The Truth About Retirement: What You Need to Know

Retirement is a chapter in life that many look forward to, yet few are truly prepared for. 

An online survey by Sun Life Asia across the Philippines, mainland China, Hong Kong SAR, Indonesia, Malaysia Singapore, and Vietnam conducted in July 2024 revealed that 21% of retirees in the Philippines had not planned their retirement expenses and close to half express regret over past financial decisions, with 73% saying they have not saved enough for retirement.

Today, many Filipinos live well into their seventies, and many may outlive their retirement savings, as the cost of living doubles approximately every eight to 10 years, according to the Bangko Sentral ng Pilipinas (BSP). Additionally, major illnesses that come with age can deplete years of hard-earned savings.

These realities highlight the urgent need to plan early. To guide Filipinos on this journey, Sun Life Grepa Financial, Inc. (SLGFI) recently hosted a webinar, “Pamana, Property, and Peace of Mind: Retirement and Asset Planning for Every Filipino.”

The session addressed common misconceptions that often prevent Filipinos from prioritizing retirement and estate planning:

1. “I’m too young to start.” 

One is never too young to start preparing for retirement. The key is time – starting early allows your savings and investments to grow through compounding, where earnings generate more earnings. Waiting too long could also lead to higher costs, as insurance premiums tend to increase with age.

2. “I don’t have assets to protect.”

Some believe estate planning is only for the rich. In truth, even modest savings, pensions, life insurance, or a small family home, are worth safeguarding. Retirement planning is about protecting what you’ve worked hard for to ensure your family’s security in the future.

3. “My children will take care of me in the future.”

It’s common for Filipino parents to assume their children will support them in their old age. However, by the time one retires, children often have families and responsibilities of their own. Depending solely on them can create financial and emotional burdens, which can lead to strained relationships in the family.

4. “I’ll plan later when I have more money.”

Accidents and emergencies can happen anytime. Planning for the future now gives families protection and peace of mind early on. Plus, one does not need a significant amount of money to start planning for retirement. Small steps such as creating an emergency fund, writing a will, or designating beneficiaries can already make a difference.

5. “Planning is too complicated and only for experts.”

While legal and financial terms may sound overwhelming, the first steps are simple: organize financial and legal documents, grow your savings, secure basic insurance, and communicate openly with family members to avoid disputes in the future. These actions provide ample protection for the retiree and their family without requiring expert knowledge.

Sun Life Grepa’s Commitment

Life insurance plays a vital role in retirement and estate planning because it provides instant liquidity that helps families handle estate taxes and legal fees without added financial strain. 

Recognizing this need, Sun Life Grepa offers these solutions that help Filipinos prepare for retirement and protect what matters most—their family and legacy:

Sun Grepa Secure Income: A life insurance product that offers guaranteed yearly payouts, offering a stable income stream during one's retirement years plus scheduled lump sum bonuses at advanced ages to support other needs.  

Sun Grepa Legacy: A protection and savings plan that helps preserve wealth and ensures a smooth transfer to loved ones through guaranteed benefits. It provides lifetime insurance coverage and annual cash benefits that can serve as extra income during retirement, while also securing funds to help heirs settle estate taxes.  

Sun Grepa Power Builder 1: A one-time payment plan that combines guaranteed life insurance protection with flexible investment options. It allows funds to grow faster with no upfront charges and comes with guaranteed acceptance. 

Retirement and asset planning may seem daunting, but with the right guidance, every Filipino can enjoy their golden years with independence, dignity, and comfort. 

For more information on retirement and estate planning solutions, talk to a Sun Life Grepa advisor or visit www.sunlifegrepa.com.

Pru Life UK Pushes Insurance-Retirement Integration at Manila Tech Summit

Pru Life UK President and CEO Sanjay Chakrabarty has urged the Philippines to rethink how it prepares for retirement, saying savings alone will not be enough to protect Filipinos in their later years.

Speaking at the Manila Tech Summit 2025, Chakrabarty welcomed the Personal Equity and Retirement Account (PERA) as a “bold and necessary initiative” to help Filipinos save and invest, but warned that financial protection can easily collapse without insurance cover. “Financial protection is fragile if not ring-fenced against the uncertainties of life and health,” he said.

He pointed out that as Filipino families shift from extended to nuclear households, the traditional safety net of family support is weakening. “This makes it imperative that we build new forms of protection—ones that are institutional, scalable and sustainable,” he added.

Chakrabarty called on the insurance industry to design products that are simple, affordable and accessible. Beyond addressing mortality, he said, the focus must also shift to morbidity risks such as long-term illness, disability and the need for care. “PERA offers a powerful bridge where insurance can become an embedded feature of the retirement journey,” he noted.

