Manulife Philippines and Manulife China Bank Life Assurance Corporation have launched GoalReady for Health, an investment-linked savings plan that combines critical illness coverage with life insurance protection as more Filipinos face rising healthcare costs and financial vulnerability from serious illnesses.
The new financial product, now available through Manulife and MCBL financial advisors as well as China Banking Corporation and China Bank Savings branches nationwide, aims to help customers build long-term savings while preparing for possible health emergencies.
According to the companies, the plan was developed in response to growing concerns over healthcare affordability and financial preparedness among Filipinos.
Citing the recent Manulife Asia Care Study, the company said around four in five Filipinos believe financial wellbeing significantly affects both their physical and mental health as well as lifespan.
The company also cited a study on the economic impact of cancer in the Philippines, which found that Filipino patients spend an average of P181,789 out of pocket within the first year of diagnosis.
Meanwhile, Philippine Statistics Authority data showed household out-of-pocket medical spending accounted for 42.7 percent of health expenditures, while another Manulife study found that 33 percent of Filipinos believe they have insufficient insurance coverage.
“Many Filipinos work hard to build toward their goals, but a serious illness can quickly turn years of progress into an unexpected financial burden,” said Rahul Hora, president and chief executive officer of Manulife Philippines.
“Manulife GoalReady for Health brings together critical illness protection and investment-linked savings for future health needs, helping customers stay financially prepared while protecting what they’ve worked hard to build,” he added.
The insurance plan provides coverage up to age 75 and covers 112 illnesses from early to advanced stages, including cancer, stroke, and heart disease.
The company cited data from the Philippine Institute for Development Studies showing breast and lung cancer cases in the country are projected to continue rising until 2040, while the Philippine Heart Association reported that hypertension affects more than a third of Filipino adults.
GoalReady for Health also offers access to global and local investment-linked funds intended to help customers build savings for future medical and financial needs.
