Singlife Philippines may be the new kid on the block, but it’s definitely not playing around. In just two years, the company has been able to give clients a full range of alternatives to save & protect their financial future. Protecting your income from disability or death, shielding customers from high medical costs, and preparing parents for the high costs of Children’s education – all these can now be done in just a matter of minutes on your mobile phone via GCash, the country’s largest e-wallet.
With a client base of more than 100,000 clients, Singlife Philippines has proven to be the alternative the market has been waiting for. The company received an excellent rating from customers on the customer review platform, Trustpilot. Customers cited having transparent products that are good value for money, easy claims handling, and customer service that offers solutions fast as reasons for the Company’s excellent ratings.
“Singlife Philippines offers a better way to save for, plan, and protect the financial future of every Juan and Maria. Research has shown that the upcoming middle income class understand the value of being financially protected and prepared, but they felt uncomfortable talking to an agent or sales representative in a bank,” said Rien Hermans, CEO of Singlife Philippines. “Customers feel intimidated, monthly premiums are above their available budget, and benefits and charges are unclear, all leading to unpleasant experiences and frequently a financial loss.”
To answer what clients indicated they looked for, Singlife Philippines built a new business model from the ground up with the main objective of meeting the client’s needs and alleviating most, if not all of the pains that they experienced in finding suitable solutions from the traditional life insurance industry.
Singlife Philippines’ products are geared towards the main worries that people shared during research: not being able to provide for the family after the loss of the main income earner; being confronted with an illness in the family that incurred large hospital bills and being ready for times when extra money is needed for fulfilling big goals. With this information, Singlife Philippines developed new propositions and partnered with GCash to make Fuss-free insurance available to many Filipinos.
Cash for Income Loss for example provides monthly cash benefits to families so that they can sustain their lifestyle in case the main income earner is unable to work due to disability or death. The minimal amount of PHP 289* a month already protects the family with 3 years of monthly pay-outs of PHP 30,000/month.
Singlife Philippines’ medical cost protection products, which are most in demand, relieve the financial distress caused by high medical bills. Cash for Medical Costs pays for hospitalization and provides a cash benefit when diagnosed with any of the 125 covered critical conditions. For as little as PHP 600, you can already have your family protected against these unforeseen expenses.
Singlife Philippines’ latest offering, Cash for Goals (Education), is the company’s first investment-linked product. It was designed to help parents save and grow their money, so they can afford their child’s college education. Apart from supporting parents to save and grow their money, the product also ensures that the education fund is available in case the paying parent passes away. With just PHP 500 per month parents can already start building up their child’s Education Fund.
Apart from these products Singlife Philippines offers ‘starter’, budget-friendly products like the 3-in-1 Protection Plan, or Cash for Income Loss (Accidents). The 3-in-1 Protection plan offers coverage for hospital bills due to dengue, COVID-19, while Cash for Income Loss (Accidents) replaces your income in case you are unable to work due to disability or death incurred in an accident.
“All of our products are designed to be hassle-free to buy, manage, and claim; they can be adjusted to fit your needs and your budget; and they can be accessed anytime, anywhere through your GCash app. We are very proud of what we’ve achieved this year and excited about our future plans. Our target is to insure at least a million people in the Philippines, so there is still a long way to go.” furthered Hermans.
There is no slowing down, for Singlife Philippines! The company is continuously developing more solutions to support customers with a better way to save for, plan and protect their financial future.