Saturday, September 19, 2020

GCash | Insurance

Have you heard of GCash's newest offering, GCash Insure? 

With the crisis we are globally facing right now, it is important to have this valuable protection in the event of hospitalization, accident, and/or *knock on wood* death.

And with GCash, getting insured is just a text away.

As per GCash's article, GCash Insure aims to provide anyone with accessible insurance for as low as Php 39/month.

How will that be helpful to us?

It helps us to stay prepared for emergencies, to avoid spending on expensive hospital bills, unexpected sickness, and costly healthcare.

Insurance will pay for your expenses when you encounter an emergency so that you don't have to make use of your hard-earned savings.

For a small fee every month, your insurance policy will be able to compensate you for accidents, injury, and sickness.

GCash Insurance is a comprehensive insurance product of Life, Personal Accident (PA), and Daily Hospital Income (DHI) insurance for GCash users, and is powered by MicroEnsure and underwritten by AXA.

  • Personal Accident: In the event of an accident or injury, a sum of money pays out to supports bills, recovery, and cover for overall financial support.
  • Term Life: In the event of death, a sum of money pays out to ensure that dependents and family are provided with financial support.
  • Daily Hospital Income: In the event that a policyholder gets hospitalized, the coverage helps shoulder his/her daily expenses for their stay.

So for the lowest insurance premium that they offer, Php 39/month, you get a 1) Term Life coverage of Php 25,000, meaning, in the event of death, the beneficiary will be provided by that amount; 2) Personal coverage of Php 25,000, meaning in the event of accident or injury, this is the total sum of money that can be given to the insured to support his bills and recovery; 3) Hospital Cash coverage of Php 250 per day up to max 3 days (totals Php 750) in the event that the policyholder gets hospitalized.

On Hospital Cash Coverage: For hospitalization, the benefit plan is paid PHP250 for each day spent in a hospital as an inpatient due to sickness or injuries. To claim this benefit, you must have spent a minimum of three days in the hospital as an inpatient. Hospitalization due to sickness is only payable if it occurs after the 15-day waiting period.

Those that are Fully Verified (KYC) users and within the age of 18-65 can avail of this insurance.

Who can I nominate as my dependents under the family products?

Married users may nominate the following dependents:

  • The legal spouse who is not older than 64 years of age.
  • Children that are 3 – 21 years old.

Single users may nominate the following dependents:

  • Parents who are not older than 64 years of age. 
  • Siblings that are 3 – 21 years old.

Make sure that you can provide a proof of relationship with these nominated dependents, such as a birth certificate or marriage certificate when making any claim

You can check out this comprehensive article of GCash that might have the answers should you still have any questions about this offering: GCash Insure

In summary, you pay Php 39 per month which will total Php 468 per year to get you covered for Php 25,000 Term Life, Php 25,000 Personal Accident, and Php 250/day max 3 days for Daily Hospital Income.

Your subscription is automatically renewed every month. The monthly subscription amount will be deducted from your GCash wallet on each cutoff date.

What happens to your payments if you don't get sick or die? Then all those payments will be an expense as what GCash offers is term insurance, meaning, when your policy reaches that term (e.g. one month or one year, etc.), then your insurance policy terminates, and to continue having the protection it provides, you'd have to renew it every time it expires.

You paid for your protection for one month should anything happen to you, and if nothing happened to you, then that's good to hear, no claims will be processed, and the Php 39 you paid will be treated as an expense for that month.

As of the moment, I haven't seen GCash offering insurance plus investment, i.e. Variable Unit Linked products that give you protection and investment at the same time.

Payments that you make for VUL products won't go to expense as you are paying for protection and at the same time, part of your money is being invested in different investment funds, so you are earning while you are protecting yourself and your family.

Philam Life has lots of VUL products you can choose from, from higher protection to higher investment, whichever your priority is, Philam can adjust your policy for you. 

What is important is, your money doesn't just go to waste, but rather, you are preparing for your future.

If nothing happens to you, that is good news, and what is better is, you will still be able to receive the investment part you paid for which would have already earned.

But when we say investment, please do take into consideration that we are talking about the long-term investment, which could be your retirement fund.

If you are after a short-term investment, then this is not for you.

If we are on the same page and would want to learn more about Philam Life's VUL products, then feel free to make use of the contact form and reach out for any questions you may have. 😊

I am building a page where I can show you these products, but it is still in progress so that may take a while, but your protection should not be procrastinated, you should act now before it is too late.

Because insurance won't be available anymore for people with illnesses.

Do not wait for sickness to strike you or your family before you even consider protecting them.


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