting interest from savings
3. Well, I have my hands fixed up financially. I don't have spare cash again.
My Response: I shooked my head! Biribiri. As long as you have earnings, you must have a long term and short term savings, otherwise you are still a fool (Sorry to say) #BitterTruth to my person!. Because if your salary was slashed by that amount, you will still work and survive
4. Abeg God will provide my future, I shall not die but live to declare the works of the Lord. I have set my goals and all are well structured. I don't need an additional long-term savings.
My Response: You won't die in Jesus name and none of my client will in Jesus name but even David that prophesied that in the bible where is he today? Remember, this a long-term savings. Yes, about your well structured plan, Great work! bro, but what if I pay you every month when you retire till you die to add up whatever little amount 25% you get from your PFA.
Interesting! Gbenga says!
My Response: Yes, that retirement age is not when you want to be a burden on your kids. Start now bro.... Start saving now to acquire that huge amount to buy up an annuity plan that allows my company pay you whatever amount you desire till you die
Tell me more about Annuity
My Response: Click here to see
My Response We are highly sorry about that but now, the good news is that you can pay via diverse convenient ways with or without seeing your account officer. See How
Many more to come later, I'm tired of writing jor lol will gist you later. But if you agree and desired to start that long term savings today. kindly contact me by replying this mail or call the number attached. The time is NOW!! START PLANNING TODAY
EFFECTS OF NIGERIA’S HEALTH INSURANCE SCHEME YOU DON’T KNOW
By : UnknownI know your greatest fears
By : UnknownClick the arrow next in the sideshow to view all slides
Your comments will be highly appreciated
Do you know your purpose on earth is to be responsible to those next to you?. What will you be worth at death? what happens to your beneficiary or kids?. #ponderonthis. Research shows that life expectancy rate in Nigeria is 48years (#Sad)
The Bitter Truth! No one likes to discuss death but unfortunately this is inevitable. One of our greatest prayers is to spend more time on earth to fulfill our destiny. Yes, you will! but the question is, " What happens if death occurs now?". Do you know your purpose on earth is to be responsible to those next to you?
Happy new month (Share the Love)
By : UnknownRaise Your Self Esteem
By : UnknownResources that are uplifting and help you take control of your world in positive ways.
Thoughts>>>>Belief>>>> Expectation>>>>> Attitude>>>>>> Behavior>>>>>>Others relate with you.
Have a great week ahead.
Important information to know on your plan
By : UnknownPREMIUM CERTIFICATE
Premium certificate is the evidence of Life Assurance which is issued to the assured (You) solely for the purpose of rebate on income by the Inland Revenue Service. This is usually provided as evidence of payment of premium within one (1) calender year(JAN-DEC).
Only premium certificate can be used and not a policy document, because policy document is the evidence of contract between the assured and the insurer.
WHERE TO APPLY IT
Premium certificate is used solely for the purpose of tax rebate on income.
HOW DOES IT WORK?
It is written in PITAM that Life assurance premium are exempted from tax. This means that, premium paid on Life assurance policy would not be part of the income that is taxable. It then means that, amount paid as premium in a year(Jan- Dec) would be deducted from the total entitlement before the balance is being taxed.
This thereby reduce the amount payable as tax.
WHICH POLICY IS ELIGIBLE
Life assurance premium eligible for tax exemption are premium paid on PROTECTION POLICIES ONLY.
Protection policies are policies that provide life insurance cover. That is, policies that will pay Sum Assured on the occurrence of eventuality provided the policy is active.
In Mutual Life today, apart from Group Life, only the following can be used for the purpose of Tax rebate.
1. INDIVIDUAL SAVING AND PROTECTION PLAN (ISPP)
2. CHILDREN EDUCATIONAL PLAN (CEP)
3. MUTUAL MORTGAGE PROTECTION (MPP)
Click the highlighted blue abbreviations you you need to know more on the plans
These products provides cover on death, provided the policy is active as at the time of death.
The application of any policy outside these could be termed as "Tax Fraud"
OPPORTUNITY;
If the policy you run at the moment is not listed above the listed 3, you cannot enjoy this rebate. The good news is this, you can change your policy to the first one or second on the list ( ISPP and CEP respectively). It is a 5 year plan though, you may wish to start up a new policy if you can afford it or you probably have a financial goal you wish to achieve in the nearest future. If you choose to change your existing policy, remember you are opened to 50% partial withdrawal only after two years on this plan, which the number of months you've done on your existing plan has been counted already. Also, you will enjoy full Life cover compare to the minimal cover you have on the existing plan you hold.
If you are running ISPP OR CEP please ignore this advise. The 3rd on the list (MPP) is a corporate plan.
You can reply this mail if you request further explanations to this and I would schedule a meeting time convenient for you to enlighten you more on this
Thanks for reading.
