Beyond Money: InLife Retirement Index shows what Filipinos need to prepare for retirement

“The Retirement Index shows us that Filipinos need to see retirement in a new light. It’s not just a financial milestone. It’s an emotional, social, and even cultural journey. If we only focus on money, we miss out on the other pillars that make retirement truly secure and meaningful. These data clearly indicate that retirement readiness requires conversation. Families, communities, and institutions must normalize talking about retirement. At InLife, that is what we are doing because we want our fellow Filipinos to be aware, more confident, and prepared so they can retire without worries. InLife, at 115 years old, continues to find solutions to Filipinos’ most pressing concerns. We are committed to empowering our fellowmen across generations so they can enjoy A Lifetime for Good.” ~Gae L. Martinez, InLife Chief Marketing Officer

This is far from ideal because retirement is about more than just having enough money to sustain one's senior years.   The six interrelated elements that comprise an individual's retirement preparation are life stage, personal finances, health, pension plan participation, retirement sentiment, and social support.

This was the primary conclusion of the first-ever Retirement Index, developed by InLife, the largest life insurance in the Philippines, as a thorough indicator of retirement preparation.   To create the Index, InLife used a multi-method research methodology that included survey data from a quantitative online poll of 1,000 respondents aged 18 to 59, expert interviews with economists and psychologists, and integrated research.   Scores were calibrated on a scale of 0 to 100 for convenience of understanding.

Among the key findings from the InLife Retirement Index survey are: 

• Generation X scored the highest at 54, owing to their life stage. At this time, they are more mature, have more stable income, and are breadwinners, or married with dependents, which naturally require increased knowledge of financial planning. Younger, single, or childless individuals show significantly lower retirement preparedness with Gen Z scoring the lowest at 36. However, Gen Z, together with young millennials reported having clear plans about their future though they have yet to translate these into concrete retirement plans. 
• Insurance, investment ownership, and emergency preparedness boost retirement readiness. InLife policyholders scored significantly higher at 62 compared to non-policyholders who scored 42. Investment-oriented segments such as millennials, married individuals, and those with small families showed greater retirement preparedness as they built passive income streams, demonstrating long-term financial planning. In contrast, younger generations and single individuals who also support other family members face greater financial strain, and as a result, lower retirement preparedness. 
• Filipinos who are retirement ready are also more prepared for health emergencies. With chronic health conditions becoming rampant as one ages, it is important to have a separate fund for health concerns.  
• Pension program coverage is concentrated among married individuals and parents, leaving informal workers and singles vulnerable. With more Filipinos in the informal work sector, such as independent contractors, participation in state-sponsored pension plans such as SSS and GSIS is lower. Therefore, they are exposed to retirement and health risks in the future.            
• Filipinos who scored high on the retirement index had strong social support underscoring the emotional and social dimensions that drive engagement in retirement planning. 
• Women averaged 45 compared to men’s 49, highlighting gender disparity when it comes to retirement, with more men having full-time formal employment and investments. 

To help Filipinos save for retirement, InLife offers Retire Assure, the country's first actual retirement insurance product.   Retire Assure provides a guaranteed monthly income from age 60 or 65 to age 100.   One may choose to pay it off over a period of five, 10, or even sixty-nine or sixty-four years.    It is further enhanced by cash dividends, which may increase over time to keep up with growing living expenses.

Retire Assure 2, its 2-pay counterpart, is recommended for professionals entering senior roles in their careers who value long-term stability over market-driven uncertainty.   It is meant for those between the ages of 48 and 73 and is paid in two annual installments.   The insured will receive a monthly income until they turn 100 when the second premium is paid.   Upon the insured's death, the beneficiaries receive the guaranteed cash value or 110% of the premiums paid (less any prior payouts), whichever is greater.

Earlier this year, InLife also released a study on retirement called "Retire Without Worries: Your Roadmap to Living Life to the Fullest." The study stressed the importance of retirement planning because of rising healthcare costs, longer life expectancies, and changing family dynamics that increase the risk of financial instability for older Filipinos. It emphasized the importance of thorough planning and adequate support systems given the potential to outlive one's savings.

