Savings Insurance
Grow and protect your wealth
Move towards a fulfilling life in retirement
Retiring early is one of the top three objectives of Hong Kong people in saving money1.
Hong Kong people are living longer. According to estimates, by 2041 the average life expectancy of local men and women will reach 84 and 90 respectively2. 67% of survey respondents would face a shortfall in their retirement reserves for the extended golden years3,4. Therefore, they might need to delay their retirement or compromise on a lower standard of living instead of realising their ideal picture of life in retirement.
A survey shows that half of the population has no definite plan for their future retirement. The majority keep over 40% of their savings for retirement in cash or time deposits3, these usually have very low interest rates, which does not offer growth and barely combats inflation. Nearly 45% are unaware of the investment returns of their MPF and pay little attention to their accounts3. All these make it even more difficult to reach their retirement goals. In fact, a comprehensive savings insurance plan can help you achieve your ideal financial goals for retirement.
65% of respondents are not confident that they will achieve their goals3.
Where would you like to live?
Would you like to live with your loved ones?
What plans do you have?
Do you own any property?
Do you have a saving habit?
How is your health?
Will your current habits influence your future health?
How much money do you think you need for your ideal lifestyle?
67% of interviewees (i.e. two out of three) are expected to have insufficient capital to meet the need of daily expenses for their ideal life in retirement3,4.
Think about your ideal quality of life in retirement and the actual expenses you will have so you can set a clear savings goal
The earlier you start, the easier it is to achieve your goal
Keep in the know about financial matters so you can protect your savings against inflation
Ask for a financial planner’s help to find a solution that suits your needs
The above information is for general reference only. It shall not constitute nor should it be taken as a substitute for professional advice from a financial planner on purchasing insurance policies. Your financial planner will make recommendations based on the result of your individual needs analysis (including affordability and suitability, etc.). For detailed analysis and advice, please contact us or your financial planner.
Sources
1 AIA’s The 7th “AIA MPF Desired Retirement Tracker” Survey (data collected August 2015).
2 Census and Statistics Department, Government of the HKSAR, Hong Kong Population Projections 2012-2041.
3 AIA’s The 7th “AIA MPF Desired Retirement Tracker” Survey (data collected August 2015).
4 Independent actuarial calculations were applied to each respondent to project the retirement reserves he/she would have accumulated at retirement based on his/her current saving habits and retirement reserves. The calculations were then compared with the data provided by each respondent regarding his/her desired monthly living expenditure and the number of years that the reserves were expected to cover after retirement.
5In terms of scheme membership and AUM. As at 30 September 2018, Statistical Data of Registered Private Pension Schemes, Monetary Authority of Macau.
The above information gathered from external sources is made on a general basis and is for reference only. Please refer to the related data and information collection statement for details.
Data and Information Collection Statement
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