His remarks came during the panel “Open Finance x Insurance: The Future of Financial Empowerment and of Seamless Protection,” part of Day 1 of the two-day summit. The session, moderated by FinTech Alliance.PH Trustee and Pru Life UK Director Ida Tiongson, also featured ATRAM Trust Corporation Chief Experience Officer Deanno Basas, Bangko Sentral ng Pilipinas Deputy Director for Fintech Innovation Jovelyn Hao, and Insurance Commission Deputy Commissioner for Technical Services Arturo Trinidad II.

Basas of ATRAM echoed Chakrabarty’s views, stressing how digitalisation and open finance are making retirement planning more accessible and transparent for Filipino savers. He said technology can expand access to PERA and bring retirement planning into everyday decision-making.

The Manila Tech Summit gathered policymakers, regulators, and industry leaders to explore the intersections of technology, policy, and financial inclusion. With over 80 percent of the Philippine population now online, the event highlighted the opportunities for digital finance to close the protection gap and strengthen financial security.

Pru Life UK reaffirmed its commitment to working with government and industry partners to support sustainable retirement planning. “Insurance is more than a financial product—it is a shield,” Chakrabarty concluded. “Our responsibility is to ensure Filipinos are not only financially prepared for retirement, but also resilient in the face of life’s uncertainties.”

Learn more about the Philippines’ leading life insurer at www.prulifeuk.com.ph

Evolving View on Longevity: For Filipinos, Quality of Life Outweighs Lifespan - Manulife Asia Care Survey 2025

MANILA, Philippines – A shift in how Filipinos view longevity is emerging, as they prioritize quality of life more than simply living longer as they age, according to the Mapnulife Asia Care Survey 2025: "Embracing Longevity: Enjoying a Better Life." The comprehensive study, which surveyed 1,000 Filipinos, revealed that only 13% of respondents chose living a longer life as their top wish when they consider their older years, while 26% prioritize financial independence and 17% value staying physically, mentally, and socially active.

The Manulife Asia Care Survey 2025, which ran in January and February, explored attitudes around how the region views longevity, as global life expectancies continue to rise. 

Among those who value quality of life over lifespan, the respondents’ desired lifespan averages 69 years—below the national life expectancy, which is projected to reach 73.2 by 2050—suggests a preference for a life of purpose, vigor, and independence over sheer longevity.

“Filipinos are redefining what it means to live a good life,” said Rahul Hora, President and Chief Executive Officer, Manulife Philippines. “They are no longer focused solely on longevity. Instead, they want to live better—with freedom, dignity, and the ability to enjoy life on their own terms. This shift challenges us to rethink how we support them—not just with insurance, but with holistic solutions that enhance their quality of life.”

Health concerns continue to rise, especially among younger Filipinos

The survey also revealed that health issues are a growing concern, particularly among Filipinos aged 25-34. Nearly 44% of respondents reported experiencing physical or mental health problems that affect their daily lives. Despite this, most Filipinos surveyed are not taking enough preventive action.

On average, more than half of the survey respondents engage in only 5 out of 17 recommended preventive health measures that can support a longer, healthier life. Critical indicators of long-term health—such as muscle mass and oxygen uptake—are monitored by just 16% of participants. These metrics are scientifically linked to longevity and overall vitality yet remain largely overlooked.

Despite this, 74% believe their current health habits are sufficient to protect their health as they age.

“There is a clear gap between awareness and action. Filipinos understand the importance of health, but many are not taking the necessary steps to protect it,” added Hora. “This disconnect could lead to long-term vulnerabilities, which will be challenging to address later in life. To bridge this gap, we encourage Filipinos to take more proactive steps, such as scheduling regular check-ups, adopting healthier lifestyle habits, and seeking guidance from healthcare professionals, to help safeguard their overall health and well-being.”

Filipinos face a retirement savings gap

The survey also highlighted the strong relationship between financial stability and health outcomes. A significant 80% of respondents believe that their financial well-being directly affects how long they can remain physically healthy. Similarly, 76% say it impacts their mental health and emotional resilience.

However, despite this awareness, the average retirement savings among Filipinos is only PHP 630,000—16% of the PHP 3.85 million they estimate they will need to retire comfortably.

“Filipinos recognize that wealth and health are deeply connected,” said Aira Gaspar, President and Chief Executive Officer, Manulife Investments Philippines. “However, their current savings and investment behaviors do not necessarily reflect this awareness. The gap between what they have saved and what they will need could compromise their ability to live independently and with dignity in later years.”

Retirement planning: A shift in priorities, but gaps remain

When it comes to preparing for retirement, cash remains king for many Filipinos. The survey found that 66% view keeping their money in cash or fixed deposits as one of their top 2 priorities, while 51% express they want to invest in property. However, more than half (54%) also expressed a desire for steady income streams during retirement—something that cash-heavy portfolios may not be able to provide, especially in the face of inflation and rising healthcare costs.

