Longer lives reshape how Filipinos prepare for retirement

Insider Spotlight

• Filipinos aged 60 and above now account for 9.6 percent of the population, with the share projected to reach around 11 percent by 2030
• Longer lives, smaller families and rising healthcare costs are putting more pressure on households to build retirement resources beyond traditional family support
• AIA Philippines and BPI AIA are responding with insurance products that pair lifetime protection with scheduled cash benefits and potential dividends
  
  
  

Longer life expectancy and changing family structures are forcing Filipinos to rethink how they fund retirement, as a growing elderly population faces higher healthcare costs and potentially less financial support from younger relatives. 

The demographic shift is increasing the importance of financial resources designed to last deeper into retirement.

What’s happening

AIA Philippines and BPI AIA have introduced AIA Platinum Secure and BPI AIA ADDvantage, participating whole life insurance plans that combine lifetime protection with guaranteed income benefits. 

The products are positioned around retirement preparedness and other long-term financial needs rather than short-term investment returns.

The big picture

Filipinos aged 60 and above represent 9.6 percent of the population, according to figures cited by the companies, and that share is expected to rise to about 11 percent by 2030. At the same time, smaller families could weaken the traditional reliance on children and relatives for financial support later in life.

Why it matters

Longer retirements can stretch household savings while medical and living expenses continue accumulating. That creates demand for financial products offering predictable payouts alongside insurance coverage, particularly for consumers seeking income beyond their working years.

What they’re saying

 “Helping Filipinos live Healthier, Longer, Better Lives means giving them the confidence to face the future with confidence,” AIA Philippines CEO Melita Teo said in a press statement. 

“As people's needs evolve over time, they need solutions that combine lasting protection with dependable financial support. Through AIA Platinum Secure and BPI AIA ADDvantage, we're helping more Filipinos build financial confidence and resilience for the years ahead,” Teo added.

The details

Policyholders receive guaranteed cash payouts equal to 10 percent of the policy’s face amount every other year after an initial waiting period. 

The plans also provide milestone bonuses equal to 25 percent of the face amount at ages 80 and 90 and a guaranteed maturity benefit at age 100.

Zoom out

Optional riders cover risks including hospitalization, critical illness, accidents and disability. Potential dividends depend on company performance, meaning that portion of policy value is not guaranteed. —Vanessa Hidalgo| Ed: Corrie S. Narisma