Be more retirement-ready. Try InLife’s Retirement Index Calculator at https://www.inlife.com.ph/retire-assure/retirement-readiness-index. To know more about InLife Retire Assure, visit https://www.inlife.com.ph/retire-assure. To read InLife’s Retirement white paper, visit https://bit.ly/RetireWithoutWorries. 

About InLife

InLife is the first, largest and only mutual Filipino life insurance company in the country with over 115 years of uninterrupted service. We apply over a hundred years of experience in financial protection, risk management, savings, and investment to help you make confident decisions for you and your loved ones.

 

Our policyholders can be assured of being protected by a company that has an asset base of over P158.9 billion and net worth of P44.3 billion. We have a nationwide presence through our 56 offices all over the country, and an expanded digital footprint to serve our customers, wherever and whenever they want. Our success is anchored on the well-being and security of our policyholders and beneficiaries, employees and financial advisors, partner companies and institutions, and host communities as we exist to offer A Lifetime for Good for everyone. For more information, visit https://www.inlife.com.ph/.

InLife Dreamweaver Sharon Cuneta explains why "Bahala na si Batman" won't retire

“Think of it this way: If we can plan for the next chapter of our careers habang nagtatrabaho tayo, all the more we should plan for the next chapter of our lives. Start doing more for your future by doing less, by having a retirement income plan as early as your 30s or 40s. The younger you start, the more you will be able to save and the more your savings will grow. Pag sinabi mong retirement, tungkol sa pagtanda lang natin. No, it’s about wanting to finally be able to rest and kasama na doon yung living our lives to the fullest nang hindi na tayo nagtatrabaho. Minsan sa dami ng ginagawa natin, we just get caught up in the present. We work hard, we support ourselves and our families pero hindi natin napapansin na yung panahon natin para maghanda para sa sarili nating future ay slipping away. In 2023, Filipino households spent over PHP 600 billion out-of-pocket for healthcare. Dagdag pa natin dito ang projected inflation rate na 3% by 2029 - ito yung pagbaba ng value ng pera over time dahil tumataas ang cost of living. Lastly, ang mahirap pong i-predict is how much longer will we live. Kahit marami po tayong i-save, ang nakakatakot we will outlive our savings, lalo pa ngayon nag improve po talaga ang life expectancy dito sa Pilipinas. Mas humahaba ang buhay natin. This underlines the irony that while our lives continue to extend, there is so much to be done to financially prepare for those long retirement years. I know it’s in our culture na maraming Filipinos rely on their kids to take care of them in their old age. Wouldn’t it be a wonderful gift to our children kung hindi tayo magiging pabigat? We don’t want to be a burden to them pagdating ng araw. Para naman lahat tayo sa pamilya—especially our children—can live our lives with less worries. We have a chance to turn things around. Retirement planning, it’s intimidating di ba, but it doesn’t have to be overwhelming. We need to think long term. Magplano para sa ating mga kinabukasan. As your InLife Dreamweaver, I’m more than happy to share that every Filipino can now retire without worries! The secret lies in having a steady stream of retirement income for life—one that complements your pensions and helps you avoid dipping into your personal savings, emergency funds, or retirement benefits. It’s designed to provide guaranteed monthly income starting at age 60 or 65, all the way until age 100. Simply put, parang tumatanggap ka pa rin ng sweldo kahit na tumigil ka na sa years and years of pagtatrabaho. What’s even better? This income has the potential to grow over time through additional cash dividends, offering protection against inflation. Ang dual benefit na ito—retirement income at life insurance—ay nagbibigay ng tunay na financial independence at peace of mind, hindi lang para sa’yo kundi pati sa mga mahal natin sa buhay. Lastly, it features guaranteed issuance—no medical evaluation needed, regardless of your health condition. Retirement isn’t about slowing down; it’s about starting an exciting new chapter. Let’s plan it right so we can live life to the fullest and retire without worries.” ~Sharon Cuneta-Pangilinan, Megastar and InLife (Insular Life) Dreamweaver 

Sharon revealed in her most recent vlog, which was featured on InLife's Dreamweaver Stories, that although she does not currently have immediate retirement plans, she does consider it. One of the things she has learned throughout her career in show business and as a mother, she says, is the importance of planning ahead, especially for retirement. 

