FWD Life Philippines launches customizable insurance product

FWD Life Insurance Corp. (FWD Life Philippines) on Tuesday launched a customizable life insurance plan that aims to meet the lifestyle and financial needs of Filipinos.

The product called “FWD The One” is available to Filipinos ages 18 to 70 who have been legal residents of the Philippines for at least six months. It is available for a starting premium of P330.

“There’s a reason we wanted to do that because for every generation, we wanted to have The One for them… We wanted to cater to everyone because it has to be customizable. It has to be personalized,” FWD Life Philippines Chief Marketing and Digital Business Officer Roche Vandenberghe said during the product launch on Tuesday.

“Gen Zers are living their lives very differently to those of previous generations. This means there is no longer a one size fits all model for addressing people’s financial needs across their lifetimes… We’re also aware that older generations need access to coverage that meets their specific needs,” Ms. Vandenberghe said.

The insurer said FWD The One is designed to be digitally accessible, affordable, and customizable “with benefits that will serve as the ideal lifelong insurance for different generations.”

Customers can customize their plan and add coverage on top of life insurance, including coverage against 42 major critical illnesses and accidental death benefit, FWD Life Philippines said.

“FWD The One is really for everyone, whether you’re just starting your career or already planning for retirement. You can create your own The One so you can celebrate living with no limitations,” Ms. Vanderbergh said.

The product is available in four plan types: The One for Life, which offers death benefits; The One for Life and Critical Illness, which provides a combination of both death and critical illness benefits; The One for Life and Accident, which bundles death benefits with accidental death benefits; and The One for Life, Accident, and Critical Illness, which covers all three.

The One for Life is renewable yearly until age 99, while accidental death and critical illness benefits are renewable until 79.

FWD The One plans are available via the insurer’s online shop at shop.fwd.com.ph/bundled-insurance/the-one/ or through any of its financial advisers.

FWD Life Philippines ranked fifth in the industry in terms of premium income in 2021 with P18.83 billion, based on Insurance Commission data. It also booked a net income of P493.89 million that year. — AMCS