While the country reeled from the effects of the Covid-19 pandemic, Insular Life (InLife) made sure policyholders with claims and benefits due were taken cared for as it was able to release claims and benfits totalling P3.9 billion.
“Most of claims paid were for living benefits. We are very pleased that during this time of the crisis, we were able to adequately respond to the needs of our clients for financial security,” said Insular Life President and CEO Raoul Littaua. “
Littaua noted that 84.5 percent of all claims amounting to P3.2 billion, and $1.9 million for dollar policies were for living benefits. These benefits are composed of anticipated endowments, cash allowances, annuities, and maturity benefits to the policyholders themselves.
“People might think that life insurance proceeds are for last expenses only, or for death claims. But the reality is that an overwhelming majority of benefits pay-out are for the insured themselves, so that they can use their funds at a time like this,” says Littaua.
“That is why we make sure that all valid claims are honoured and paid as soon as possible because the families and beneficiaries need this comfort at a very difficult time,” Littaua said, “It is the ultimate test of our core purpose, why we exist as a company.”
