By Vianca Gamboa
At a young age, the rest of us have little or no knowledge about insurance, what it is about, what its benefits are, how to we get one, or even how much it would cost us, until we’re convinced enough to open up a financial plan and to be smarter about spending, smarter about saving. But here’s a word on the cost of insurance: In the name of vitality, we don’t settle for less.
You could say we’d leave it to our ‘rents until a medical intervention is needed and we are strapped for cash. When it comes to insurance, we need to set our priorities straight. It’s good to lay a foundation for all the aspects that have to do with our savings but health-related insurance or an emergency fund is the future. Investing in and saving for the future are important but we’ve come to understand that protection is the most basic need we have to address first. Living a healthier, longer, and better life comes easily when you know you’re protected,” said Nico Bolzico.
But you know what’s more alarming than all medical issues and impending accidents? A critical illness without funds and further plans. According to Philam Life, the average casualty cost of critical illness is about a whopping P2 million pesos, a million shy away from customers’ fund that is only about P350,000 as surveyed in 2018, rendering their respective health funds insufficient.
In a third world country like ours, many people are hesitant to apply for health insurance and, according to the 2018 Healthy Living Index Study conducted by AIA Group, Hong Kong, 78 percent of Filipinos rely on the government to shoulder their critical illness needs. These numbers are no joke and should be put into account, especially to those who have history of illness in their families, and everyone who feels uncertain about their future. This is what Philam Life aims to address when it launched its new product, AIA Critical Protect 100, recently. The AIA Critical Protect 100 offers optimum health and protection benefits for ages zero to 100 and covers a wide range of illnesses, including cancer, heart attack, or stroke. It is for everyone—people in their prime are only those usually covered by most insurance policies, leaving those from zero to 17 years old, and a small percentage of seniors aged 65+ unprotected.
According to Tennyson Paras, Philam Life’s head of products, the title, in line with AIA’s 100th anniversary, got its name from a Skyrim meme that’s all over the internet and it conveys exactly what the product is about—protection and armor, on point.
You can have the option to improve your coverage by adding a Gender-Specific Cancer rider where you can receive an additional 50 percent benefit when you are diagnosed with genderspecific cancer (e.g. prostate cancer, cervical cancer, ovarian cancer), and Recovery Benefit rider where you can receive five yearly recovery cash benefits—each amounting to 10 percent of your main coverage. You may claim the first payout one year after the major claim.
This program especially caters to people with high-maintenance chronic illnesses, like vlogger and Philam Life ambassador Wil Dasovich.
“Being diagnosed with cancer at such a young age was a huge scare for me. Illnesses like cancer are supposed to come when you’re old and you’ve lived life to the fullest, not when you’re just starting to have fun. It was such a wakeup call for me to start thinking about and preparing for my future, now that I’ve been given a second lease in life,” said Dasovich.
Raymond Gutierrez, also a Philam Life ambassador has this to say: “As a Philam Vitality member, I’m not just protected by life insurance, I’m also rewarded for living a healthier, longer, and better life. The program can help prevent the onset of critical illness by challenging and motivating me to meet my weekly fitness target. And it rewards me for living healthy.”
Another good thing about Philam Life is it gives you get an access to Philam Vitality, a wellness app that motivates everyone to follow healthy routines and live a better life by incentivizing customers with big and bold instant rewards such as free coffee, cinema tickets, a trip to El Nido, or even scoring a fitness device. It gets everyone’s head in the game to improve their health.
“Philam Vitality and Critical Protect 100 are for everyone’s peace of mind, on how they can live longer and better, and make the most out of life,” said Philam Life CEO Kelvin Ang.