SUN LIFE Grepa Financial Inc. has rolled out a new and more affordable health insurance product that offers cash benefits to help policyholders manage the cost of treatment for and recovery from critical illnesses.
The joint venture between Sun Life of Canada and the Yuchengco group announced the offering of Sun Grepa ProHealth, designed to allow a policyholders diagnosed with critical illness to get the best treatment possible and shield loved ones from any potential financial burden.
“According to a Social Weather Station (SWS) survey conducted among Filipino families, only 2 out of 10 households are well prepared in case of health emergencies, and those unprepared depend on financial support from relatives or resort to taking out loans,” said Richard Lim, president of Sun Life Grepa.
“With the high costs of treating critical conditions, the only thing worse than getting sick is getting sick without money,” added Lim.
Sun Grepa ProHealth provides cash benefits in case the insured is diagnosed with critical illnesses, including the top three causes of death in the Philippines: Heart attack, stroke and cancer.
A P1 million insurance coverage under Sun Grepa ProHealth costs about P10,000 a year or P833.33 a month. Apart from offering affordable terms, applying for the plan is also seen to be very easy because clients will no longer have to undergo any medical exam. They simply have to answer a few health questions.
Citing a 2014 survey conducted by Ipsos HK, an acute heart attack is estimated to cost P978,650 while treatment for stroke is estimated to cost P1.8 million. A person suffering from stage 4 of lung cancer is estimated to require P1.8 million for medical treatment.
There are likewise other cost concerns associated with the patient’s post-recovery, such as additional maintenance or preventive care and medication. Doris Dumlao-Abadilla