Insular Life Assurance Co. Ltd. (InLife), the largest Filipino-owned life insurer, unveiled Retire Assure 2, a new financial product aimed at individuals nearing or recently entering retirement, helping them jumpstart their retirement savings.

Speaking at the launch on Tuesday, Oct. 28, InLife Chief Product and Innovation Officer Jose Eduardo O. Ang explained that the company developed Retire Assure 2 in response to inquiries from individuals nearing retirement who were seeking a solution to help them begin preparing for their future—even if they felt it was already late.

“What we want is to really create a form of service to our policyholders where they don’t have to worry about their monthly needs,” he said.

Ang outlined the key features of Retire Assure 2, emphasizing its monthly guaranteed payouts designed to help retirees manage their budgets more effectively for expenses such as utilities, medicines, and household needs.

He added that the product also includes an inflation-adjusted component that allows payouts to grow annually, ensuring sustained value over time.

Ang said that it also provides a life insurance benefit to support beneficiaries in the event of the policyholder’s passing and offers guaranteed issuance, making it easier for individuals to begin planning for their retirement.

Abigail A. Magtibay, head of business insights and community management, emphasized that the country’s national retirement readiness score is only average, with Filipinos scoring 47 out of 100—indicating a moderate level of preparedness that remains far from financial security.

“That’s a medium level of readiness,” Magtibay noted. “That’s just not a score—it’s a wake-up call.”

Magtibay said that only 24 percent have a clear retirement plan, noting that while awareness exists, few Filipinos take concrete steps to prepare for retirement.

Efren C. Caringal Jr., chief risk officer and head of InLife @Work, echoed this sentiment, saying that a score of 47 remains on the low side, indicating significant room for improvement in the retirement readiness of Filipinos.

Caringal explained that cultural factors also contribute to the low retirement readiness score, noting that while Filipinos possess admirable values such as bayanihan, some traits like utang na loob and mamaya na can hinder effective retirement planning.

“Filipinos in their 30s to 50s who are supporting their parents and, of course, supporting their young family as well. There’s a potential dependency trap. They’re not planning for retirement now and just hoping that their children will support them,” he added.

He also highlighted that, as part of its thought leadership efforts, the company conducted the country’s largest retirement study, which found that less than 30 percent of Filipinos feel confident about their retirement, and only about half are taking steps to prepare.

InLife Chief Marketing Officer and Chief Bancassurance Officer Gae L. Martinez emphasized that the company aims to strengthen its presence among Gen Z, Gen Y, and millennial audiences. She noted that InLife is deliberately engaging with these groups through platforms like TikTok and in schools, as they represent key segments of interest.

(Ricardo M. Austria)