5 Things to Look for in an Insurance Company for Your Retirement Savings at 50

There are things you should be looking out for when choosing an insurance company for your retirement savings at 50. These include coverage, cost, and customer service, among others.

by Jeanne Jampac, 07 December 2017

Picking an insurance company for retirement savings is like buying any other product or service, you need to profile it first and see whether it is a perfect match for you.

Choosing an insurance company for retirement savings at 50 is not an easy feat. It means looking for the right insurer to invest your hard-earned money in for a secured future. Needless to say, this amount of trust you put in a company calls for an informed and prudent decision-making. Here are five things you should look for in an insurance company when saving for your retirement at age 50. 

1. License

The insurance company must, first and foremost, be a licensed insurer in the Philippines. Our insurance regulator is the Insurance Commissioner of the Insurance Commission under the Department of Finance. Companies that provide pre-need contracts, and the insurance agents who represent them, must be licensed. Their authorizations and licenses need to be renewed every three years.

2. Financial Stability 

In selecting an insurance company for retirement savings, you have to consider the insurer’s financial stability. Lucky for you, the Insurance Commission releases an annual list of top insurance companies in the Philippines so you do not have to crunch the numbers for yourselves. In its 2016 year-end report, for instance, FWD Life Insurance Corporation ranked no. 12 in terms of total premium income, just two years into its commercial operations—making it one of the most viable insurers in the country. 

3. Customer Service

There are two types of customer service you have to take note of: before getting a retirement plan and after getting a retirement plan. Regrettably, some insurance companies provide only good service when they’re convincing prospective clients to choose them as their insurer. Spare some time to inquire among family and friends who have insurance plans, and perhaps get insights from online reviews on which companies provide good overall service. 

4. Coverage

There are about seven million senior citizens in the Philippines alone, and this number is projected to double by 2030. This is why there are so many insurance companies in the country. With these businesses come several types of retirement plans to choose from. The majority of these companies, however, allows you to tailor-fit your insurance plans to suit our personal preferences. So when selecting a retirement plan, make sure to ask yourself questions like how much money you need, when you need it, and how you want to receive it. 

5. Cost


As much as we don’t want to scrimp on our retirement plan, we cannot deny the fact that costs strongly affect how we choose our insurance companies. Costs differ from one company to another and there are many factors that affect the insurance premium. In order to choose the most cost-efficient plan, compare policies that technically provide the same coverage. Some plans may cost more because they offer additional coverage. If you find this extra provision basically useless to you, then it may be wiser to choose the more affordable option.