Leading Global Financial Services Provider Launches New Customizable Insurance Product to Help Filipinos Become More Prepared to Reach Their Retirement Goals
A Manulife survey* indicates that while most Filipinos understand the value of saving for retirement, just thirty percent really have a strategy in place. The majority depend on bank accounts or cash savings (46%), prospective inheritances from family members (18%), state or federal subsidies (18%), or assistance from their offspring (17%).
The Bangko Sentral ng Pilipinas 2021 Financial Inclusion Survey results, which show that 37% of Filipinos claimed they have some kind of savings, but that their savings are mainly kept at home and in banks and are exclusively allocated for emergencies, further corroborate these findings.
Manulife Philippines and Manulife China Bank Life (MCBL) recently introduced FutureBoost Retirement, a customizable insurance plan that enables people to meet their retirement goals, choose when to receive their retirement funds, and protect themselves from uncertainties, in an effort to help Filipinos better prepare for their retirement future while navigating current financial realities.
“We at Manulife understand that economic challenges, like the threat of inflation and other financial worries and accountabilities, may put constraints on Filipinos’ available resources and energy to take the necessary steps to secure their future,” said Rahul Hora, President and Chief Executive Officer, Manulife Philippines. “While they aspire to enjoy life and spend more time with their family, they are concerned that their finances will not be enough to sustain them during their retirement years.”
Hora shared: “Our new retirement product aims to help Filipinos save smarter, live better, and retire ready. It empowers them to build a retirement fund to supplement their savings and other financial products, while offering additional protection for the future. They can better enjoy peace of mind, pursue their passions and live their best life yet, knowing that they have secured financial protection for themselves and their loved ones.”
Build a retirement fund according to your goals
Based on Manulife’s internal research**, 86% of insurance owners surveyed are worried about insufficient retirement funds.
With FutureBoost Retirement, also available to China Bank and China Bank Savings clients through MCBL, Filipinos can optimize their retirement planning through the plan’s unique automatic fund management feature. This allows them to maximize returns in the early years and minimize risks as they approach retirement age, helping them grow their money and build their wealth.
“Through our latest offering, we want to instill more confidence in our customers in reaching their financial goals by going beyond their personal savings and tapping into investment growth opportunities that come with FutureBoost. This way, they may protect their retirement fund from inflation risks, live comfortably, and achieve their aspirations,” said Neil Bowyer, President, MCBL.
Customers may receive their retirement amount at their target retirement age, and choose when to receive their retirement fund, whether through steady payouts or a lump sum withdrawal.
FutureBoost Retirement also rewards customers with multiple bonuses for paying on time (5% of their basic premium), paying more (2% of basic premium), and being loyal (0.5% or 0.75% of account value). These bonuses will help grow customers’ retirement fund in the long term.
Retirement plan with life protection
Customers and their loved ones can feel more secure with FutureBoost Retirement’s protection riders and life insurance coverage. Customers may consider adding an enhanced critical illness rider, which pays a lump sum amount if the insured is diagnosed with a critical illness, a hospital income benefit, which provides an allowance for each day of hospital confinement to help cover medical expenses and doctor’s fees, among other options, for additional health protection, as 38% of Filipinos surveyed expressed concern about rising healthcare costs.
Visit manulife.com.ph or manulife-chinabank.com.ph to find out more about FutureBoost Retirement.
**Manulife’s internal customer research in 2023
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