COVID-19 has accelerated trends already in place, notably digitization in lifestyle. Many Filipinos have adopted new habits around a healthier lifestyle, greater use of digital technology, and financial preparedness. In line with this, Manulife Philippines has launched HealthFlex, an innovative and accessible life and health insurance solution.

According to Manulife’s recent study “Understanding Filipino Sentiments Toward Health and Critical Illness,” the new habits of Filipinos are geared towards healthier living and increased reliance on e-commerce, online, and digital services. Moreover, 77 percent of Filipinos have expressed their intent to buy insurance in the next 18 months, signaling increased awareness about health and critical illness, and the desire to be financially prepared for them.

HealthFlex advantage

HealthFlex is the first and only one in the market that provides customers the flexibility to select the right critical illness protection for them and enhance the scope of their coverage by adding benefits of their choice. HealthFlex also covers customers from age 0-70, adding more protection options to ensure family well-being.

In fact, 80 percent of Filipinos surveyed by Manulife believe that the cost of critical illness treatments exceeds their financial capacity. Fifty-two percent feel they are not financially ready in case a family member falls ill. That’s why most Filipinos pay out-of-pocket or use personal funds (54 percent). Some depend on government and contributory health financing (34 percent), while the rest use their private health plans.

“HealthFlex addresses the key findings gathered from our recent study regarding Filipinos’ sentiments toward health and critical illness, which revealed that while they are now more interested in prioritizing their health, financial readiness continues to be a challenge,” said Manulife Philippines President and CEO Richard Bates in a press statement.

“With HealthFlex, we hope to make it easier and more affordable for Filipinos to manage their financial concerns around these critical illnesses, so they can focus on taking care of themselves and their loved ones, improving their overall health and well-being.”

Embracing healthier habits

For Manulife Philippines, it is important for Filipinos to protect themselves through prevention and preparedness.

With a healthier lifestyle, like moving more, making better food choices, cutting out unhealthy habits, and sleeping well, they can prevent critical illness in the future.

With the proper financial protection, Filipinos will not need to worry about running out of funds. Or of becoming a burden to their loved ones if they acquire a critical illness.

Flexible and affordable financial protection

Manulife’s study also revealed that most Filipinos feel financially unprepared to cover healthcare expenses in the event of critical illness. They believe that the cost of treatment is more than they can afford. HealthFlex is thus designed to enable Filipinos to choose the best critical illness plan with life insurance to meet their needs. It aims to make health protection accessible to more Filipinos.

Customers can choose which types of illness they would like to be covered by the plan’s advanced critical illness benefit. They can choose from among these four options:

1. cancer only
2. cancer, heart attack, and stroke, which are perceived to be Filipinos’ top three critical illnesses
3. cancer plus other elderly and critical illnesses
4. the top three illnesses, plus other elderly and critical illnesses

Customers availing HealthFlex may also receive guaranteed death or maturity benefits, and long life bonus in the form of dividends. Premiums will also be waived if the insured is diagnosed with a covered early stage or advanced critical illness.

HealthFlex is payable in 5 years, 10 years, or up to age 60. A 30-year-old male can obtain Php300,000 HealthFlex coverage for as low as Php10,372 yearly premiums.

Visit the Manulife Philippines site for more information about HealthFlex.