According to a recent retirement study commissioned by InLife, 80% of the nation's senior citizens lack sufficient financial resources after they retire. According to the research's respondents, in order to maintain the lifestyle they have become accustomed to, they would require a monthly retirement income of P25,000 to P50,000; however, this may not be the kind of lifestyle that retirees envision. Unexpected events, frequently involving medical expenses, may cause the gap between required and available funds upon retirement to widen.

She also underscored the cultural practice of children being expected to take care of their parents. All these future concerns, she says, may be addressed by preparing ahead. 

Sharon then talks about InLife Retire Assure, the first true retirement insurance product in the country that has guaranteed benefits, is comprehensive, and has a hassle-free application process. 

Retire Assure includes guaranteed life insurance given to the insured’s beneficiaries in case of death. She encourages Filipinos to start saving for their retirement while they are still young. 

InLife Dreamweavers Sharon Cuneta- Pangilinan and youngest daughter Miel Pangilinan  have partnered with InLife for a series of videos and articles where they give tips on and talk about how they explore their passions, challenge their creativity and amplify InLife’s mission of providing A Lifetime For Good to its fellow Filipinos. Recently, Sharon shared her tips on saving in a video called “Mag-Sharon para sa Kinabukasan.” As Filipinos traditionally bring home extra food after celebrations ("mag-Sharon"), InLife encourages them to 'mag-Sharon' for the future by saving and securing insurance like Megastar Sharon Cuneta, who emphasizes the importance of “financial planning for a secure tomorrow."

For more information on the InLife Retire Assure, visit https://bit.ly/InLifeRetireAssure. 

About The Insular Life Assurance Company, Ltd.

Insular Life (InLife) is the first and largest Filipino life insurance company in the country with over 114 years of uninterrupted service. We apply over a hundred years of experience in financial protection, risk management, savings, and investment to help you make confident decisions for you and your loved ones.

Our policyholders can be assured of being protected by a company that has an asset base of over P153 billion and net worth of P47.8 billion. We have a nationwide presence through our 56 offices all over the country, and an expanded digital footprint to serve our customers, wherever and whenever they want. Our success is anchored on the well-being and security of our policyholders and beneficiaries, employees and financial advisors, partner companies and institutions, and host communities as we exist to offer A Lifetime for Good for everyone. For more information, visit www.insularlife.com.ph. 

InLife receives 4-Golden Arrow Award for good corporate governance

“We believe that good corporate governance is not just about compliance; it’s about nurturing a culture of accountability, transparency, and integrity. As a mutual company, we are primarily accountable to our policyholders, and this means that we are always mindful of our reputational and business equities/ as these are vital to our sustainable and long-term success. We value this award. It is a seal of continuing excellence, a vote of high confidence for the entire company.” ~Nina D. Aguas, InLife Executive Chair

InLife Executive Chair Nina D. Aguas receives InLife’s 4-Golden Arrow Award for good corporate governance, the highest among insurance companies, during the ASEAN Corporate Governance Scorecard (ACGS) and Corporate Governance Scorecard (CGS) Golden Arrow Recognition Ceremony from by the Institute of Corporate Directors. With her are (from left): (from left): ICD Chairman Atty. Cesar A. Villanueva, ICD Vice-Chair and President Ma. Aurora Geotina-Garcia, and Deputy Insurance Commissioner Ferdinand George A. Florendo.

The award being the highest among Philippine-based insurance companies highlights InLife's dedication to upholding best practices in the industry. The fact that it is based on the 2022 ACGS (ASEAN Corporate Governance Scorecard) and Corporate Governance Scorecard assessment results indicates that InLife performed exceptionally well across various key criteria.

Insular Life (InLife), the country’s first and largest Filipino life insurer recently received the Four Golden Arrow Award during the ASEAN Corporate Governance Scorecard (ACGS) and Corporate Governance Scorecard (CGS) Golden Arrow Recognition Ceremony.

InLife Executive Chair Nina D. Aguas, in her acceptance message, thanked the ICD for the recognition. 

