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Monday, July 28, 2003
Moneywise: Elderly can still buy insurance policies
INSURANCE companies are now offering insurance products meant to serve the health needs of the elderly.
The Prime Guarantee insurance product of Insular Life is targeting people from 50 to 70 years old. The policy is payable in 10 years for up to P2 million in life insurance protection and P4 million in accident benefits.
Meanwhile, Grepalife’s Great Life product is a whole life participating plan that comes with a package of maximum protection and living benefits, Grepalife acting regional manager Mar Watin said.
Despite the product’s maximum insurance coverage, Great Life Prime has one of the lowest premium rates in the market, he said.
A healthy 60-year-old opting for a P500,000 coverage would pay P22,400 as annual premium, which can be paid quarterly, semi-annually or annually.
For its part, Sunlife has no specific product for the elderly, but it accepts insurance applications from people up to 80 years old.
“They will have to pass the same requirements we ask from all our clients,” a Sunlife insurance agent said. JBN
(July 28, 2003 issue)
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