Insular Life (InLife) recently introduced a life insurance product that gives its policyholders the freedom to craft a personalized policy that best caters to their priorities at different points in their life.
“Filipinos’ perception of life insurance has changed through the years. Now, they see it as something not just for the loved ones that they will leave behind, but for them to enjoy as well while they are still living,” said InLife Chief Marketing Officer Gae Martinez.
She shared that in a focused group discussion held by InLife and Kantar Media, most of the participants associated an insurance plan with “financial preparedness.” They feel secure that they have set aside something to cover their present and future financial necessities.
Policyholder needs, however, vary. Their priorities also change as they become older, face unforeseen challenges, and explore opportunities.
“This is why some policyholders don’t want cookie cutter insurance products; they want to set up their own financial master plan with their financial advisors acting as guides,” Martinez said.
To address this need, InLife came up with Wealth Assure Plus (WAP), a life insurance plan that can be customized according to a policyholder’s preferences. It has investment components and provides policyholders with higher life insurance coverage and living benefits.
Increased Potential for Growing Money
WAP offers policyholders the advantage of more financial benefits. It also gives them additional financial protection through an optional critical illness benefit that can cover the soaring cost of medical care.
With WAP, a policyholder’s money grows faster because of a shorter paying period of admin charges. It has a low insurance cost and premiums are exposed to global equity markets for more earning potential.
Its annual premiums are affordable for as low as P10,000. Regular top-up premiums, meanwhile, are as low as P500 monthly.
Personalized and Adaptive
Policyholders can choose to set up a variable unit-linked (VUL) plan. Attachable rider options include renewable term insurance, critical illness, accidental death benefit, and waiver of premium because of disability.
They can also select their preferred payment and payout schemes. It also has options that address different risk profiles.
The plan can adapt to the policyholder’s new goal or need, pursued priorities, and current realities and circumstances. They can customize it within the duration of the plan. WAP’s life insurance coverage period is until 99 years old.
Addressing Current Needs While Preparing for the Future
Martinez noted that the pandemic has made Filipinos more aware of the value of having an insurance policy.
“In getting one, they consider a lot of factors and not just their own needs. They think of their family, events that may affect their financial standing in the future, their long-term goals, and their present and most urgent needs. InLife understands their concerns. The Company has been in the industry for 112 years, and have seen how people’s priorities change as the world also changes,” she said.
Through WAP, InLife delivers what customers want in the current climate and also helps them prepare for the coming years.
“InLife remains steadfast in its promise of providing a Lifetime for Good to Filipinos,” Martinez said.
Learn more about WAP through https://www.insularlife.com.ph/wealth-assure-plus InLife’s financial advisors are also ready to answer your questions about the new product and help you create your plan, so don’t hesitate to get in touch with them.
For more of InLife’s latest products and events, follow the Company’s official social media accounts.