She also shared how InLife puts a premium on trust, knowing that life insurance as a business is about maintaining and improving the trust placed on it by its stakeholders.

The ACGS and CGS Golden Arrow Recognition serves as a testament to the continuing efforts of Philippine companies to raise the level of compliance to the ASEAN Corporate Governance principles. InLife supports ICD’s vision of being the key catalyst in bringing positive change, inclusivity, and sustainable development to the Philippine corporate governance ecosystem. 

For more information, visit www.insularlife.com.ph.

About The Insular Life Assurance Company, Ltd.

Insular Life (InLife) is the first and largest Filipino life insurance company in the country with over 112 years of uninterrupted service. We apply over a hundred years of experience in financial protection, risk management, savings, and investment to help you make confident decisions for you and your loved ones.

Our policyholders can be assured of being protected by a company that has an asset base of over P147 billion and net worth of P50.2 billion. We have a nationwide presence through our 55 branches all over the country, and an expanded digital footprint to serve our customers, wherever and whenever they want. Our success is anchored on the well-being and security of our policyholders and beneficiaries, employees and financial advisors, partner companies and institutions, and host communities as we exist to offer A Lifetime for Good for everyone. 

InLife and GCash Partnership Raises Women’s Role in the Digital Economy

“Our partnership with GCash, the largest FinTech platform in the country, is the latest and, by far, the widest net we are casting in our financial inclusion agenda for women. GCash breaks the barriers for the millions of the unbanked to avail themselves of financial services and health solutions at the most convenient and safe way. The Covid-19 pandemic has shifted the attitudes and behavior favorably toward getting adequate healthcare and insurance coverage. And data shows that it is the women who are active seekers not necessarily for themselves, but for their husbands, children, or parents. Our partnership with GCash, the largest FinTech platform in the country, is the latest and, by far, the widest net we are casting in our financial inclusion agenda for women. GCash breaks the barriers for the millions of the unbanked to avail themselves of financial services and health solutions at the most convenient and safe way. It is our hope that millions of Filipinos will enjoy peace of mind knowing that they have life and health insurance coverage for themselves and their loved available through GCash.” ~Nina D. Aguas, InLife Chairperson

InLife and GCash Partnership

InLife, the first, largest and only mutual Filipino life insurance in the country in partnership with GCash, the largest fintech platform in the country, advocates women empowerment by promoting financial inclusion through technology. Watch the launch of the partnership as it happens here, Partnership Launch. Together with like minded organizations, InLife will continue to empower women by providing opportunities when it comes to securing their health and financial future.

InLife and GCash Partnership

Insular Life (InLife) recorded P196 million worth of transactions made through GCash from January to December 2021. This came from forty-six thousand transactions that were recorded using the GCash app for payments for various InLife insurance products. 

Nina D. Aguas, InLife Chairperson

Nina D. Aguas, InLife Chairperson

InLife and GCash Partnership

InLife and GCash Partnership

InLife and GCash Partnership

InLife and GCash Partnership

InLife and GCash Partnership

InLife and GCash Partnership

InLife and GCash Partnership

InLife and GCash Partnership

But more than a channel to collect premium payments, the partnership between InLife and GCash serves a more meaningful purpose – inclusion. 

Empowering Women Through Financial Inclusion 

“This has allowed them access to relevant products ranging from life insurance to health care coverage through InLife and InLife Health Care, respectively. We are providing more Filipinos access to get covered more quickly and conveniently, giving them and their loved ones peace of mind. This is another step forward in our pursuit of financial inclusion – where we strive to make financial services more accessible to all Filipinos, especially for the unbanked and underbanked. Through our app, they now have access to digital financial services – even as the banking penetration remains low. Usage of our app is at an all-time high, as people now think of GCash as a digital life hack and more than just an e-wallet.” ~Martha Sazon, GCash President and CEO

Martha Sazon, GCash President and CEO

Martha Sazon, GCash President and CEO

Ms. Aguas noted that because of its reach and wide use, GCash is very suitable in influencing the health and financial security of the bigger communities, especially those who are financially excluded.

InLife and GCash Partnership

In her message during the event, GCash President and CEO Martha Sazon said that their partnership with InLife has enabled them to bring affordable and accessible insurance coverage to everyday Filipinos.

