In my opinion, ensuring that the insurance coverage is enough is the most important priority. It is so much better to be over-insured than under-insured.
How to improve insurance for people already with gsis?
I studied at the University of the Philippines (UP), Harvard and AIM, and am the youngest of 11 candidates for president of UP, who will be elected first week of November. I want to ask Insular Life officials for their suggestions or advice on how we can further improve the retirement and life insurance benefits of all UP employees, faculty and even their dependents nationwide. Right now, UP faculty and staff are covered by GSIS insurance. Life insurance does not exceed P1 million in benefits.
Dr. Patrick T. Azanza, 42 years old, CEO of WinSource Business Solutions & candidate for president of UP, Mandaluyong City
Answer
Thank you, Dr. Azanza, for thinking about the welfare of the faculty and staff of the University of the Philippines. Retirement should be the most rewarding of our life stages and should be a period when one can truly enjoy the fruits of a lifetime of devoted work by being financially secure. This can readily be achieved if one prepares early and well enough for it. It is worth setting aside a reasonable portion of one’s income for this purpose. While we are provided pension benefits from either the SSS or the GSIS, these can only constitute a minimal portion of our retirement income and thus cannot cover all our expenses. They need to be supplemented by our own savings and additional insurance for retirement security.
For employee groups, Insular Life offers a Comprehensive Group Program (CGP) consisting of group life insurance with a side fund that invests a generous portion of the premiums in order to create and augment needed retirement funds. We would be most happy to present this to you for your consideration.
Additionally you may also want to consider the health security of your coworkers. What many don’t realize or take for granted is the fact that when an employee reaches the normal age of retirement, he/she will no longer be eligible for medical insurance or health care. Yet it is during one’s elderly years when health maintenance expenses increase significantly. Once again this can be prepared for financially and we can present certain options for this concern.
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