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Enjoy retirement with InLife's Retire Assure
The Philippine Star
|November 26, 2024
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.
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InLife Retire Assure aims to take the guesswork out of retirement planning.
According to the Bangko Sentral ng Pilipinas, 80 percent of Filipinos aged 60 and up are not financially prepared to cover their living expenses once their employment ends.
The remaining 20 percent 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.
This story is from the November 26, 2024 edition of The Philippine Star.
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