Assupol offers different retirement products, among them Assupol Carefree Life Retirement. If you are here looking for details about this Assupol insurance company retirement product, then you have come to the right place.
In this blog post, there is everything you need to know and understand how this product works. More so know the benefits which come with this product.
About Assupol Carefree Life Retirement
Assupol Carefree Life Retirement Annuity enables annuity owners to save for their retirement through monthly contributions or a one-time lump sum payment.
For the monthly donation option, contributions begin at R180.00 each month.
The one-time lump sum option is flexible since it allows new members to invest an amount they and Assupol agree on.
To reach your retirement goals, you can contribute a single sum as well as make periodic contributions.
For example, you might make a one-time payment of R100000.00 and then make recurring contributions of R500.00 each month, quarterly, biannually, or whatever frequency is appropriate for your investment.
How The Carefree Life Retirement Annuity Works
Assupol Retirement manages the Carefree Life Retirement Annuity and has a board of trustees that oversees the retirement investment as a whole.
The board of trustees is in charge of ensuring that the annuity’s objectives are met at all times.
Your Carefree Life Retirement Annuity contribution(s) are invested in the investment fund of your choice.
There are a variety of investment funds accessible, ranging from low-risk to high-risk.
As a result, your risk tolerance will determine whether or not you invest in these funds.
The accessible investment funds often outperform the defined inflation rate of 3.5 percent per year.
This isn’t always the case, as investment money changes due to various factors, such as a financial crisis that could lead to a recession or depression or a pandemic like Covid-19.
Your capital investment may be at risk, but there is little doubt that your retirement investment will recover and earn income in the long run.
By investing in the Assupol Carefree Life Retirement, you will only be able to access your money when you reach the age of 55 or if you become disabled.
This investment includes tax advantages to help you get the most out of your retirement money.
You can lower your current income tax by contributing to the Carefree Life Retirement Annuity.
You can also transfer your savings to a tax-free savings account in the future to save on taxes.
Assupol Carefree Life Retirement Benefits
The Assupol Carefree Life Retirement Annuity includes various benefits designed to help you improve your financial status both now and in the future.
When investing in this retirement package, however, several terms must be followed.
One of the most unpleasant events in one’s life is being disabled.
You’ll need a steady source of income to ensure that you’re taken care of during these trying times.
If a Carefree Life Retirement Annuity member becomes disabled, they will not be obligated to pay any further premiums.
You can also use your capital plus interest as a member to better your life while disabled.