Over the past year, more and more people have started to understand the importance of having a good health insurance plan resulting in an increased demand for health protection products. Getting sick does not exempt anyone, both children and adults alike, and with the rising cost of health services, access to quality medical facilities and hospitalization expenses can be financially strenuous.
This is the reason why Sun Life Grepa Financial, Inc. (Sun Life Grepa), a major life insurance company in the country, extends its Critical Illness Benefit (CIB) Rider to minors, starting from 30 days old up to 17 years old. The CIB Rider is initially offered only to clients who are 18 to 60 years old.
“While no parent wants to consider the possibility of their child becoming sick, it is important to be prepared for any untoward circumstances and unforeseen health emergencies as one critical illness can be a tremendous financial burden,” Richard S. Lim, Sun Life Grepa President said. “With critical illness insurance, you won’t have to worry about securing funds needed for treatment so you can get focus on what really matters: taking care of your children and keeping your family safe and protected,” he added.
The CIB Rider is an optional benefit that can be attached to select Sun Life Grepa traditional life and variable unit-linked plans. It pays a guaranteed lump sum benefit in case the insured is diagnosed with any of the 36 covered critical illnesses such as Heart Attack, Stroke, or Cancer, among others, provided that the said diagnosis meets the definitions and provisions of the policy. Existing policyholders of Sun Life Grepa may also opt to attach the CIB rider during policy anniversaries subject to the terms and conditions of the company.
Sun Life Grepa Financial, Inc. or Sun Life Grepa is a joint venture between the Yuchengco Group of Companies (YGC) and Sun Life Philippines (Sun Life). Sun Life Grepa offers financial protection products through its agency, bancassurance, and group account channels. YGC is one of Southeast Asia’s largest conglomerates with over 90 companies, while Sun Life has been a top player in the Philippine market for over 120 years.