Parents invest in various tools, from high-interest savings account to educational plans, to help them finance the needs of their children as they grow into adults. However, moms and dads often forget to secure their own financial health.
In 2016, the World Health Organization said life expectancy across the globe has increased by five years since 2000 due to better access to basic healthcare and innovations in preventing treatable diseases. While this information bides good fortune, there is a growing need for older adults to better plan for their future when they no longer receive a regular income after retirement.
Most adults depend on health plans provided by their company. However there are limited conditions and beneficiaries covered by health plans, typically carried out by HMOs. The biggest consideration is when the employee leaves the company, the health plan also terminates.
Bancassurance company BPI-Philam thus offers an insurance plan that caters to the financial and health needs of individuals going into retirement.
Critical Care Plus is a variable life insurance that provides coverage against a wide array of major diseases and critical illnesses, and sets aside funds for rainy days.
It’s a double-advantage policy that gives life insurance coverage, securing the family against financial strain in an emergency, and health coverage which pays for medical bills that may arise in the future.
The insured automatically gets a cash benefit upon diagnosis of any of the covered critical illnesses. They are also exempted from making any future payments to the policy to focus on getting better.
Before that happens, however, Critical Care Plus, as part of BPI-Philam’s Wellness Series, provides rewards and benefits for the insured through Philam Vitality.
Philam Vitality gives the insured a better understanding of their health’s current state and what they can do to better it. The program also provides upfront additional coverage of 20 percent while the insured’s lifestyle is improved through health-improving decisions.
As it is integrated with Philam Vitality, Critical Care Plus also promotes a balanced lifestyle through deals on medical services as well as gym membership.
Finally, it also builds a health fund over time that can be used for additional medical services or any expense policy holders might also have.
Go to www.bpi-philam.com for more information.“‹
