In a significant development for the insurance market in the Philippines, Insular Life (InLife) has introduced “InLife Retire Assure”, a revolutionary retirement insurance product. This is the first of its kind in the country, promising guaranteed monthly income from the age of 60 all the way up to 100.
The unique features of InLife Retire Assure are designed to address the financial concerns of retirees. Policyholders can expect to receive guaranteed monthly cash payouts starting either at 60 or 65, and these payouts can be augmented by cash dividends that have the potential to increase over time, providing a buffer against the rising cost of living. Premiums can be paid over a set period, be it five or ten years, or until the policyholder reaches 59 or 64, with flexible payment options including annual, semi-annual, quarterly, or monthly installments.
A concerning statistic from the Bangko Sentral ng Pilipinas reveals that a staggering 80% of Filipinos aged 60 and above struggle with insufficient financial resources post-retirement. Even those receiving pensions from the Social Security System (SSS) or Government Service Insurance System (GSIS) find it tough as the average monthly payouts of ₱5,123 and ₱18,525 respectively fall short of maintaining a comfortable lifestyle. InLife Retire Assure aims to fill this gap. Additionally, it includes a life insurance component with a guaranteed issue offer, meaning no medical evaluations are required regardless of one’s health condition. The payouts are conveniently deposited directly into the policyholder’s chosen peso bank account, making it a comprehensive and user-friendly retirement solution.
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