THE Insular Life Assurance Co., Ltd. (InLife) has launched a retirement insurance product with guaranteed monthly cash payouts.

InLife Retire Assure gives policyholders guaranteed monthly income starting at age 60 until 100, the life insurance company said in a statement on Monday.

“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,” InLife Chief Marketing Officer Gae L. Martinez said.

“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,” Ms. Martinez added.

The product has a simplified structure that sets aside premiums so they accumulate over time, InLife said.

“InLife Retire Assure aims to take the guesswork out of retirement planning… 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,” it said.

The policy offers flexible premium payments and payouts that can be paid in five or 10 years, or up to age 59 or 64.

“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 said.

The product 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 recorded a premium income of P15.64 billion and a net income of P2.45 billion in 2023, according to latest data from the Insurance Commission.

It also posted P150.65 billion in assets and recorded a net worth of P46.55 billion at end-2023. — BVR