Insular Life launches new dread disease rider

Insular Life recently launched its new Dread Disease Rider (DDR), a shield against the high cost of treatment of various death-causing diseases. DDR is attached to a basic policy for added health protection for the insured.

"Studies have shown that there is an increasing incidence of dread diseases in the world. Among these, cancer and cardiovascular diseases are the leading causes of death worldwide. Although advances in technology have made it possible to win the battle against various dreaded diseases, only a few are able to afford the expensive financial cost from the time the disease was diagnosed to confinement, surgery, and post surgical recuperation and treatment," explains Robby Ventura, vice president and head of Business Development. "To provide a source of funding in case of diagnosis of a dread disease, Insular Life designed its new Dread Disease Rider with better features and higher benefits," adds Ventura.

DDR covers seven dread diseases, and provides cash benefits equal to 100 percent of DDR’s face amount. DDR covers the following dread diseases: myocardial infarction, stroke, coronary artery surgery, cancer (non-invasive cancer and skin cancer, except the invasive melanoma, are excluded) renal failure, major organ transplantation, and paralysis.

In case the insured is diagnosed with any of the covered illnesses and survives the disease for 30 days after the diagnosis or occurrence, DDR will pay the rider face amount. However, even after the DDR claims is made, the full basic coverage, meaning, the death or maturity benefit of the policy to which the new DDR is attached, remains intact.

DDR may be attached to new policies of limited pay plans such as 10-Star Life, five Star Life, 20-Year Endowment, I-Fund, Income Earner, and Prime 20. Current policyholders may also purchase DDR and attach it to in force I-Secure and LAMP policies.

"DDR is one of the many insurance and health packages that we have been designing to address pressing needs of families for financial and health protection," Ventura concludes.