When the global pandemic hit, the world’s economy suffered. The Philippines, most especially, was confronted with a strong reduction in its GDP, which is expected to take several years to recover from. This unexpected event set us back 3 to 5 years in GDP per capita. With restrictions being minimized, the country is slowly moving to a new normal and is expected to regain the path towards economic growth.
In a similar way, this can happen on a much smaller scale to our personal finances. Unexpected events can result in severe restrictions to our lifestyle with sometimes disastrous effects. Just imagine how your life will change when you, your partner, or one of your children are confronted with a critical disease. Will the medical bills be paid from the children’s education fund? Or even worse, do you need to take out a loan or max out your credit card to pay for the necessary care? One unexpected medical event can easily set you back 3 to 5 years in reaching your personal financial goals.
Market research conducted by GCash showed that the biggest concern of Filipinos is the risk of unexpected events – those that either take away the most important income source of the family or those that confront them with high, necessary, medical expenses in their family.
“One of the main concerns of the middle class is not only how to keep everyone in the family healthy, but how to be able to pay for the medical costs if medical care is necessary. We all know people that had to go as far as selling their car, or had to take out loans that took them many years to repay in order to pay for medical expenses for a family member,” said Rien Hermans, CEO of Singlife Philippines. “HMO limits are reached faster than expected, and individual health plans sold by agents and banks cost more than Php 100,000 per year. Too much to fit in the budget of most young families.”
Cash for Medical Costs is Singlife’s newest product that protects against unexpected medical costs. It offers 3 distinct benefits: Cash when you are hospitalized, cash when you are diagnosed with one of the 125 covered critical conditions, and reimbursements for surgeries needed to treat the same diagnosed critical condition.*
Cash for Medical Costs is available in GCash for individuals and families. You can get a plan for yourself and include up to six dependents. It offers protection up to P1,275,000 per person, for a premium as low as Php 848/month**. You can get it within 3 to 5 minutes only and there are no long forms to fill out or medical tests required! In addition to this, you can view your policy, make changes to your account, and even file claims all through your GCash app.
“We wanted to take away financial worries and offer meaningful benefits with premiums that fit the budget of our target market. We have done this successfully, proven by the more than 1,000 policies we have already sold in the past weeks before our official commercial launch,” Rien added.
Singlife’s Cash for Medical Costs is available for Filipino citizens or foreigners who are legal residents of the Philippines that are 18 to 54 years of age and have verified GCash accounts.
For more information, visit www.singlife.com.ph.
*visit https://singlife.com.ph/cfmc/ for a complete list of benefits
** Quote is for a Gold plan for a 30-year-old, commutes to and from an office job with no history of cancer, heart attack or stroke.
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