AXA offers insurance online

MANILA -- Philippine AXA Life Insurance Corp. became the country's first insurance company to sell insurance products online through the AXA iON, or AXA Insurance Online, in response to the growing segment using social media.

In a press briefing, AXA Philippines president and chief executive officer Rien Hermans noted how the Internet has become a pervasive tool in different aspects of modern living.

"Nowadays, people meet on social media, find jobs online, buy books, gadgets, clothes, shoes, book hotels and air travel on the internet-all of this is no surprise to any of us anymore," Hermans said.

By going digital, Hermans said AXA iON can now easily reach out to the millennial generation in a seamless manner. Furthermore, he said the online platform simplifies the selling of insurance products to the public.

"AXA Philippines wants to change this by offering the most basic financial products that can help people secure their financial future in a transparent, easy and affordable way to the growing population of Filipinos who are logged on to the Internet on a daily basis," Hermans explained.

"We found out that many people don't want to talk to insurance agents. As a response, we trained agents to become social media savvy in response to the strong influence of social media," he said.

By establishing a presence in cyberspace, AXA Philippines can now target a specific market unlike in the traditional tri-media which is geared more to a general audience.

"You can send your messages to a specific audience and reduces wastage," Hermans said. "I think this is also a good way of building customer relationships."

AXA iON offers four fully guaranteed products that are under the AXA eXentials line which have affordable premiums starting at only P1,000 per month. These are the Savings eXentials, Academic eXentials, Life eXentials and Health eXentials.

Savings eXentials is an alternative to savings that promises better returns than a regular savings account returns. It pays out the cash to the family of the policy holder's family even if the policy holder didn't complete the five-year savings plan in case of death or disability.

Academic eXentials gives guaranteed cash benefits once a year for five consecutive years to help defray costs related to tuition or education. But in the case of a untimely demise before the five-year period, it will pay the family additional cash every year until the year before the scheduled release of benefits.

Life eXentials, meanwhile, is a back-to-basics income replacement plans. It pays out the benefits monthly over a period of up to five years so there's no danger of wiping out the insurance proceeds at once replace and ensures that the beneficiaries get a monthly stipend to the income of the loved one who passe away.

Health eXentials is an affordable complement of a HMO coverage as it pays out cash upon diagnosis of critical conditions such as heart attack and gender specific cancers.

source: www.abs-cbnnews.com

Why you should get health, accident insurance

MANILA, Philippines – Getting health and accident insurance isn’t very popular in the country because most Filipinos do not prioritize preparing for illnesses or accidents.

But Jenny del Mundo, agency fundamental head at Sun Life Financial, said being insured is the most practical way to prepare for unforeseen incidents.

Del Mundo said if you’re willing to get insurance for material things that are important to you, such as your house or car, there is no reason why you should not see yourself as an important asset.

“Health insurance covers the individual person, so I think you’re worth it,” she told ANC’s “On The Money.”

Among health insurance products available in the country is the health maintenance organization (HMO) card, which provides health programs and benefits to its users.

“Having this card will give you access to an accredited hospital or doctor depending on the cap of your card, so you don’t have to shell out money and settle the bill later,” said del Mundo.

Aside from hospital room bills, HMOs can also cover lab tests and consultation.

Another health insurance product is the critical illness insurance, which can be used when you’ve exhausted the HMO card, and you still have continuing expenses for doctors and medicine, alternative treatment, and lifestyle changes such as hiring a caregiver.

“Critical illness insurance gives you the lump sum cash and you are free to spend it as you wish,” said del Mundo.

Accident insurance is another insurance product that covers general accidents such as getting hit by a falling tree, sports-related or vehicular accidents.

 Del Mundo noted that apart from these three products, there has been an ongoing evolution among the products that will eventually see an inculcation of preventive measures prior to illness into their packages.

These new products may include providing access to diagnostic tests; offering tie-ups to gyms, yoga establishments, and other wellness centers; and giving discounts to sports activities.

“It gives you the awareness that, ‘Yes, I’ll get paid when I get diagnosed,’ but while that is not yet happening, it teaches you now to become conscious about lifestyle changes, diet, and exercise,” said del Mundo.

She added that these changes will happen soon as Filipinos become more health conscious and this shift cuts across various ages and social classes.

Del Mundo said that because health and accident awareness is key, it is also good practice to have discussions about it with the whole family.

“Teach them how to prevent accidents. Make them think safety first,” she said.

She also said that leading a healthy lifestyle is also important in lessening risks of illnesses in the future.

“For all of these risk products, you don’t wish that it happens to you. But the reason that you got it, is the same reason you have that spare tire in your vehicle. Why keep that fifth wheel underneath all the time and not use it? But you insist in having a spare tire. It’s the same with all of these products,” she said.

source: www.abs-cbnnews.com

PPO vs. HMO: Health Insurance and Pregnancy

It’s that time of year again when companies hold their open benefit time period, where you have the option to stick with your current provider or switch to a different health insurance plan. I’ve written in the past my choice to pay more for health insurance, but our future family plans have altered our outlook on things.



It’s no secret that my husband and I want to start a family at some point, but we have no set timeline—only a laissez-faire “one to two years from now” approach. That being said, our decision to start a family definitely affects which health insurance we choose.










Pregnancy and PPO insurance

The pros of a PPO policy is that it will grant you the choice to go to any doctor within your network, which is typically more expansive than an HMO network.

The cons of a PPO policy when you’re pregnant is that you will have to pay 20% of all maternity care and hospital costs, in addition to your deductible. While most plans typically have a max out of pocket cost, they tend to be quite high, such as several thousand dollars.

It’s important to look at your max out of pocket costs, because if you end up with a high-risk pregnancy or some other unexpected medical need, you could be liable for your total out of pocket max.

PPOs also typically have higher premiums than HMOs, costing you more out of pocket. For example, our PPO plan is $120 a paycheck, vs. $15 a paycheck with an HMO.

Pregnancy and HMO insurance

The pros of an HMO plan is the cost, which normally have lower premiums than PPO—it really depends on your employer. Also, many HMO plans completely cover the cost of maternity care, or a large portion of it.

However, the cons of having an HMO health insurance plan during pregnancy is that you are restricted to your primary care physician. While you can switch primary care physicians at any point, they must be within your network.

PPO vs. HMO: What We Decided

I originally was extremely gung-ho about having midwives because I’m absolutely petrified of hospitals and avoid them at all costs. However, in the end, I was more terrified of being stuck with an $8,000 bill should anything go wrong. For this reason, we decided to switch to HMO. We’ll be saving $200 a month in health insurance premiums, in addition to not paying anything out of pocket for maternity care.

I’ll just have to do my research and find a doctor that I really love.

Luckily, I have a while before we even plan on trying to start a family, but it gives me great piece of mind to think that health insurance coverage won’t be one of the reasons that stalls our decision.

source: everythingfinanceblog.com