The rising cost of pensions as a result of longevity risk is an emerging global issue. In Malaysia, the mortality rate has gradually improved over time and consequently, the old-age dependency ratio has also increased. Thus, there is a need to further develop voluntary retirement schemes, such as annuities, in Malaysia to help retirees sustain their retirement income. However, the Malaysian private pension market is very small and there is a lack of understanding of the products among retirees. This study aims to calculate the value for money of retirement insurance products in Malaysia based on age and gender. The value for money calculation provides financial information to assist customers in selecting their optimal plan upon retirement. The value for money calculation was performed using the money’s worth ratio (MWR) approach. Mortality rates are projected using the Lee-Carter model to account for longevity risk. The findings comprise the MWR values calculated for two private retirement products available in the Malaysian market, where one features an investment-linked component and the other is a deferred annuity. Our findings show that the plain deferred annuity gives a significantly higher value for money than the investment-linked product for all ages and both genders.