Fast-growing insurer FWD Life Insurance Corporation (FWD Insurance), part of pan-Asian FWD Group, recently launched LiveSafe Plus, a packaged group life insurance plan designed for employees of small and medium businesses.
LiveSafe Plus is FWD Insurance’s newest packaged product for businesses or larger groups with 26 to 200 employees.
“A protected team forms an empowered business. As part of our commitment to protecting more Filipino lives, this benefit upgrade on LiveSafe Plus means more small enterprises can cover their employees amidst the uncertainties we are facing,” FWD Insurance President and Chief Executive Officer Li Hao Zhuang said.
The product gives business owners the ability to choose from basic insurance coverage—life insurance, terminal illness, and total and permanent disability benefits)—as well as optional protection add-ons like accidental death, disability, and dismemberment; accidental medical reimbursement, critical illness, and accidental hospital income benefits, according to different employees’needs
It provides coverage that may be extended beyond 65 years old.
It also has higher maximum coverage of up to P2 Million for additional protection for employees who pass on, become critically ill, or totally and permanently disabled.
LiveSafe Plus comes with terminal illness benefit up to 100 percent of the life insurance coverage, a feature that is not usually offered as part of packaged group insurance products
It also offers a wide range of coverage classes, from office personnel, site engineers, auto mechanics and can even be extended to cover skilled or semi-skilled occupations, such as plumbers and messengers on foot
FWD also recently introduced Group Credit Life Insurance (GCLI), offering small financial institutions protection from unpaid loans due to loss of life, critical illness, or total and permanent disability of its borrowers.
Small lending institutions like thrift and rural banks, credit and loan facilities, and other financial institutions with at least 20 borrowers are able to make use of GCLI, which has been designed to keep their business secure by providing loan and credit protection.
The small lending institution is assured of loan repayment in the event the borrower passes away, becomes totally and permanently disabled, or is diagnosed with any of the five covered critical illnesses (CI): cancer, stroke, renal or kidney failure, coronary artery bypass grafting, and heart attack.
At the same time, borrowers gain financial ease with a credit life insurance that protects their assets from being used to cover unpaid loans, freeing their loved ones from financial worries that could be left behind.
The product covers a wide range of loans—including business and car loans, mortgages, monthly credit card payments, and personal credit from a lending institution. Application requires a minimum loan coverage amount of P5,000. GCLI provides loan repayment coverage for borrowers up to 75 years old.