“We are seeing a shift in how Filipinos think about retirement,” Gaspar noted. “While they are starting to realize that relying solely on property or savings may not be enough, many still hold excessive cash, which raises their longevity risk or the risk that they might outlive their savings, particularly in the face of potential longer life expectancy. 

Gaspar added, “At Manulife Investments, we empower Filipinos to create more holistic wealth portfolios by giving them diverse and affordable investment choices, which they can use as building blocks to mobilize their savings, receive recurring income streams and achieve financial independence throughout their lifetime. Today, Filipinos can choose from our suite of 22 unit investment trust funds (UITFs), including six income-paying UITFs, spanning multi-asset, fixed income, equity and real estate investment trusts (REITs) asset classes that can be accessed for as little as Php1,000.”

The value of professional financial advice is also evident in the data: 70% of those who work with financial planners believe they will have enough funds for retirement, compared to only 38% of those without such guidance.

Supporting Filipinos’ fresh definition of Longevity

As Philippine life expectancy continues to increase in the coming years, the need for comprehensive health and wealth planning becomes critical.

"The message from Filipinos is clear—they want to age with dignity, maintain their independence, and have the financial freedom to do what matters to them," Hora concluded. "At Manulife, we are committed to evolving our products and services to support this vision. That means offering solutions that go beyond medical and critical illness coverage to address health protection needs and offering investment options that can provide reliable income streams for a better, more fulfilling life.”

Keep Calm, Stay Road-Safe, and Get Protected While on a Drive 7 Tips to Get to Your Destination, Safe and Secured

To those who love driving and going on long, spontaneous road trips, the open road, heavy with symbolism and full of promise, is an escape. The journey—highways stretching out before you, windows down, speakers up, wind in your hair—is often as rewarding as the destination. And you’ll feel that excitement, whether it be the thrill of a new adventure, like the classic Batangas road trip to cross a big item—in this case, diving—off your bucket list or the joy (only parents can relate to!) of driving your kids to their first day at a big school—fulfilling their dream and yours or that sense of accomplishment of finally setting up that Alabang office.

But while weekend travelers, adventure junkies, and daily commuters have maybe perfected the road trip and weaving in and out of traffic, not everyone has their road safety skills down to a T. Are you making the necessary precautions when behind the wheel? Do you drive with focus at all times? Are you insured? Regardless if you’re cruising down the highway or rushing to the airport to catch a flight or trapped in a traffic gridlock on the way to work, safety must and always should be you’re top priority.

Here are some tips to get you to your destination safely:

1. Wear your seatbelt at all times
Whether you’re the driver or passenger, whether you’re riding a private car, a PUV van, or taxi, whether you’re driving to a nearby store or going on a road trip, you must buckle up. Every time. It seems so elementary, and you’ve probably read this a hundred times, but seatbelts save lives. And… not wearing a seatbelt is against the law, in case you don’t know.

2. Get insurance for yourself, not just your car
Here in the Philippines, people buy insurance for their cars but not for themselves. If it’s necessary to insure your car, what more your life and your family’s future? On top of being a safe and careful driver, you need to protect yourself from accidents, too. Road safety begins with the protection of life. Life insurance protects you and your family—whether it be on the road or on the curbside. Just like a car insurance, life insurance provides a cash benefit, right when you or your family need it the most.
Just in time for the holidays, FWD Life PH (FWD), part of pan-Asian insurer FWD Group, is providing accident insurance with Php500,000 coverage to the first 500 registrants. To sign up, go to bit.ly/SignUpForInsurance. Special offer is only until Dec. 11, 2019.

This is to celebrate FWD’s fifth anniversary as well as its recent history-making partnership with MCX Tollway, Inc., which elevates the expressway as a symbol of the nation’s “road to progress.” Used by more than one million cars a month, the FWD-MCX has shortened what was once a 20-minute drive from Daang Hari road to SLEX to only a three-minute journey.

3. Observe speed limits
The World Health Organization (WHO) identifies speeding as one of the main problems that contribute to the risk of crash-related injuries in roads. Local government units have enacted their own speed limits depending on the road and traffic conditions in their areas. On the other hand, speed limits for private cars in expressways here in the Philippines is from 80 to 100 kph.

4. Put your phone on silent mode and use hands-free accessories
It’s almost second nature to check our phones, especially when we hear it ring. But taking your eyes off the road for five seconds can already put your life and the lives of others in danger. So put your phone on silent mode if the notifications are too tempting or distracting. If you need your phone to navigate, get a hands-free mount so you can hear directions and see the map in your peripheral vision.

5. Stay alert
It’s vital to stay alert while driving. Focus your senses on visual and auditory cues on the road—from horns and sirens to road signs and signals. Never wear headphones while driving or anything that will block your hearing. If you need to drive with the music on, just let it play inside the car.

