Insular Life (InLife) has recently launched InLife Retire Assure, the country’s first true retirement insurance product with guaranteed monthly income starting at age 60 until 100.
InLife Retire Assure aims to take the guesswork out of retirement planning. According to the Bangko Sentral ng Pilipinas, 80% of Filipinos aged 60 and up are not financially prepared to cover their living expenses once their employment ends. The remaining 20% are covered by either the Social Security System (SSS) or the Government Service Insurance System (GSIS). The average monthly pension for SSS is P5,123 and P18,525 for GSIS, which may not be adequate to sustain their lifestyle into retirement.
While the law requires companies to provide retirement benefits to their employees, they usually come with strict eligibility requirements. Moreover, many workers today do not stay long enough in one company to qualify for retirement benefits. As a result, Filipinos are not financially prepared for a life after retirement.
InLife Retire Assure works by giving a simplified and disciplined structure to set aside premiums so that they accumulate over time. Once the policyholder retires at age 60 or 65 and insured is still alive and the policy is in force, InLife Retire Assure will provide guaranteed monthly cash payouts to the policyholder. These payouts are further enhanced by cash dividends that have the potential to increase over their retirement years to keep up with the increases in living expenses.
“We now live longer because of medical and scientific advances. This means that once one retires at age 60 or 65, one may potentially live 30 or even 35 years beyond retirement. Unfortunately, we found that very few Filipinos are confident about their financial wellness into retirement. This underlines the irony that while our lives continue to extend, there is much to be done to financially prepare for long retirement years. Our purpose is to provide Filipinos A Lifetime For Good and I believe that this translates to a secure and comfortable retirement for those who worked hard for years and contributed to our country’s growth. We want them to retire without worries,” said InLife Chief Marketing Officer Gae L. Martinez.
InLife Retire Assure offers flexible premium payments and payouts and is payable in five-, ten years, or up to age 59 or 64, depending on one’s preference. One may opt for an annual, semi-annual, quarterly, or monthly premium payments. When the plan is due for payouts, they may be made through a peso bank account chosen by the policyholder.
InLife Retire Assure also has a life insurance component with a guaranteed issue offer. This means anyone who applies for an InLife Retire Assure plan does not need to undergo medical evaluation regardless of one’s health condition to be eligible for coverage.
“InLife wants our fellow Filipinos to retire without worries. Retirement should be a time to relax, touch base with long-lost friends, start or continue their hobbies, participate in social projects, learn new skills, travel, etc. They should live their lives to the fullest without worrying that they would outlive their savings and burden their loved ones with their future financial needs. But this is only possible with adequate financial planning. We can do this with the InLife Retire Assure,” said Martinez.,” said Martinez.
For more information on the InLife Retire Assure, visit https://bit.ly/InLifeRetireAssure or talk to any InLife Financial Advisor.
