CEBU, Philippines — Life insurance giant AIA Philam Life launched an innovative protection for children called AIA Med-Assist for children.
In a special virtual launching held Monday, September 13, 2020, Tennyson Paras, AIA Philam Life Head of Products, explained that AIA Med-Assist for children is a type of variable life insurance plan with medical benefit rider designed to address medical expenses due to hospitalization of 0-17-year olds.
In this health-challenged times, AIA Philam Life recognized the need for parents to protect their children from untoward circumstances.
For most parents, getting medical insurance for their child rarely crosses their minds. The more pressing matter, especially for first time parents, are immediate physical needs. But the truth is, a child’s medical needs can be costly, and with 54 percent of health expenses coming from the household budget, this can be a burden to many.
“We wanted a product that can give parents peace of mind in case of hospitalization. As a parent myself, I understand the additional burden that these unexpected medical expenses have on families. With AIA Med-Assist, they can simply focus on taking care of their children and recovery,” added Paras.
AIA Med-Assist for children is based on the same product launched early this year, but this time with benefits available to 0-17-year olds which helps parents be one step ahead and protect their children and finances against health-related risks. It covers 90 percent of in-patient hospitalization and other medical expenses.
. “Most parents will agree that the first five years is the most vulnerable age of children. As parents, we do everything we can to ensure they are healthy and provide their needs during this critical period in their lives. But no matter how prepared we are, we can’t avoid the trips to the Emergency Room and the hospital,” Paras noted.
Aside from hospitalization, Paras continued that the product also has a life insurance benefit and an investment fund that can help parents build their own medical fund in the future.
“Making AIA Med-Assist available for children is another indication of our commitment to fulfill our mission of racing against risk to protect Filipino families from life’s uncertainties. We are one of the few insurance companies who make insurance products available to children, an age group whose protection needs are not given much attention. Through this product, parents are able to show their love and responsibility for their children. For us, it’s a way to bring to life our brand promise of helping Filipinos live Healthier, Longer and Better Lives,” said AIA Philam Life Chief Executive Officer Kelvin Ang.
The Philippine American Life and General Insurance Company (AIA Philam Life) is the country’s premier life insurance company established on 21 June 1947.