Sun Life Philippines launches insurance plan for overseas Filipino workers

SUN LIFE of Canada (Philippines), Inc. (Sun Life Philippines) has launched a life insurance and health protection plan for overseas Filipino workers (OFWs).

Sun Life OFW Health Protect gives policyholders coverage up to age 100 for prevention, diagnosis, treatment, and rehabilitation.

“There is a lot at stake for OFWs if their health is compromised. Unfortunately, for many of them, they do not have healthcare coverage when they come home for vacation or when their employment contract ends. This prompted Sun Life to explore possible solutions,” Sun Life Philippines Client Segment Marketing Head Cary Casipit said in a statement on Thursday.

“As OFWs work hard to care for their families, Sun Life is here to care for them as well. It is our hope that with Sun Life OFW Health Protect, they can be in the best of health as they work hard to achieve their dreams and secure their future,” Mr. Casipit said.

OFW clients can only avail of the health services covered under the policy in the Philippines, Sun Life Philippines said.

These include annual physical examinations, specific vaccinations, or teleconsultations, which can be availed of starting on their second policy year until the sixth.

The insurance plan can also help fund treatment or other medical expenses for over 100 critical illnesses through a lump sum cash benefit.

Booster benefits are also available for specific cancers, providing additional cash benefits for medical expenses including hospitalization, follow-up care, and home recovery.

Starting age 65, policyholders may receive 5% of the policy’s face amount in advance for eight consecutive years. 

Sun Life Philippines booked a premium income of P55.79 billion last year, data from the Insurance Commission showed. Its net income stood at P8.8 billion. — A.M.C. Sy