• Thursday, November 30, 2023
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Old age has challenges… start to confront them now


It is always exciting when you hear retirees giving good testimonies of their planning efforts and how it has enabled them cope with the challenges of old age. It is also always the opposite when you also listen to some others who did not plan or invest for that same critical period in their life and how difficult it has been for them coping with the same challenges.

While there is no clear cut way to preparing for that old age, the basic target is to have something to fall back on at that period when you would no longer have the strength to work. This old age income would enable you confront some of the challenges as health (medical bills), cost of leisure, family, societal responsibilities and household bills.

There are numerous investment options to play with to enable easy life in retirement. These investment ranges from stocks; bonds; properties and insurance among other options. Whatever choice you make, the basic fact is that it should serve the expected benefit, taking into cognisance inflationary trend and tax issues.

According to ChristaLife Assurance plc, a life specialist insurance company, the above might sound alarming but indeed it is true. Many people work actively during their earlier years without having much to fall back on at old age when they are no longer active because they did not prepare for this period of their lives.

Moreover, a lot of people are living longer into retirement while fewer people are available to support them during this period. Little wonder many people resort into old people’s home!

In the staple of CrystaLife is “Retire rich Plan”. This is a financial planning vehicle which enables funding towards a lump sum at an age specified by the policyholder This also provides a life assurance cover during the period of contract or plan.

Retire Rich Plan plays a crucial role in providing a source of income in later years when you are no longer in regular employment and too old for the business rat race in our economy. The CrystaLife Retire Rich Plan under the Company’s Secured Investment Policy will ensure financial independence in old age.

Specifically, Retire Rich targets to pay a guaranteed regular monthly pension for life after age 60 or any age you may specify; it is also designed to produce a lump sum that will assist you fund a business of your own after retirement; if death occurs within the retirement period the remaining balance of the Annuity guaranteed for five years will be paid to beneficiaries/estate; the minimum annual premium for the plan is N60,000 (N5,000 monthly); medical expenses cover is provided up to a limit of N50,000 per annum in event of accident resulting in hospitalisation.

Like CrystaLife other insurance companies offering life policies have own products with unique characteristics to take care of old age challenges. Ask your insurer for that policy that meets individual characteristics.

Challenges of old age 


Old age introduces people to a lot of changes to their lives, beginning with retirement, loss of a social network, and changes in familial roles. With nuclear families, quite often, elderly couples of individuals end up living alone. The other factor that plays on the elderly person’s mind is the closeness to death. As they get older, they have to face the death of friends, siblings and at times, the death of a spouse. This leads to loneliness.

These conditions make them vulnerable to developing mental illnesses, of which depression is the most common. There is a high risk of suicide associated with depression in the elderly and anxiety disorders, sleep disorders and addictions are also seen.


Problems like joint pain can severely inhibit movement and that can take a toll on the over all fitness of an elderly person. This in turn triggers a cycle, where the drop in fitness makes movement more difficult.