MANILA – An executive of Insular Life (InLife) is optimistic for the continued strong uptake for the company’s Wealth Assure Guaranteed Issue Offer (GIO), which will be offered only up to September 30 this year.
Inlife’s Wealth Assure GIO, a life insurance product that can be availed through the digital application process and without the need for a medical examination, was offered since March 25, a few days after the enhanced community quarantine (ECQ) in Luzon.
The investment portion of the insurance will be placed in two new funds -the Peso Global Technology Fund and the Peso Global Equity Fund– while the lifetime coverage is five times more than the annual premium.
Christina delos Santos, InLife senior assistant vice president, and head of e-commerce and product portfolio department told PNA the product has attracted more customers “because of the heightened awareness for protection, such as the 5x annual premium insurance coverage.”
Delos Santos said excluding medical examinations as among the requirements for this product is a plus for the customers given the movement restrictions imposed by the government to address the rise of coronavirus disease (Covid-19) infections.
“We believe that Wealth Assure GIO will continue to be relevant in the market,” she said, citing “more people have realized the need for financial protection because of this pandemic.”
She said the product caters to people like “entrepreneurs, managers, company officers, essentially, breadwinners who should ensure that their families' financial future is secure and that they are able to address impending financial responsibilities well.”
“Wealth Assure GIO is for those who already have extra savings which have accumulated due to the limited movement brought about by the extended community quarantine,” she added. (PNA)
