Insular Life (InLife), the country’s first and largest Filipino life insurance company, recently launched a limited-pay whole life critical illness plan named Resilience ensuring financial security in the face of critical illness.
The insurer markets the product as testament to its commitment to support policyholders during challenging times.
The product, it said, is a traditional whole life plan with a ten-year payment structure that provides a guaranteed lump sum cash benefit upon the diagnosis of a covered major critical illness. It also offers supplementary health benefits, marking a significant step forward in addressing the evolving needs of individuals and families in the realm of health insurance.
Apart from covering critical illness, the product also covers cancer, heart attack and strokes as well as certain types of female cancer.
“Each variant addresses specific health concerns, providing major critical illness benefits equal to 100 percent of the sum insured in case of diagnosis of a major illness,” the insurer said.
The product provides extensive coverage for 84 major and 39 minor critical illnesses. In addition to the major critical illness benefit, the insured may claim up to two minor critical illness benefits, each equivalent to 25 percent of the sum insured.
The product is tailored to cover the three most prevalent critical illnesses in the Philippines—cancers, heart attack, and stroke—according to the Philippine Statistics Authority.
For biologically-born women facing unique health challenges, Resilience Female Cancers offers coverage for nine specific cancer types: breast, ovarian, cervical, and endometrial cancer, uterine sarcomas, malignant mixed mullerian tumors, malignant germ cell tumors, fallopian tube cancer and leiomyosarcomas.
The product variants go beyond the expected by providing two additional benefits: the late-stage cancer benefit and the buy-back benefit. The late-stage cancer benefit offers 15 percent of the sum insured upon the diagnosis of late-stage cancer.
The buy-back benefit allows insureds who have previously received 100 percent of the sum insured to claim the full amount again upon the diagnosis of CHAS two years after the initial major critical illness diagnosis.
“A major illness diagnosis could derail one’s pursuit of a good life. Instead of losing focus, they should feel secured, knowing they have something to get them through it. Resilience should help them rise above this setback and continue on with life, knowing they have an ally,” InLife chief marketing officer Gae Martinez said.
InLife’s Resilience emerges not only as a robust financial solution but also as a beacon of hope, embodying the company’s dedication to empowering individuals to face life’s uncertainties with confidence. As stories like Soliven’s continue to unfold, Resilience offers a lifeline to Filipinos navigating critical health challenges.
Martinez, emphasized the role the product plays in helping policyholders address financial concerns associated with critical illnesses.
“One of the things we dread in life is being sick, especially if it’s life-threatening and requires a substantial amount for treatment. This is what (this product) is for,” said Martinez.