You deserve to know
Regards
Bayo Mutual
Your trusted account officer
How well do you love your job?
By : UnknownYou must have a definite aim and purpose to succeed. You have to make your luck. Luck happens to those who greatly increases their chances to experience luck.
You must be a reader,
You must be generous. Tap into the ministry, the word of God and in the Man of God.
Learn the habit of leadership to achieve success in 2014
True leaders are interested in proving themselves
Leaders learn what is important to them in their every day life. True leaders don't deceive themselves
They Work hard, play hard and change the world
They possess self discipline
Your goals cannot turn into reality without backing it up with self discipline
Self discipline is self denial, success does not come with ease. It is the ability to muster courage and will power. It brings out the best in you. It separates failure from success. Ability to be accountable to someone that won't deceive you is discipline. With self discipline an average person can rise to the top. Above allo it kills procrastination.
1. Desire
2. Back it up with progress or action
3. You must always avoid excuses
4. Stop using your incredible brain to think of impossibility, rather think on how possible things are going to work. Losers make excuses, winners make progress
Force yourself to be enthusiastic
Planing
Speed: success without speed is history
Agagu’s family to go ahead with his burial today (I'm thinking)
By : UnknownHe said Agagu will be buried today at his home town in Iju-Odo, Okitipupa LGA of Ondo state. St. Paul’s Anglican Church, Iju-Odo has been and renovated for the burial service while major roads leading into the town had been rehabilitated. The grave where Agagu will be buried in the church cemetery has also been decorated to give him a befitting farewell, News Agency of Nigeria reports.
IG orders arrest of policemen in camouflage
By : UnknownOGUNBIYI SEEKS PROACTIVE MEASURES ON ECONOMY
By : UnknownOgunbiyi gave the advice during the company�s annual thanksgiving service in Lagos.
�Considering the global economic crisis that has ravaged everywhere, the Nigerian government should take a cue in making conscious efforts and formulating policies to help in reverting the declining trend of the national economy like the developed economies are doing,� he said.
Ogunbiyi said insurance was the bedrock of any economy.
According to him, insurance is an avenue where long-term funds can be pulled together for investment.
While speaking on Mutual Benefits, performance, he said the firm�s approach to growing the business had actually assisted it in moving the company forward.
The Mutual Benefits boss said the firm, especially its life arm, had over 40 products that were investment linked, and afforded the people the opportunity to save money.
He said the company was able to invest in other sectors of the economy.
�Our investment in transportation in Lagos State alone created over a thousand jobs. We employed many graduate and HND holders,� Ogunbiyi said.
He explained that this was part of efforts aimed at using insurance as a value creation instrument.
While speaking on the global objectives of Mutual Benefits, he said one clear objective was to internationalise operations by taking the firm beyond the shores of the country.
He said, �That was what led us to opening office in Liberia. Liberia operations are very successful to the glory of God; in Cameroun, we have our operations, we are exploring the possibility of opening insurance operations in Niger Republic, and we are quite happy with the kind of reception the government gave us,� the GMD said.
Ogunbiyi said the company was not just taking risks but calculated risks based on strategic planning and credible partnerships.
INSURERS LAMENT LOSSES FROM FIRE INCIDENTS
By : UnknownThe call is coming at the backdrop of increasing fire disaster in various parts of the country. For instance, the Boxing Day explosion at Jankara market, a fire incident that gutted the biggest plank market in Ebutte Metta, all in Lagos, resulting in loss of goods worth millions of naira.
Report also indicated that 607 cases of fire disaster were recorded in Oyo State last year, according to the director of Oyo State fire service, Kareem Oyekunle, and property worth over N1 billion were lost to the inferno. Similar cases of fire havoc were reported in other parts of the country involving several millions of naira loss of property.
To check this menace, section 65 of the 2003 Insurance Act provided for Occupiers Liability Insurance Policy, which stipulates that all business and office premises (government, corporate, private), guest houses, hostels and residential estates, among others must take this compulsory policy cover for protection.
Industry chieftains who spoke to The Guardian, lamented these losses, regretted that the public are not taking advantage of the compulsory policy to protect themselves against unexpected risks.
According to the risk managers, every outbreak of fire poses serious threat to the national economy, as it leaves in its wake enormous material damage, injury to persons, disruption of economic and commercial activities of the people affected.
The economic implications of these losses, industry chieftains believe the ideal alternative is for Nigerians to buy insurance policy and transfer this burden to the insurers, who are the professional risk bearer.
The risk managers said that this would surely ease the burden of government since insurance is a social device providing financial compensation to cushion the effects of unexpected misfortune. Where adequate fire insurance exists, property destroyed by fire can be reinstated with minimum delay.
The Group Managing Director, Mutual Benefits Assurance Plc, Akin Ogunbiyi said that compliance with the compulsory insurance products had over the years presented both opportunities and challenges to the entire insurance industry in Nigeria.
