Self-employed individuals, small to medium enterprises, OFWs who are currently in the Philippines,* and unbanked Filipinos who are users of the financial app Moneygment will soon gain access to digital insurance products offered by leading life insurer Sun Life of Canada (Philippines), Inc. (Sun Life).
This is after Sun Life collaborated with Togetech, developer of Moneygment, to offer its Digital. Easy. Affordable. Life insurance (D.E.A.L.) products to the app’s users. These products include Life Armor, Personal Accident Armor, and Byahero Protect, all of which were designed to help Filipinos protect themselves and their loved ones financially, in case of life’s unexpected twists and turns.
For as low as ₱100 a year, Life Armor offers a one-year coverage worth ₱25,000 for death due to accident or illness. Byahero Protect, meanwhile, costs only ₱100 and comes with a ₱25,000 coverage for accidental death or dismemberment, with an additional payout if the cause of death is due to a land travel accident. As for Personal Accident Armor, it costs only ₱60 and offers ₱50,000 coverage for accidental death or dismemberment.
This announcement comes in the midst of the rising demand for digital insurance platforms.
“We at Sun Life understand that every Filipino’s priority is to secure his family’s future, and we are here to help them make it happen,” says Sun Life Philippines CEO and Country Head Benedict Sison. “This is what inspired us to expand our distribution channels and offer our most affordable and accessible products to Moneygment users. We hope that by reaching more Filipinos, we can look to the future with hope, knowing that they have a partner in fulfilling their financial goals.”