Home Banking & Finance FWD Philippines rolls out custom insurance product
FWD Philippines rolls out custom insurance product
FWD LIFE Insurance Corp. (FWD Philippines) has launched a line of customizable protection plans to better serve the needs of its clients.
In a statement on Monday, FWD Philippines President and Chief Executive Officer Peter Grimes said the insurer has rolled out the custom plans named Set for Tomorrow.
“The coverage amount and period can be customized to any personal situation and budget,” Mr. Grimes was quoted as saying in the statement.
“Our aim is to make real and substantial protection accessible to everyone.”
The insurance product has three variants that address the different needs of a family should the unexpected happen.
The Short Term Cover is an “affordable term life plan” that provides life insurance coverage between five and 10 years.
Meanwhile, the Income Protector product ensures families to sustain their lifestyle should the breadwinner pass away.
On the other hand, the Estate Protector is a whole-life plan that provides life insurance coverage until 120 years old.
“Set for Tomorrow caters to Filipinos from 18 to 70 years of age, from young urban professionals to retirees,” Mr. Grimes said. “With very basic social security, many professionals have an enormous protection gap.”
Aside from this, the insurer also launched an online calculator dubbed as “Cali” to guide people in finding the right variant, protection amount, coverage period and payment terms to match their preferences and abilities.
The insurer said the Set for Tomorrow plans are now available through its financial planners. It will also soon be available at Security Bank Corp. branches, FWD Philippines’ bancassurance partner.
FWD Philippines launched its commercial operations in September 2014. Last year, it booked a total premium income of P4.55 billion, almost 50% higher from the premium profit it logged in 2016.
FWD is the insurance business arm of investment group Pacific Century Group and is present in Hong Kong, Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam and Japan. — KANV