FOR most parents, getting medical insurance for their child rarely crosses their minds. The more pressing matter, especially for first-time parents, are the immediate physical needs. But the truth is, a child’s medical needs can be costly, and with 54 percent of health expenses coming from the household budget, this can be a burden to many. (Source: Health Expenditures Philippines 2008, Philippine Statistics Authority)
As a company committed to developing innovative products that address the needs of its customers, AIA Philam Life recently introduced AIA Med-Assist for children, its variable life insurance plan with a medical benefit rider designed to address medical expenses due to hospitalization of zero to 17-year-olds.
Tennyson Paras, AIA Philam Life head of products, shares the reason behind the development of this product: “We wanted a product that can give parents peace of mind in case of hospitalization. As a parent myself, I understand the additional burden that these unexpected medical expenses have on families. With AIA Med-Assist, they can simply focus on taking care of their children and recovery.”
AIA Med-Assist for children is based on the same product launched early this year, but this time with benefits available to zero to 17-year-olds which helps parents be one step ahead and protect their children and finances against health-related risks. It covers 90 percent of in-patient hospitalization and other medical expenses.
“Most parents will agree that the first five years is the most vulnerable age of children. As parents, we do everything we can to ensure they are healthy and provide their needs during this critical period in their lives. But no matter how prepared we are, we can’t avoid the trips to the Emergency Room and the hospital,” Paras added. Aside from hospitalization, the product also has a life insurance benefit and an investment fund that can help parents build their own medical fund in the future.
To introduce the availability of AIA Med-Assist to children, the company sought the help of its brand ambassadors Nico Bolzico and Solenn Heussaff, joined by Cebu-based influencers Kryz and Slater Young, in a wacky live online talk show, called “Tea Time with the Bolzicos.”
Both couples are months-old parents who are now experiencing hands-on parenting during the pandemic. In the course of their discussion on the changes in their priorities and discovering the joys of parenthood, they talked about the importance of protecting their children against risks, especially during this time when health risks abound.
AIA Philam Life Chief Executive Officer Kelvin Ang shares: “Making AIA Med-Assist available for children is another manifestation of our commitment to fulfill our mission of protecting Filipino families from life’s uncertainties. We are one of the few insurance companies who make insurance products available to children, an age group whose protection needs are not given much attention. Through this product, parents are able to show their love and responsibility for their children. For us, it’s a way to bring to life our brand promise of helping Filipinos live healthier, longer and better lives.”
More information about AIA Med-Assist for children is available Life web site at www.philamlife.com. The Philippine American Life and General Insurance Co. (AIA Philam Life) is the country’s premier life insurance company. Established in 1947, AIA Philam Life has earned the trust of customers for its financial strength, strong brand name and ability to deliver on its promises.
AIA Philam Life has P291.38 billion in total assets as of December 2019, while serving over 500,000 individual policyholders and over 1,500,000 insured group members.