Prudential, HKMC team up on retirement plans

Prudential Hong Kong has announced a new collaboration with the Hong Kong Mortgage Corporation yesterday, whereby Prudential will become the first authorized insurer in the city to refer its customers to three of HKMC's retirement solutions.

The HKMC Retire 3 consists of the Policy Reverse Mortgage Program, the Reverse Mortgage Program, and the HKMC Annuity Plan.

Licensed financial consultants at Prudential can refer HKMC Retire 3 to customers during their financial planning conversations, assisting them to forge ahead with retirement plans, the company said in a statement.

Prudential's recent survey revealed that over 90 percent of people in Hong Kong underestimate their life expectancy by over 10 years, so it is important not to understate the needs of getting effective retirement solutions, said Lawrence Lam Chi-kong, chief executive of Prudential Hong Kong.

"'HKMC Retire 3 can help retirees convert their assets into steady monthly payouts, creating lifelong streams of income," said Raymond Li Ling-cheung, the executive director and chief executive of HKMC.