6. Don’t drink and drive
If you plan to drink, designate a driver who won’t drink. Or spend the night getting sober before you drive.

7. Pull over!
You dropped something you needed under your car seats. You have an emergency call you need to take. Your pet on the backseat is acting up. Your baby is bawling. If there’s something going on that’s more important that you need to attend to, stop driving. Find a safe and proper spot to pull over and park in order to address the situation. If you’re having car trouble, pull off the road as far as possible.

Want to know more about FWD-MCX? Visit bit.ly/FWDMCX.
Sign up and be one of the 500 to get accident insurance. Go to bit.ly/SignUpForInsurance.

Live to Play and Learn Financial Strategies at Praxis!

A financial literacy program done through a board game that tests the player’s nancial knowledge and help them make better decisions in securing their nancial future. Praxis®
simulates real-life scenarios, teaches players how to make nancial decisions, and gives a glimpse of consequences that come with certain decisions. Its fun and dierent techniques of teaching nancial literacy and introducing the FWD brand is very much aligned to FWD’s vision: to change the way people feel about insurance.

FWD Life Insurance and The Praxis Company’s partnership dates back to 2016. Since then, we have worked closely in bringing to life fun and educational gameplays with the goal
of instilling nancial literacy to Filipinos.

Live to Play: Are You Set for Tomorrow?
is a customized Praxis gameplay that highlights FWD’s newest product proposition, Set for Tomorrow, a life insurance that’s with you in every step of your nancial journey. The game’s scenarios are specic to Set for Tomorrow’s key benets to give the players a better understanding and clearer appreciation of this product suite.

Set for Tomorrow

Life insurance that’s with you in every step of your financial journey.
The most important milestones in every stage of your life deserve to be protected. Set for
Tomorrow provides three affordable and flexible solutions that t your protection needs and make you and your family’s dreams come true, even if you are no longer around.
Just go to www.fwd.com.ph and access Cali, their online calculator to nd out how much you need, how long you need to get covered, and how Set for Tomorrow ts your budget. It’s easier than you can imagine.
Do it today and live a life with less worries!

FWD Life Philippines Launches Set for Tomorrow, Financial Protection for Those You Leave Behind

FWD Life Philippines, one of the country’s fastest-growing life insurers, has introduced a series of
new protection plans that can be tailored to meet individual customer needs.

“FWD’s Set for Tomorrow will provide protection for the people we love and care about. The
coverage amount and period can be customized to any personal situation and budget. Our aim is to
make real and substantial protection accessible to everyone,” said FWD Life Philippines President
and Chief Executive Officer Peter Grimes.

Dubbed Set for Tomorrow, the insurance product has three variants that address the different needs
to take care of those left behind should the unexpected happen—Short Term Cover, Income
Protector, and Estate Protector.

“Set for Tomorrow caters to Filipinos from 18 to 70 years of age, from young urban professionals to
retirees,” Peter added. “With very basic social security, many professionals have an enormous
protection gap.”

Taking responsibility to protect those you love

In today’s uncertain world, FWD’s latest insurance product is there to protect the ones you love.
Three common reasons that lead to financial problems for those left behind include:

• People have loans and accountabilities that are transferred to their family if they are no longer around.
• Raising a family requires time and money. Also, if the breadwinner falls away, the family will still need money to continue living a life with dignity.
• People who build up wealth worry about what they leave behind and especially how to best avoid a family crisis in settling estate taxes and dividing assets. As part of any estate planning solution, long-term insurance coverage is essential to evenly share the assets and ensure those left behind feel equally treated.

Solutions that provide guaranteed protection and give you peace of mind

FWD’s Set for Tomorrow has three variants that meet the needs of the modern Filipino. Short Term
Cover is an affordable term life plan that provides guaranteed life insurance coverage for five or 10
years.

Income Protector ensures that your family can continue their life even if you are no longer around.
Lastly, Estate Protector is a whole-life plan that provides guaranteed life insurance coverage until
120 years of age.

FWD wants to guide people in fitting the right variant, protection amount, coverage period, and
payment terms to the customer’s preferences and abilities. With this in mind, FWD launched online
calculator “Cali”. By answering just a few questions, Cali allows you to determine the best solution
for you and your budget. To find out the Set for Tomorrow plan that’s perfect for your budget and
insurance needs, simply visit www.cali.ph/SetForTomorrow.

FWD’s Set for Tomorrow plans are now available through FWD Life’s Financial Wealth Planners.
Interested customers may call the 24/7 FWD Customer Connect Hotline at (02) 888-8388 or chat
with a Customer Connect Executive via FWD’s 24/7 Live Chat (www.fwd.com.ph) to set an
appointment. The plans will also soon be available at all branches of Security Bank, FWD’s
bancassurance partner.