MANILA, PHILIPPINES – Data shows that the average cost of critical illness is about PHP2 million, but when it comes to actual claims made by its customers, Philam Life shared that the average in 2018 is only about PHP350,000. This leaves a big question on where the remaining balance to cover the expense will come from.
In the 2018 Healthy Living Index Study conducted by AIA Group, Philam Life’s Hong Kong-based parent company, the survey revealed that a staggering 78% of Filipinos surveyed are expecting the government to shoulder the cost of treating critical illness.
These numbers will mean more from the point of view of actual people who have battled critical illnesses. Regardless of what age critical illness hits, it wreaks havoc on carefully laid out plans, making the future uncertain for most people, especially those who have a history of illness in their families. This is why Philam Life is committed to create innovative products that help protect Filipinos against the uncertainties of critical illness such as the newly launched AIA Critical Protect 100.
“Being diagnosed with cancer at such a young age was a huge scare for me. Illnesses like cancer is supposed to come when you’re old and you’ve lived life to the fullest, not when you’re just starting to have fun,” said Wil Dasovich, Philam Life Brand Ambassador. “It was such a wakeup call for me to start thinking and preparing for my future, now that I’ve been given a second lease in life.”
“Most couples our age are probably more concerned about saving up to invest in property or splurging on trips. As brand ambassadors of Philam Life, Solenn and I have become more aware of the importance of life insurance and protecting ourselves from illnesses or untoward events in the future. Investing and saving for the future are important but we’ve come to understand that protection is the most basic need that we have to address first. Living a healthier, longer and better life comes easily when you know you’re protected,” added Nico Bolzico, Philam Life Brand Ambassador.
AIA Critical Protect 100 offers comprehensive health and protection benefits from 0-100 years old, offering coverage for up to 100 minor and major illnesses including cancer, heart attack, or stroke. There’s an option to include riders which give increased coverage for gender specific cancers like ovarian or prostate, as well financial benefits during recovery period and plan protection for loved ones. Best of all, the product is powered by Philam Vitality, Philam Life’s game-changing wellness program that helps encourage the right behavior by incentivizing customers with rewards for knowing and improving their health.
“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 rewards me for living healthy. This year, Philam Vitality gives stronger motivation to live better with its bigger and bolder rewards that include more instant weekly rewards such as free coffee and cinema tickets, as well as a chance to win a fitness device and a trip to El Nido, Palawan,” said Philam Life Brand Ambassador Raymond Gutierrez. Philam Vitality’s enhanced weekly rewards include free coffee or tea from The Coffee Bean & Tea Leaf, SM Cinema tickets, GrabCar vouchers, Globe postpaid and prepaid credits, on top of preferential discounts from program partners like Toby’s Sports, Garmin, Gold’s Gym, UFC Gym, Hi-Precision Diagnostics, Makati Medical Center, Enchanted Kingdom, Philippine Airlines, Seda Hotels and SM Cinema.
Find out more about AIA Critical Project 100 and the Philam Vitality by visiting the Philam Life website at philamlife.com, Facebook page at https://facebook.com/AIAPhilamLife, or contact them through email at philamlife@aia.com or landline at (02) 8 528-2000.
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About Philam Life
The Philippine American Life and General Insurance Company (Philam Life) is the country’s premier life insurance company. Established on 21 June 1947, Philam Life has earned the trust of customers for its financial strength, strong brand name, and ability to deliver on its promises.
Philam Life has PHP249.6 billion in total assets as of 31 December 2018, while serving over 700,000 individual policyholders and over 3,000,000 insured group members.
Philam Life understands the needs of its customers and provides holistic solutions that include life protection, health insurance, savings, education, retirement, investment, group, and credit life insurance. It also offers bancassurance and fund management products and services through its subsidiaries—BPI-Philam Life Assurance Company (BPLAC) and Philam Asset Management Inc. (PAMI).
Philam Life is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.
About the Philam Group
The Philam Group comprises the biggest life insurance company in the Philippines. By putting its customers at the center of its operations, the Philam Group has earned the trust of its stakeholders and has achieved continued growth over the years.
The Philam Group was formed with the mission of empowering Filipinos to achieve financial security and prosperity. Through its strong network, it is able to offer financial solutions such as life protection, health insurance, savings, education, retirement, investment, group and credit life insurance, and fund management products and services.
After the establishment of Philam Life in 1947, the Philam Group has since expanded to include other affiliate companies, namely: BPI-Philam Life Assurance Company (BPLAC), Philam Asset Management Inc. (PAMI), Philam Call Center, and Philam Foundation.
Based on the Insurance Commission results as of 31 December 2018, the combined total premium income of Philam Life and BPLAC is at PHP40.7 billion. Its strength and stability is solidified by its assets at PHP247.0 billion and net worth at PHP77.1 billion. It is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.
About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.
The business that is now AIA was first established in Shanghai a century ago in 1919. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$230 billion as of 31 December 2018.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 33 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
Media Contact:
Abbie L. Remo
Philam Life Head of Corporate Communications and PR
Telephone: +(632) 521 6300 local 2812
Email: Abbie-D.Remo@aia.com
