Pension and annuity products in the Philippines

What an annuity actually is

An annuity is a contract with an insurance company: you hand over a lump sum, or sometimes a stream of premiums over time, and in exchange the insurer promises to pay you a regular income, often for as long as you live. The retirement-planning course on this site touches on general saving strategy, how much to save, where to grow it, how to withdraw it. This course zooms in specifically on the insurance products that convert savings into a guaranteed paycheck, and everything that comes with buying one.