SINGLIFE PHILIPPINES, Inc. has launched a whole life insurance product to help cover funeral arrangements or other end-of-life expenses.
The Protect from Funeral Costs product is now available on the insurer’s all-digital mobile platform, the Singlife Plan & Protect app.
“Losing someone you love is already one of life’s most difficult moments, and having to rely on abuloy or having to pass the hat just to pay for funeral costs makes it even harder. Protect from Funeral Costs allows you to prepare in advance and leave behind a final act of love, one that ensures your family can grieve without financial worry. It’s part of our mission at Singlife: to empower every Filipino toward financial independence — in life, and beyond it,” Singlife Philippines Chief Executive Officer Lester Cruz said in a statement on Wednesday.
The product offers a lump sum cash benefit of up to P500,000. Customers can avail of coverage ranging from P100,000 to P500,000, with premiums starting at P447 per month and with payment terms of five or 10 years.
“With funeral expenses in the Philippines typically exceeding P200,000, Singlife’s latest product provides straightforward, flexible coverage in the face of a very real financial risk,” it said.
“Whether it’s for a modest ceremony or a more elaborate farewell, your loved ones can decide how to use the money without being locked into a fixed package from a funeral service provider. The product was designed with key features to give customers a convenient and easy way to plan for their funeral expenses.”
The policy also features a built-in financial needs analysis that will help clients estimate the coverage needed based on their preferences. It will also build cash value over time, which can be borrowed by the fourth year.
Policyholders also have the option to extend their plan to their spouse, life partner, or child.
Beneficiaries will receive 10% of the cash benefit in advance upon submission of the policyholder’s death certificate and identity verification.
“This helps cover urgent funeral expenses while the remaining amount is released upon claim approval.”
Singlife Philippines’s premium income stood at P491.79 million as of end-2024, data from the Insurance Commission showed. It posted a net loss of P399.94 million last year. — Aaron Michael C. Sy