More Pinoys now adopt the concept of insurance

CEBU, Philippines - The Philippine American Life and General Insurance Company (PhilAm Life) reported an increase in its Unit Linked Products (ULPs), owing to the improving interest of Filipinos to get insured.

UPLs are insurance plans where the living and death benefits are linked to the returns of one’s chosen investment fund.

PhilAm Life marketing head Jessica Abaya said that ULPs are fast gaining a stronghold in the Philippines, grabbing a whopping 80 percent of the company’s business from only 60 percent share in 2012.

The increased demand of UPLs she said is attributed largely to the country’s growing financial literacy and the country’s booming economy.

“Filipinos now look for alternative financial instruments where they can maximize returns on their money and secure their future,” she said.

Because of this, Abaya announced that PhilAm Life has expanded its unit-linked product range to address the Filipinos’ varying needs for protection, education, and investment in all stages of life. Plans are also available in short payment terms so clients need not worry about completing payments.

To address the need for protection, PhilAm Life has the unique Family Provide and Family Secure packages. Both protection products provide minimum life insurance coverage ranging from five times to 96 times of the plan holder’s yearly payment.

With Family Provider, she said securing the family’s future, a lifelong commitment, does not require a lifetime to pay for. This is ideal for breadwinners, particularly the employees, OFWs and entrepreneurs that prefer short payment terms.

With the increasing cost of education, PhilAm Life also offers the opportunity to build an education fund that allows policy holders’ children to attend their dream universities while providing the policy-holder increase coverage through its “Bright Future Invest”, package.

This particular plan provides flexible payment options in a short as three, five and 10, until the child turns 16 years old.

 To address the need for investment and long-term savings, the insurance firm also introduced the “MoneyWorks” and “Money Tree.”

These investment products provide access to high performing mutual funds significantly better than bank deposit rates, “so Filipinos can take advantage of the Philippines’ booming economy.”

Unlike any investment funds, these products Abaya added have built-in life insurance coverage for the plan holder.

MoneyWorks is a savings and life insurance plan in one that makes money work harder, allowing one to achieve his dreams faster, she said.

On the other hand, Money Tree is a one-pay investment and life insurance plan in one that maximizes one’s earnings over time.

Most of PhilAm Life’s ULPs investment funds are expertly managed by PhilAm Asset Management, Inc. (PAMI), which has a track record of delivering impressive yields on clients’ investments. Over the past 10 years, PAMI funds have achieved nine percent to 21 percent return on investment per year./JOB (FREEMAN)