InLife and GCash Partnership

Ms. Sazon pointed out that their partnership with InLife is also bringing another much-needed and timely service for GCash users.

InLife and GCash Partnership

Ms. Sazon shared that their partnership comes during a significant point in GCash’s history when its user base has grown to over 55 million or over 70 percent of the adult population in the Philippines.

Inspired by the Sheroes Movement

"We realized that online storefronts are viable distribution channels to reach more women who are looking for affordable protection products for life and health for their family. While tech is not usually a field women are associated with, our team at GCash is proof that it can happen – with women making up around half of our employee base.” ~Noemi G. Azura, IHC President and CEO

Noemi G. Azura, IHC President and CEO

Noemi G. Azura, IHC President and CEO

IHC President and CEO Noemi G. Azura disclosed that their experience in the InLife Sheroes Movement, InLife’s women’s advocacy program, made them realize the importance of digital channels to reach Filipino women.

InLife and GCash Partnership

In a nationwide study conducted by InLife in 2018 for its Sheroes program, it learned that Filipino women are the primary caregivers in the family, including extended ones. 

InLife and GCash Partnership

InLife and GCash Partnership

InLife and GCash Partnership

InLife and GCash Partnership

InLife and GCash Partnership

She added that digital technology is effective in terms of promoting awareness about the program, and in delivering educational activities on health and personal finance.

InLife and GCash Partnership

InLife and GCash Partnership

InLife and GCash Partnership

Ms. Sazon said that they are celebrating their partnership at a special time – Women’s Month.

Addressing Challenges in Financial Inclusion

InLife and GCash Partnership

During the launch, InLife and GCash executives also took the time to discuss the challenges of financially empowering women and how both companies can address them.

Kim Pineda, AVP and Head of Financial Services, Distribution, BPO &CICO for Enterprise GCash (Mynt - Global Fintech Inovation, Inc.)

Kim Pineda, AVP and Head of Financial Services, Distribution, BPO &CICO for Enterprise GCash (Mynt - Global Fintech Inovation, Inc.)

Geraldine Pascual, Vice President and Head of Digital Sales Distribution, Insular Life

Geraldine Pascual, Vice President and Head of Digital Sales Distribution, Insular Life

Tricci Rose  Sadian, Head of Sales and Marketing Division, Insular Health Care

Tricci Rose  Sadian, Head of Sales and Marketing Division, Insular Health Care

Insular Health Care Head of Sales and Marketing Division Tricci Rose A. Sadian; InLife Vice President and Head of Digital Sales Distribution Geraldine G. Pascual; and GCash Assistant Vice President and Head of Financial Services, Distribution, BPO & CICO for Enterprise Kim Pineda shared their insights on financial inclusion for women. They also discussed the various products and services of InLife and GCash that cater to women.

For more information about Insular Life, visit www.insularlife.com.ph.

About The Insular Life Assurance Company, Ltd

Insular Life (InLife) is the first, largest, and only mutual Filipino life insurance company in the country with over 111 years of uninterrupted service. We apply over a hundred years of experience in financial protection, risk management, savings, and investment to help you make confident decisions for you and your loved ones. 

As a mutual life insurance company, our accountability is to our policyholders.  They can be assured of being protected by a company that has an asset base of over P148 billion and net worth of P37 billion. We have a nationwide presence in 53 branches all over the country, and an expanded digital footprint to serve our customers, wherever and whenever they want. Our success is anchored on the growth and security of our partners, policyholders and beneficiaries, because we exist to offer a lifetime for good for everyone. For more information, visit www.insularlife.com.ph.

About GCash

GCash (G-Xchange, Inc.) is the #1 Financial App in the Philippines. Through the GCash App, customers can easily purchase prepaid airtime; pay bills at over 1.3k partner billers; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 4.5M partner merchants and social sellers; cash-in and cash-out at over 170k partner agents; and get access to savings, credit, insurance and invest money all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.).

GCash was recognized by The Asian Banker (TAB) and by the IDC in 2021 for its outstanding digital financial inclusion programs impacting more than 55 million Filipinos in the country today.