Insular Life (InLife) has released its research, “Retire Without Worries: Your Roadmap to Living Life to the Fullest,” calling attention to the urgent need for better retirement planning in the Philippines. The study underscores the rising challenges faced by Filipino retirees, including an aging population, escalating healthcare costs, and limited social support.
As the elderly population continues to grow—projected to increase by 7 percent by 2032—Filipinos are increasingly concerned about outliving their savings, struggling with chronic health conditions, and facing diminished independence. Despite current relative financial stability, only 30 percent of Filipinos feel confident about their retirement, with many fearing the high cost of healthcare and an uncertain future.
The study also highlights a significant gap in financial literacy, with just 25 percent of Filipinos demonstrating adequate understanding of essential financial concepts. This gap, coupled with cultural reliance on family for retirement support, means many Filipinos prioritize immediate needs over long-term financial security, contributing to poor retirement preparation.
To address these concerns, InLife introduces Retire Assure, a tailored retirement solution designed to provide guaranteed monthly income from age 60 or 65 until 100. With flexible premium payments, potential dividends to combat inflation, and life insurance benefits, Retire Assure aims to simplify and secure retirement planning for Filipinos. The plan’s guaranteed issue feature also ensures coverage without medical evaluations, making it accessible to all.
InLife’s new initiative, paired with a focus on financial education and personalized advice, seeks to empower Filipinos to achieve financial independence and enjoy a worry-free retirement.
This comprehensive solution promises to ease the retirement burden, offering both immediate benefits for consumers and a new avenue for insurers to help address the Philippines’ growing retirement needs.
