Pioneer Life unveils flexible insurance product

MANILA, Philippines - Pioneer Life Inc. has introduced a new product that allows an individual to invest and be covered with insurance – and change the amounts allocated to both as the policyholder enters different life stages.

Called Enhance, the product takes into account the policyholder’s need for insurance and investment at different points in life.

“When you’re young and single, you’ll want more of your money to go to your investment; when you get married and start to have kids, you’ll want a higher amount of life insurance coverage.

As your kids get older and become financially independent, your focus turns to increasing your retirement fund. Later on in life you’ll be concerned about estate tax as you contemplate passing on your assets to heirs,” Pioneer Life senior vice president Rolly Robles pointed out.

With Enhance, the policyholder pays the same premium but has the flexibility to put more into the investment component, or in the amount of life insurance coverage depending on what the policyholder want to focus on.

“To illustrate, let’s say you are 30 years old now and can afford to get Enhance coverage with P30,000 annual premium. You can start with a P300,000 policy amount so that you can have more of the premium going to your fund accumulation.”

“Two years later, you’re married and begin a family. You can then increase your policy amount to 100 times your annual premium of P30,000 which will give you a total of P3-million life insurance without increasing your premium.”

“You still pay the same P30,000 per year but this time, you are insured for P3 million,” Robles emphasized.