Makati: Reaching the mandatory retirement age of 60 to 65 years is the ultimate reward of the working class. It is the period when one is supposed to enjoy the fruits of long years of toiling. But unless you are ready, losing a monthly income is a dreadful thought for some.

According to Philippines News Agency, insurance companies like InLife continue to come up with products that provide financial stability and freedom to enjoy retirement to the fullest. It also relieves family members of worry for future needs. InLife's chief product and innovation officer, Jose Eduardo Ang, emphasized the importance of creating peace of mind during a forum at Fairmont Makati, stating, "High monthly income is the goal for some but there should be more. Let's create peace of mind."

InLife's Retire Assure plan guarantees monthly cash payouts that will not decrease until age 100 and are directly credited to the bank account. The payment period ranges from five to 10 years, depending on whether the client starts at age 59 or 64. In the event of the insured's death, beneficiaries receive the higher of 110 percent of premiums paid, minus the payouts, or the guaranteed cash value.

Ang highlighted the inclusive nature of the Retire Assure plan, saying, "We've always envisioned Retire Assure to be a product that fits as many people as possible, regardless if they're a corporate client or not." Despite a substantial retirement fund or state pension, clients may face financial challenges due to medical needs, business setbacks, and even family deaths, which InLife aims to mitigate.

InLife also plays a role in raising awareness among Filipinos about the importance of insurance. The Insurance Commission's report for 2024 noted a slight increase in the industry's contribution to the country's gross domestic product, rising to 1.67 percent from 1.62 percent in 2023. Additionally, the number of licensed insurance companies grew to 137, and total assets increased to PHP2.46 trillion in 2024 from PHP2.31 trillion in 2023.

Ang concluded by emphasizing the broader impact of financial capability, stating, "Making Filipinos financially capable is also helping the country. We are in a position to help people."