Philippine Life Insurance Association, Inc. (PLIA) President Benedicto Sison had announced in his press statement last March that the life insurance industry is "sufficiently capitalised to serve claims". With the deadly virus still continuing to wreak havoc in several countries despite the relative lifting of lockdowns and city-wide quarantines, now is the time to know more about the benefits you can claim from your life insurance firm or avail from some of the country's best.
Following the directive of limited movement and implementation of social distancing under the community quarantine in recent months, member companies of PLIA have activated work-from-home protocols and for some, business continuity plan arrangements. With this, they have also allowed sales and client transactions via forms that may now be accomplished digitally. Moreover, PLIA in partnership with the Insurance Commission has adopted a special claims management process for COVID-19 related claims, ensuring relaxed requirements and expeditious settlement.
"Together with the Insurance Commission, PLIA will continue to monitor the situation and will respond accordingly to any unusual developments, always with the interest of the insuring public in mind," Sison said in his press statement. "We remain confident that with the prudent regulations prescribed by the Insurance Commission to assure financial health of insurance companies we would continue to serve the industry and its policyholders well," he continued.
Besides implementing grace periods for premium payments and continuation of the availability of insurance transactions online, we've listed some information from some of the country's leading life insurance firms:
1. SUN LIFE PHILIPPINES
Sun Life is closely monitoring the spread of COVID-19 and is ready to assist clients who have been affected by the recent outbreak. A number of governments and organisations have issued travel advisories as a preventative measure, including Sun Life. Hence, clients that have questions about their plans or need assistance can reach the company at +8555 8888 or +632 8849 9888.
For those Sun Life members who have lost their jobs or full-time employment status, there are ways for you to keep your coverage. You may contact your employer (who pays for your benefits) to continue coverage up to 90 days or even longer. If you are paying for your benefits, contact Sun Life to see options on how you can keep your benefits. You should be able to convert the life insurance coverage you had for yourself and any covered dependents to an Individual policy.
Visit sunlife.com.ph for more information