How to be financially protected vs illness

by Jon Carlos Rodriguez,

Posted at Jun 21 2014 06:16 PM | Updated as of Jun 22 2014 02:19 AM

MANILA, Philippines – Financial protection is critical when it comes to illnesses and accidents, which is why Philam Life financial advisor Larry Cleto is advising Filipinos to invest on their health.

Cleto said Philam Life launched this year a health insurance product that also helps policyholders in investing and saving.

If a policyholder is diagnosed with a critical illness or is injured in an accident, Philam Life will provide the policyholder with cash benefits.

“Mayroong lump sum cash na ibabayad kaagad ang Philam Life sa insured and since ito ay cash benefits, pwede niya gamitin ito to supplement kung ano ‘yung mga hindi binabayaran ng HMO [health maintenance organization] plans, so they can complement one another,” Cleto told dzMM.

Policyholders will also have their own health fund, which can be used after the prescribed period if the policyholder remains healthy.

“Maganda ito kasi lahat ng binayaran ay talagang sulit at walang matatapon. Let’s say optimistic ang nangyari at hindi nagkasakit ‘yung insured, lumalaki naman ‘yung health fund, so after the working years, mayroon siyang health fund na maaasahan. Pag dating kasi ng senior years, palaki ng palaki din ang healthcare needs,” said Cleto.

Policyholders have the option of availing the health fund in a one-time or staggered payment, or transferring it to beneficiaries.

Coverage plans may depend on the age of applicant and the number of investment years, which start at a minimum of 3 years to a maximum of 10 years.

“Kapag lumampas ng 65 pero ang health fund na naipon niya ay mas malaki na sa coverage, there’s that possibility. So kahit mag-expire ang health coverage, may health fund ka na pwede mo hugutin,” said Cleto.

The plan covers bypass surgeries, and 35 critical illnesses including cancer, permanent disabilities, and heart ailments.