A LOT of people have gone through this: one has thought about getting a life insurance but each time he tries to get one, he’s gripped with the fear of lapsing his policy due to long payment period.
It’s time that one considers an affordable alternative—a renewable term life insurance.
Among all life insurance products available nowadays, from savings and investments to protection products, term life is a protection-focused plan that offers the high-value death benefit at a lower premium compared to other types of life insurance.
“The Covid-19 pandemic is an eye-opener for a lot of our countrymen, who realized that they needed a buffer, a safety net just in case something happens to them due to the virus,” said Insular Life (InLife) chief marketing officer Gae Martinez.
The Covid-19 pandemic has amplified the importance of having affordable life insurance coverage especially among the vulnerable and the underserved. To fill this need, InLife created an affordable protection-focused plan to help Filipinos create a credible financial plan that anyone with income can afford.
Martinez explained that term life is a solution for first-time insurance buyers but most useful for breadwinners who have always wanted the protection of life insurance but may not have available funds for the regular whole life plans right now.
“What the pandemic has taught us is that insurance must be part of everyone’s financial plan in order to avoid catastrophic financial loss in the family in the event of the death of the breadwinner,” added Martinez.
InLife’s newest offering of term life insurance called “Basic Secure” is one way to address this issue and it comes in two variants: five years renewable and 10 years renewable plan.
Under this plan, a 25-year-old applicant can be insured for P1,000,000.00 for only P23 a day or P8,400 per year.
“Basic Secure can also be converted to a regular life plan or to a variable investment-linked policy in the future once the plan holder finds that he or she is ready for it,” added Martinez.
Another advantage of starting with Basic Secure is that its renewability and convertibility features eliminate the need for any later proof of insurability. This is a useful feature especially for people who may have otherwise been declined when getting an insurance for the first time at an advanced age.
InLife’s Basic Secure can be issued from age 18 until age 70 for the five-year plan or until 65 years old for the 10-year plan and can be paid monthly, quarterly, semi-annually or yearly.
To know more of the features and benefits of InLife Basic Secure, one can talk to an InLife financial advisor by visiting www.insularlife.com.ph/basic-secure. SPONSORED CONTENT