Singlife Philippines has introduced a new life insurance product called Protect from Funeral Costs through its Plan & Protect app. This new plan is meant to help Filipinos prepare for the financial burden of funerals, which often cost more than ₱200,000 in the country.
The product provides a lump sum of up to ₱500,000 to help families cover funeral or other end-of-life expenses. The policy is fully digital and can be bought, managed, and claimed through the Singlife mobile app.
“Protect from Funeral Costs allows you to prepare in advance and leave behind a final act of love, one that ensures your family can grieve without financial worry,” said Lester Cruz, CEO of Singlife Philippines. “It’s part of our mission at Singlife: to empower every Filipino toward financial independence in life, and beyond it.”
The plan is part of Singlife’s growing list of digital insurance options, which also include life insurance, medical protection, and investment-linked plans. All are designed to give users control over their financial decisions.
Key features of the product include:
- Flexible coverage: Choose between ₱100,000 and ₱500,000. Premiums start at ₱447 per month with terms of 5 or 10 years. Coverage lasts until age 120.
- Built-in Financial Needs Analysis: This tool helps estimate needed coverage based on funeral preferences such as type of service, casket, venue, and number of guests.
- Annual coverage boost: As long as the policy is active, coverage can increase each year at no added cost, depending on market performance.
- Family protection: Spouse or life partner coverage can be added. Starting the second year, child coverage is also included at no extra charge.
- Premium waiver for disability: If the policyholder becomes permanently disabled while paying, future premiums are waived, but coverage continues.
- Cash value and loan access: Starting in year four, the policy builds cash value, which can be borrowed when needed.
- Immediate assistance: Beneficiaries get 10% of the total benefit upfront for urgent funeral needs after submitting the required documents.
The Philippines continues to have low insurance penetration, and Singlife aims to close that gap with mobile-first offerings like this.
Get the latest before it trends. Follow Back End News on LinkedIn, Facebook, X, YouTube, and TikTok for updates and in-depth coverage across the tech and security landscape.