Manulife Philippines recently launched its newest product HealthFlex in response to the growing health requirements of Filipinos especially during the pandemic.
In a press statement, Manulife Philippines said 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. Customers from age zero to 70 are qualified to join Manulife HealthFlex, with more protection options to ensure family well-being.
In its recent study called “Understanding Filipino Sentiments Toward Health and Critical Illness,” Manulife Philippines observed that many Filipinos recognized the increased importance of staying healthy, especially amid the Covid-19 pandemic.
Moreover, the study said 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.
In fact, 80 percent of Filipinos surveyed by Manulife believe that the cost of critical illness treatments exceeds their financial capacity, and 52 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 Richard Bates, President and CEO, Manulife Philippines.
“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 and financial preparedness Manulife Philippines pointed out that a proactive approach is the best option 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, Manulife Philippines said Filipinos can prevent critical illness in the future.
With the proper financial protection, Manulife Philippines said Filipinos will not need to worry about running out of funds or becoming a burden to their loved ones if they acquire a critical illness.
Manulife Philippines said customers can choose which types of illness they would like to be covered by the plan’s advanced critical illness benefit, with four options to choose from: (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; or (4) the top three illnesses, plus other elderly and critical illnesses.
“Manulife developed HealthFlex to cover critical illnesses that we found are top-of-mind for Filipinos. In addition to their high occurrence in the population, these critical illnesses are also among the most expensive to treat,” added Bates.
“We hope that HealthFlex’s innovative features offer customers greater flexibility in both the cost and scope of their insurance coverage, giving them security and financial peace of mind where it matters.”