He said that a large percentage of Nigerians are not aware of these insurances, the advantages and benefits that they will get from insuring their property. What we need to do as an industry, he said, is to come up with products and services that will meet the needs of 160 million Nigerians.
�We need to look at the products that meet the needs of the common man, create value addition for them and make it affordable. The industry must rise up to create awareness that these products are available and is for the benefit of policyholders in the local government areas, state governments, and this thing you are talking about will be taken care of.
The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Laide Osijo, lamenting the impact of losses from recent fire incidence in the country said, �the NCRIB is pained by the loss and we seize this opportunity to underscore the need for adequate preventive measures against fire disasters.�
The council reiterated the call for compulsory insurance of historical and important public edifices as enshrined in the legal provision under Insurance Act 2003 (sections 64 and 65) on insurance of public buildings, as well as avail themselves the benefits of insurance, particularly those that relates to property.
ICAN ASSURES MUTUAL BENEFITS OF SUPPORT
By : UnknownHe said this when he led a delegation of the institute on a courtesy visit to the head office of Mutual Benefits in Lagos. Owolabi said, �In ICAN, we deal with recognised brokers and insurance companies, like Mutual Benefits Assurance.�
He commended the firm, saying Mutual Benefits had been proving to the world that it was doing what insurance should be doing in the financial system by controlling other sectors of the economy, through its investment in areas like oil and others.�
While speaking on awareness about the International Financial Reporting Standards, he said that insurance industry should not only be interested in compliance with this accounting system alone, but also in awareness of the changes in the society.
In as much as Mutual Benefits had been committed to protecting its assets, the ICAN president assured the firm that it would always pay its premium promptly.
The Group Managing Director, Mutual Benefits, Mr. Akin Ogunbiyi, said that the company produced IFRS-compliant consolidated balance sheet for 2011. According to him, Mutual Benefits is now a conglomerate with diverse interest outside insurance in other sectors of Nigerian economy. He added that it achieved that with strategic alliance with firms that it identified with both professionally and ethically,
Ogunbiyi said, �Today, there is staff strength of over 5000; but 3,000 are agents, who are graduates that we took off the road and we trained them on the art of sales and marketing, and today, they are doing very well.�
The group managing director said that the company has 75 chartered qualified practitioners in the industry, adding that in the last five years, it had sold about 250,000 policies, a reason, according to him, the National Insurance Commission values Mutual Benefits today. At present, he said that Mutual Benefits had full operations in Liberia and Cameroun
�We have a new target called project one, which is to lead us to become the clear leader in the insurance industry given all variables and parameters in 2015. We want to deepen insurance in the country and we really want to use insurance as a means of poverty eradication to build the living standard of the people,� Ogunbiyi said.
Increasing awareness for compulsory insurance
By : UnknownMutual Benefits records N916.9m profit
By : UnknownMutual Benefits named the Insurance Company of the Year
By : UnknownIn a statement on Friday, she emerged top, out of many insurance operators considered for the award. It stated that within the short period she had been on the saddle with the leadership of the largest insurance brokers� fraternity in Africa , she had distinguished herself and had used her wealth of experience to reposition insurance practice.
Also, the Commissioner for Insurance, Fola Daniel, was awarded the Good Leadership Award, for his steps in repositioning the industry and providing adequate security for policyholders.
Mutual Benefits was named the Insurance Company of the Year. The company was picked due to its stride in retail insurance through well-developed micro-insurance channel.
According to the statement, Osijo, who is the first female president of the NCRIB, recorded some major achievements in the last one year, which included the considerable improvement in the relationship between the National Insurance Commission and the NCRIB and the entrenchment of ethical standards amongst operators.
The two bodies, it stated, saw the need to uphold the position of the law by recognising and asserting that registration with the NCRIB was a condition precedent to its licensing by NAICOM.
According to the statement, this step wiped out the usual discrepancies in the record of members being kept by the NAICOM and those registered with the NCRIB. It stressed that the implication was an attendant improvement in the image of the council in the eyes of the public and the elimination of unethical practitioners.
Also, it added that the council had played up its voice in advising government and its agencies on the benefits of patronising insurance brokers for their insurances. It was also noted that it had been more vociferous in advocating for due payment of insurance premium by government agencies and the need to shift, when necessary, the renewal periods of government parastatals to avoid delayed premium payment. The statement said this campaign had been taken unrelentingly to several government institutions and parastatals of government across the country.
Fire guts MRS storage facility at Tin Can Island Port
By : UnknownLAGOS — EXPLOSION, yesterday, rocked the Apapa storage facility of MRS Oil and Gas Company, as a result of a fire that damaged part of the facility.
An official of the unit branch of the Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, said the fire was brought under control by firemen from the Nigerian Ports Authority, NPA.