Insular Life offers 3-in-1 income earner

Insular Life has introduced a new product that incorporates life insurance, savings, and investment protection.

Income Earner is a new plan for "risk-averse" investors, Insular Life assistant vice president and product management head, Patricia de Vera said.

"It is both an insurance protection and an investment plan that guarantees life insurance and disability benefits with the disability rider, a limited premium payment period, and guaranteed cash benefits even before the maturity of the policy," De Vera said.

Income Earner provides an alternative to people who plan to save a big amount for future plans but do not have the discipline to set aside money regularly. It is also for people who want to make their money grow but are not inclined to take big risks associated with high-yielding financial instruments.

"We all want to make our money grow. For many people, the safest way to do this is by putting their money in the bank, but because many do not have the discipline to make regular deposits to steadily build their savings and because of the ease with which they can withdraw their money from the bank, this is not usually the best way to make money grow," De Vera said.

"Another alternative is through investing in various financial instruments. However, most people are confronted with the difficulty of not having too much investible funds, inadequate knowledge about financial investment instruments and the natural aversion to risking their hard-earned money in an investment venture that does not guarantee a return on their investments. Worse, they may even lose all by simply choosing the wrong investment," De Vera added.

With Income Earner, planholders will only have to invest a level premium for 10 years, after which they get a percentage of the face amount of their plan starting at the end 11th year and every year thereafter until the end of the 20th year.

At the end of the 20th year, on top of the cash payments they would have already received, they still get 100 percent of the face amount of their plan.

The life insurance component protects plan holders for 20 years.

"If the unexpected happens to them within the 20-year protection period, their beneficiaries will receive the full face amount of the plan," De Vera said.