While the country reeled from the effects of the COVID-19 pandemic, Insular Life (InLife) made sure policyholders with claims and benefits due are taken care for.
“Most of claims paid were for living benefits,” says Insular Life president and CEO Raoul Littaua. “We are very pleased that during this time of the crisis, we were able to adequately respond to the needs of our clients for financial security.”
Littaua noted that 84.5 percent of all claims amounting to P3.2 billion, and $1.9 million for dollar policies were for living benefits. The benefits are composed of anticipated endowments, cash allowances, annuities and maturity benefits to the policyholders themselves.
“People might think that life insurance proceeds are for last expenses only, or for death claims. But the reality is that an overwhelming majority of benefits pay-out are for the insured themselves, so that they can use their funds at a time like this,” says Littaua.
“This only shows how powerful life insurance can be in terms of its ability to save money and grow it over time,” he added.