Insular Life unveils new insurance product
Life insurance firm Insular Life rolled out a new life insurance product that gives guaranteed cash payouts and coverage for 20 years.
Insular Life said Basic Assure 10 is payable for 10 years but it provides for insurance protection for 20 years.
On the sixth year of the policy, the death benefit would also increase to 200 percent of the sum insured until the policy matures.
Aside from this, Basic Assure 10 also gives cash payouts equivalent to 7.25 percent of the sum insured starting at the end of the 5th year and every 2 years thereafter until the end of the 19th policy year.
By the end of the 20th year and if nothing happens to the insured, he or she shall receive a lump sum amount equal to 100 percent of the sum insured.
According to Insular Life, Basic Assure 10 is a great option for those who are concerned about the fluctuations in the fund value of a variable unit-linked (VUL) insurance policy due to market volatility as an after effect of Covid-19 pandemic.
“We plan for the future usually because of two reasons: to prepare for the possibility of a financial loss due to unforeseen events such as sickness in the family, or loss of job; and to have funds for future needs such as education, retirement, or business venture,” said InLife Chief Marketing Officer Gae L. Martinez. “So, if an insurance plan will be able to provide regular and guaranteed cash payouts during certain periods, then it becomes easier to reach one’s financial goals.”
Regardless of market conditions, benefits under Basic Assure 10 are also guaranteed.
“When markets and investments generate exceptional returns, the ability to fulfill your goals is easy. But this becomes difficult during the times when the markets are volatile. Basic Assure 10 is InLife’s solution for those times because there are no risks as the plan’s benefits are guaranteed, no matter what happens to the market,” Martinez added.