What's New In Investments, Funds? - Invesco, HSBC

Editorial Staff

15 October 2019

Invesco
has launched a solution delivering a regular stream of monthly income when the insured person reaches retirement, as well as additional coverage should they be diagnosed with age-related conditions and chronic diseases.

Among features of the offering are options to retire at age 55, 60 or 65 and receive pay-outs for a period of 10, 15 or 20 years, or up to age 99. There is also a limited premium payment – a single premium or short premium payment period of 5 or 10 years.

The offering comes at a time when Singapore is wrestling with issues arising from an ageing population. In 2018, almost 15 per cent of Singaporeans were aged 65 and above and the number is expected to grow to 24 per cent by 2030.

“HSBC Life Retirement Income covers age-related conditions such as loss of mobility and illnesses including Parkinson’s, Alzheimer’s and dementia. Senior adults diagnosed with such conditions and illnesses are on the rise so it is critical they have adequate financial support to fund for their long-term care,” Carlos Vazquez, chief executive of HSBC Life Singapore, said.

This publication has examined issues involvng critical illness cover and the state of this market in Singapore and Southeast Asia .