Manulife Philippines, the local business of global financial services provider Manulife Financial Corp, today announces the launch of two new health and life insurance plans to extend its range of products aimed at protecting the well-being of Filipinos.
The two new plans are:
- 365 Ready Health — an easy, affordable, and hassle-free digital health and life insurance plan that provides coverage for six (6) most common critical illnesses in the country, namely: cancer, heart attack, coronary artery bypass surgery, stroke, end-stage lung disease, and kidney failure.
- MCBL Health Hero, a simple and affordable health and life insurance plan launched by Manulife China Bank Life, (MCBL) that provides 100% coverage for the same six critical illnesses. China Bank and China Bank Savings customers who can stay healthy can also enjoy 30% money back of their premiums paid every five years.
“We recognize that purchasing insurance plans has historically been complicated and prohibitive due to medical requirements and the high cost of premiums. At Manulife, we are committed to providing affordable and accessible solutions to enhance Filipinos’ health and financial protection and help make their lives better every day,” Rahul Hora, President and CEO, of Manulife Philippines.
Manulife’s 2023 Asia Care Study recently revealed that among Filipinos surveyed, there is significant concern about medical treatment costs, with 49% saying they are most worried about the expense of treatment. Moreover, 98% of Filipinos surveyed are worried about at least one illness, with heart disease, diabetes and cancer being their top three main fears.
From the survey, 87% of the respondents said they intend to buy insurance in the next 12 months, with health (36%), life (34%), and hospitalization (33%) insurance topping the list.
365 Ready Health is a hassle-free health and life insurance plan available to Filipinos aged 18 to 45 years. It can be purchased for as little as PHP1,499 per year through Manulife’s digital platform, Manulife Shop. Customers can apply online with a simple health declaration and are also guaranteed yearly renewability with no health questions asked. No medical check-ups are required for application.
MCBL Health Hero, available to China Bank and China Bank Savings clients from 0 to 50 years old, is designed to be a start-up affordable critical illness plan that provides bonuses for staying healthy. China Bank and China Bank Savings customers can also avail Health Hero for as low as PHP13,632* per year or PHP37* a day through MCBL Financial Sales Advisors by answering a simple health declaration form with no medical check-ups required. They can also renew their plans every five years.
“As many Filipinos continue to sacrifice their savings to fund medical expenses, we hope MCBL’s newest offering can provide a much stronger shield against the financial strain brought by expensive healthcare costs, and provide health protection that they can count on,” added Neil Bowyer, President, MCBL.