Preparing for retirement is a crucial aspect in building one’s financial portfolio. It is especially important for business owners who aspire to enjoy their golden years without solely depending on their business for income.
According to a study commissioned by Sun Life, six out of 10 business owners are already planning to retire as part of their medium-term goals. However, majority are preparing their finances for retirement through traditional ways such as bank savings accounts and government contributions, with some considering investment options.
“We want to help business owners achieve their retirement goals by providing an alternative solution that can address this specific financial need,” Sun Life Philippines Client Segment Marketing Head Cary Casipit said.
In line with this, Sun Life of Canada (Philippines), Inc. has launched the Sun Life FlexiRetire to provide business owners with the flexibility to set up their retirement plan at their desired age with their preferred annual retirement benefit and payout period.
Sun Life FlexiRetire is a new and innovative option of Sun Life Secure Income, a participating, limited-pay whole life insurance product that provides guaranteed annual cash benefits equal to 6% of the face amount starting at the end of the 6th policy year until age 100.
With the Sun Life FlexiRetire option, the annual guaranteed cash payouts and the potential dividends earned can be accumulated until the Client’s pre-determined retirement age. Once the retirement age has been reached, the cash benefit will be paid annually, within the Client’s chosen payout period.
“This can serve as an additional income stream for business owners during their retirement years, independent from the funds tied to their company. It can help ensure a smoother succession process, as it helps future-proof their business for generations to come,” Casipit said.
Those interested in availing of the Sun Life FlexiRetire may get in touch with their Sun Life advisor or connect with one via www.sunlife.co/Talk-To-An-Advisor. For more information, visit www.sunlife.co/Sun-FlexiRetire.
