Manulife launches new life, health option
Manulife Philippines has launched a new product that provides customers the flexibility to select the right critical illness protection for them and enhance the scope of their coverage by adding benefits of their choice.
In a statement, Manulife Philippines announced the introduction of its HealthFlex, a life and health insurance option, which the company said “the first and only one in the market.”
To ensure family well-being, Manulife Philippines said that HealthFlex also covers customers from age zero to 70.
Many Filipinos have recognized the increased importance of staying healthy, especially amid the COVID19 pandemic.
According to Manulife’s recent study “Understanding Filipino Sentiments Toward Health and Critical Illness,” 77 percent of Filipinos have expressed their intent to buy insurance in the next 18 months, signaling increased awareness about health and critical illness, and the desire to be financially prepared for them.
In fact, 80 percent of Filipinos surveyed by Manulife believe that the cost of critical illness treatments exceeds their financial capacity, and 52 percent feel they are not financially ready in case a family member falls ill.
That’s why most Filipinos pay out-of-pocket or use personal funds (54 percent), some depend on government and contributory health financing (34 percent), while the rest use their private health plans.
Richard Bates, Manulife Philippines president and chief executive, said that HealthFlex addresses the key findings gathered from their recent study regarding Filipinos’ sentiments toward health and critical illness.
“With HealthFlex, we hope to make it easier and more affordable for Filipinos to manage their financial concerns around these critical illnesses, so they can focus on taking care of themselves and their loved ones, improving their overall health and well-being,” Bates said.