Recent global index ranking showed the Philippines as having the second worst retirement income system among 44 economies.
Sun Life Grepa Financial Inc., a major life insurance company in the country, offers options and solutions to address Filipinos’ retirement woes.
The Mercer-CFA Institute’s Global Pension Index, which benchmarks global retirement income systems, recently listed the Philippines 43rd of 44 economies with the country receiving an overall grade of “D.” This grade indicates that the pension system has desirable features but also possesses major weaknesses that need to be addressed.
Coming from this index, Sun Life Grepa is providing options for sustainable retirement benefits. With the volatility of inflation and increasing cost of living especially when it comes to elderly care, it is important to prepare for a future that covers these concerns.
After all, government pension may not be enough during retirement as one’s income decreases while expenses increase on bills, travel, home improvement and inevitably, medical or long-term care.
“We are aware of the struggles and challenges facing the Philippine landscape when it comes to retirement, insurance and protection. That’s why Sun Life Grepa, along with YGC [Yuchengco Group of Companies], is offering solutions to future-proof the lives of many Filipinos. There are various ways to prepare for the golden age of retirement so Filipinos can live their sunset years more comfortably without worrying about the burden of expenses. Sun Life Grepa would like to be a part of a more financially literate and healthy Philippines and equip our kababayans with knowledge, products and services that could help plan and prepare for the years ahead,” Sun Life Grepa president Richard Lim said.
Sun Life Grepa encourages Filipinos to secure the future by getting them covered and by seeking professional advice from a financial advisor.