NEW MANULIFE FLEXIBLE INSURANCE COVERS CRITICAL, EXPENSIVE ILLNESSES

Insurer Manulife Philippines has unveiled a new life and health insurance solution, claimed as the first in the market to offer flexibility by giving customers options in their critical illness protection and addon benefits.

Richard Bates, president and CEO of Manulife Philippines, said Healthflex was developed to cover critical illnesses that have high occurrence in the country and were also among the most expensive to treat.

Customers are given the freedom to choose which illness they would like to be covered by the plan. Four options are available: 1) cancer only; 2) cancer, heart attack and stroke, which are perceived to be Filipinos’ top three critical illnesses; 3) cancer, plus other elderly and critical illnesses; or (4) the top three illnesses, plus other elderly and critical illnesses.

“Healthflex addresses the key findings gathered from our recent study regarding Filipinos’ sentiments toward health and critical illness, which revealed that while they are now more interested in prioritizing their health, financial readiness continues to be a challenge,” Bates said.

“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,” he added.

Healthflex covers customers from age 0 to 70. It is payable in five years, 10 years, or when the client reaches the age of 60.

As an example, a 30-yearold male can obtain P300,000 worth of coverage for as low as P10,372 in yearly premiums.

Planholders may also receive guaranteed death or maturity benefits and a long life bonus in the form of dividends. Premiums will also be waived if the insured is diagnosed with a covered early stage or advanced critical illness.

On top of its core benefits, Healthflex also gives customers a way to enhance the coverage of their plans through various add-ons.

Based on 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, indicating higher awareness on health and critical illness and the desire to be financially prepared for them.

However, 80 percent of the surveyed believed that the cost of critical illness treatments exceeded their financial capacity, and 52 percent felt they would not be financially ready in case a family member falls ill.

About 54 percent of Filipinos also pay out-of-pocket or use personal funds to cover such critical illnesses, while 34 percent depend on government and contributory health financing. The rest use their private health plans.