By Bernie Cahiles Magkilat
The low financial literacy rate in the country has been largely blamed for Filipinosâ€™ inability to plan for their retirement.
Studies show that less than 20 percent of the household heads in the country have insurance policies and only about 10 percent of Filipinos actually prepare for retirement.
And so much have been said about the millennials, the largest high-earning population group in the country.
They range from good to the unsavory ones, but there is one thing unique about the millennials because while they are optimistic about the future, financial planning is not among their priorities.
Preparing for retirement is something people tend to decide for later. But a wise advice is to start early.
Nowadays, one will never run out of choices ofLike for the case of Sun Life, where millennials account for 70 percent of its clientele, it offers life insurance plans that provide peace of mind and enable individuals to build a fund for their golden years, gone are the days whenÂ regularÂ pension can cover all retirement needs.
In a bid to help young Filipinos, become more financially prepared, Sun Life Grepa Financial introduced in October 2017 a program meant to help millennials prepare for a prosperous retirement without hindering their present
Dubbed the â€śMillennial Now, Millionaire Laterâ€ť program, young millennial Filipinos just starting out can choose from three different program tracks â€” Normal Track, Fast Track, and Safe Track â€” to help build funds starting from as low as P100 a day.
Each program track provides life insurance benefits starting from day one so that millennials are ready for lifeâ€™s uncertainties
that may come their way.
Other retirement products being offered by Sun Life are Sun MaxiLink Prime, an investment-linked life insurance plan that offers a combined benefit of insurance protection and investment; SUN Smarter Life Elite, a protection and savings plan that provides double life insurance coverage.
There are also the Sun Acceler8, which is a protection and savings plan that matures after 20 years; and Sun FlexiLink, an affordable investment-linked life insurance plan perfect for the budget-conscious, but forward-looking Filipinos.
Other peso and dollar-denominated investment-linked life insurance plans that offer a combined benefit of insurance protection and investment are Sun FlexiDollar,
Sun MaxiLink Bright, Sun FlexiLink1, Sun FlexiDollar1, Sun MaxiLink One, and Sun MaxiLink Dollar One.
Retirement is a time to enjoy all the things you never had time to do, this is a belief of Philippine American Life and General Insurance Co. (Philam Life), that is why it is offering arrays of products suitable for millennials who are budget conscious, but want protection.
But Philam Life has adopted a different approachÂ inÂ marketing its retirement products by encouraging its customers to make better decisions that contribute to their overallÂ wellness,Â and rewarding them along the way.
A recent studyÂ showed,Â the Philippinesâ€™ ranking in the Healthy Living Index declined last year despite Filipinosâ€™ greater awareness about the various health risks of their unhealthy habits and poor lifestyle choices.
The countryâ€™s rank in the Healthy Living Index plummeted to the 9th spot among 15 Asia-Pacific nations.
The Philippinesâ€™ poor health situation led Philam LifeÂ shiftÂ its focus to improving the quality of life of every Filipino through health and wellness efforts such as the Philam Vitality program, which was introduced by the company in 2015.
Under the Philam Vitality program, Philam Vitality Age will be first gauged to show how well he or she lives. After that, they will be given weekly challenges that they can accomplish by completing a certain number of steps as measured by a fitness device or free fitness app.
For every challenge successfully completed for two consecutive weeks, users will receive rewards such as free passes to SM Cinema, SM Ice Skating, SM Bowling, Blink, and Exploreum.
By positioning insurance in the space of â€śliving better,â€ť Philam Life believes the program will help Filipinos be more comfortable
with getting themselves insured for the future.
The savings products being offered by Philam Life include MoneyWorks, a unit-linked savings plan where benefits are connected to the performance of your chosen investment fund and aÂ lifetimeÂ insurance coverage.
There is also Philam Lifeâ€™s Future Protect, which can take care of future needs. Itâ€™s a plan for you when you grow old, or for your loved ones to remember you by should the unexpected happen.
Lastly, Philam Life offers Active MoneyWorks, which is powered by Philam Vitality. Aside from regular insurance coverage likeÂ accidentÂ and critical illness, it also gives access to a health and wellness program along with discounts from a wide range of healthy living partners.
There is never a bad time to start planning for retirement, no matter how early or far along the professionalÂ journeyis, but the rule is to start as soon as they can, says Manulife Philippines, which also has tailored fit insurance plans suitable to the unique financial needs and budget of every Filipino.
Like for example, the Manulife Freedom, a short-term toÂ long-termÂ insurance plan that helps individuals to reach financial goals, whether itâ€™s saving up for an out-of-town vacation or preparing for a comfortable retirement.
This insurance plan provides guaranteed cash payouts benefits, with built-in insurance coverage for familyâ€™s security.
They also have the Manulife Affluence Builder, an affordable investment and life insurance plan offering financial protection for the family while optimizing potential returns forÂ investment.
In this family life insurance and investment plan, there are various fund options to help determine the highest potential returns possible based onÂ individualâ€™s
Understandably, preparing for retirement is never an easy feat, especially many would always want to have not just the most comfortable but also the best possible life in the future. For this reason, they need to work hard and save harder, always willing to sacrifice when needed.
But thereâ€™s a solution to address all financial woes and ultimately, give them a brighter, better future.