Insular Life (InLife) has introduced an affordable life insurance option that provides coverage for a certain period of time.

In a statement, Gae Martinez, InLife chief marketing officer, said they have launched “Basic Secure”, a renewable term life insurance, which offers high value death benefit at a lower premium.

Unlike permanent life insurance products, Martinez said that Basic Secure has no long payment period.

She said that term life insurance will be useful for breadwinners who have always wanted the protection of life insurance but currently may not have available funds for the regular whole life plans.

“What the pandemic has taught us is that insurance must be part of everyone’s financial plan in order to avoid catastrophic financial loss in the family in the event of the death of the breadwinner,” Martinez explained.

The Basic Secure comes in two variants: five-years renewable and 10-years renewable plan. Under it, a 25-old applicant can be insured for P1 million for only P23 a day or P8,400 annually. 

“Basic Secure can also be converted to a regular life plan or to a variable investment-linked policy in the future once the plan holder finds that he or she is ready for it,” Martinez said.

Another advantage of Basic Secure is that its renewability and convertibility features, which eliminate the need for any later proof of insurability, the InLife official said.

“This is a useful feature especially for people who may have otherwise been declined when getting an insurance for the first time at an advanced age,” Martinez said.

InLife’s Basic Secure can be issued from age 18 until age 70 for the five-year plan or until 65 years old for the 10-year plan and can be paid monthly, quarterly, semi-annually, or yearly.

“The Covid-19 pandemic is an eye-opener for a lot of our countrymen, who realized that they needed a buffer, a safety net just in case something happens to them due to the virus,” Martinez said.