AIA Philam Life has introduced a new variable life insurance option that addresses Filipinos’ long-term savings needs.
In a statement released on Thursday, June 10, AIA Philam Life Head of Products Ten Paras introduced the latest addition to their diverse product portfolio called AIA Future Builder.
According to Paras, AIA Future Builder encourages more Filipinos to start investing their savings through a variable life insurance product.
“AIA Future Builder can help you maximize your savings potential instead of just setting it aside. Policyholders can diversify their investments through either locally or globally managed funds,” Paras said.
Based on the 2014 Consumer Financial Survey by Bangko Sentral ng Pilipinas, 38 percent of Filipinos prefer to keep their savings at home, while 43 percent prefer to save them in the bank.
“But these preferences put their hard-earned money at a disadvantage due to a multitude of risks such as theft, calamity, decline in purchasing power, declining interest rates, and the inflation rate,” AIA Philam said.
“With a pandemic still looming, many Filipinos have realized the importance of securing their hard-earned savings and want to become more financially prepared,” the company added.
Variable unit-linked (VUL) life insurance products are one of the most preferred insurance products being purchased by Filipinos, as it allows one to save while being protected, Paras noted.
“Heeding the current needs of our customers, the plan also comes with basic insurance protection for life, total permanent and disability, and personal accidents as well as additional benefits through optional riders,” Paras said.
AIA Future Builder is powered by AIA Philam Life’s science-backed wellness program, Philam Vitality, that incentivizes members with additional cash benefits and other rewards for healthy behavior, by knowing and improving their health.
The product is also easier on the pocket through its various payment terms, with five-, 10- or pay-to-age 65 variants.
“Through AIA Future Builder, we are giving Filipinos a product that addresses their long-term savings needs—which could be for any anticipated big expense for the family like home renovation, travel, or anniversary celebration,” Leo Tan, AIA Philam Life chief marketing officer said.
“By providing them the means to fulfill these dreams, we bring to life our purpose of helping Filipinos live Healthier, Longer, Better Lives,” he added.