FWD Philippines has launched Set for Life Plus, an insurance product designed to integrate life protection with investment growth and rewards based on key life milestones.
The plan aims to address the needs of a generation navigating multiple personal and professional transitions.
The offering includes a start-up bonus of up to 25% of the policy’s account value and a guaranteed milestone increase, which becomes available upon significant life events such as marriage, childbirth, retirement, real estate purchase, or education milestones.
Policyholders also receive a loyalty bonus on the 10th policy anniversary and every five years afterward.
To encourage long-term commitment, the plan features a premium extension bonus – equivalent to 2% of premiums invested back into the plan if payments continue after the mandatory term.
Built-in benefits also cover accidental death and offer a waiver of premium, with optional add-ons including critical illness coverage, hospital cash benefits, and additional life insurance.
“As the insurer of the next generation that’s committed to nation-building, FWD recognises the ever-evolving goals and aspirations of Filipinos. We want to help them celebrate living while building their best future,” said FWD Philippines president and CEO Manuel De Rosas. “With Set for Life Plus, they can embrace every opportunity in life and fulfill their goals while having reliable life protection and financial growth.”
FWD Philippines adapted its offerings in response to shifting financial behaviours and lifestyle choices among consumers, particularly younger demographics who are delaying traditional life milestones in favour of personal priorities.
A new study released by Insular Life (InLife) indicated that many Filipinos remain financially vulnerable in later life due to rising healthcare costs, extended longevity, and limited personal savings.
The InLife survey, which polled 505 individuals across age groups, found that while over half (52%) aspire to be financially independent during retirement, only 30% believe they are adequately prepared.
Contributing factors include low levels of financial literacy – only 25% of Filipino adults demonstrated basic financial understanding in a 2022 S&P Global Ratings study – and dependence on social security and employer pensions, which may be insufficient.
The report also highlighted that 33% of participants plan to retire between ages 56 and 60, with 22% targeting early retirement between 46 and 50. However, respondents said they would need between PHP 25,000 and PHP 50,000 per month to maintain their current lifestyle – figures that could underestimate actual post-retirement expenses when adjusted for inflation and unexpected costs.
