AIA Philippines wants you to take your Unclaimed Money

 

What if you suddenly found yourself on the receiving end of a windfall? What if years ago, a relative died and no one knew about the insurance policy that was left behind for you?

When people think about life insurance, top of mind would be the most important things: provide money for loved ones upon death, defray costs in the event of a medical emergency or illness. While those are all true and covers the most important uses of life insurance, what if those were already covered and now you are the unexpected recipient of a large amount of money. Beyond the basics, this insurance claim can give you financial wiggle room for your needs and wants.

Here are five other ways you can spend your insurance claims: 

 

1.     Use it to pay estate tax

Unexpected death usually leaves behind a lot of financial loose ends, and among those, estate taxes can be the biggest expense that you need to deal with. Fortunately, a windfall can provide you with the resources you need to settle those taxes, so you can gain access to any assets left behind.

 

2.     Invest in real estate

This is your opportunity to create passive income for yourself and your family. Buy that land, house or condo and rent it out. With a carefully thought-out real estate purchase, it can generate multiple returns on your investment. 

            

3.     Buy collectibles 

Did you know certain toys, watches, luxury bags, or even sneakers can sometimes sell for millions? Collectible investment involves buying something which (hopefully) will exponentially increase in value and be worth much more than its original sale price in the future. The item could be very popular with pricing depending on the condition, rarity, and uniqueness of the item.

 

4.     Invest on yourself

Take that master’s degree you’ve always wanted or enroll in a certificate course that has always been at the back of your mind. Learn new skills, take up a new hobby. Whatever skill you decide to learn, investing in yourself can only result in gains for you. Whether it’s for your personal use (like taking an MBA) or something you can earn from (like baking), new knowledge will always come in handy. 

 

5.     Take out another insurance policy

Strengthen your financial resilience. The great thing about life insurance is it provides a practical safety net during times of uncertainty and with the insurance claims, you can use it to reinvest in a new insurance policy that will yield another set of benefits later on. 

 

You can choose from a variety of products depending on your need – whether it’s for protection from life’s many risks or something which will help you grow your money long term such as investing it in bonds, you can never go wrong with an insurance policy. 

 

Find out if you have benefits to claim 

 

Do you think you have benefits to claim? AIA Philippines (formerly AIA Philam Life) recently announced its search for thousands of policyholders who have unclaimed benefits which range from policy maturities, reinstatements, claims, redemptions, and even refunds. Despite fervent efforts to contact its customers through registered mail, email, callouts, and their agents, there are still a huge number who have yet to be reached.

 

“We hope to reach customers–those who we have lost touch with amid changes in communications technology and who have bought their policies under our former brand, Philam Life,” shared AIA Philippines Chief Operating Officer Geegee Lopez. “We are doing this because we have a promise that goes beyond passively responding when our customers make a claim. The promise of helping our customers live healthier, longer, better lives includes and making sure these hard-earned benefits get to the intended recipients. We’re asking for everyone’s help in finding our customers or their beneficiaries so we can give them their benefits.”

 

You can quickly check if you have unclaimed benefits via https://bit.ly/AIAPH_CheckYourMoney. Simply input the policy owner or beneficiary details and wait for a notification of policy verification. 

 

Click here to check if you have unclaimed benefits with AIA Philippines. You may also email customerservice.ph@aia.com or call (02) 8528-2000 to know more.

Philam Life elects Axel Bromley as new CEO

Philam Life today announced the election of J.Axel Bromley as its new Chief Executive Officer, effective June 1, 2015, subject to regulatory approvals.

Mr. Bromley brings rich global experience to the role, after spending over 20 years of working in Eastern Europe, South and Central America, the Middle East and the Indian Sub-Continent. He also has more than 13 years of experience in the insurance industry, previously as General Manager/Country Manager in Nepal, Qatar, Bahrain, Kuwait, Oman, and Ukraine.

Prior to the election, Mr. Bromley was Director of Strategic Initiatives at AIA Group, Philam Life’s parent company, which is the largest independent publicly listed pan-Asian life insurance group with presence in 18 markets in Asia-Pacific.

AIA considers the Philippines as a high priority market, taking into consideration the country’s booming economy and continued investor confidence. High expectations is alsoplaced on its local subsidiary, Philam Life, to take advantage of the huge potential of the booming market and continue its strong financial performance.

Based on its 2014 year-end audited financial statements, Philam Life’s total assets stood at P226.8 billion and net worth at P85.2 billion.  Total revenues was P35.2 billion, including gross premiums of P18.6 billion and investment income of P12.5 billion.

The company’s strong performance can be attributed to the shift to Unit Linked Products (ULP) which are insurance products tied to investments. These investment-linked products have since been in-demand given the market upswing. With a GDP growth of 6.1% in 2014, the Philippines remains among the top performing economies in Asia.

Philam Life’s banc assurance arm, BPI-Philam also posted strong results in 2014 with total assets of P63.5 billion, net worth of P7.9 billion, and gross premiums of P14.5 billion.

"Philam Life remains committed to become the leading provider in insurance and wealth management solutions. Our vision is to be the undisputed industry leader, in terms of scale, quality and profitability. With the support of our parent company, AIA Group, we are confident to continue providing our customers with a diverse range of products and solutions to address their real life needs,” said Mr. Bromley.

Philam Life launch Health Invest Plus, the company's flagship health product

Unexpected Emergencies Tops List of Concerns  Among Middle Class, Survey Reveals

“Health is wealth” is an old saying, very often used that it sometimes loses its value. However, a survey commissioned by AIA, the leading pan-Asian life insurance group, shows that this saying is very much relevant and aligned with conventional thinking.

According to an AIA Survey on Middle Class Hopes and Aspirations conducted last year by Ipsos in the ASEAN region, 44% of middle-class Filipinos consider being healthy as a top goal in life. The survey revealed health is actually placed over other commonly held aspirations, such as money, business, career, and education. For many of the middle class, health matters more than many other concerns.

Over the course of 500 interviews conducted with a wide age-range of self-identified members of the Filipino middle class aged 25 or above, findings showed that the cost of unexpected emergencies (65%) is the biggest concern for the Philippines’ middle class. Almost half of the respondents (49%) expressed concern regarding the costs of health care.

In light of this revelation regarding the real life hopes and aspirations of Filipinos, Philam Life, an AIA company, has dedicated themselves to helping people become financially prepared against such unexpected health setbacks. They recently launched Health Invest Plus, the company’s flagship health product, to provide security for those who wish to plan ahead for any health eventuality.

“Health Invest Plus provides much needed financial protection when one is afflicted with major critical illnesses, whether they get diagnosed in the earlier stages or far advanced in their infirmity,” noted Philam Life Chief Marketing Officer Jaime Jose Javier Jr. Cancers, heart attacks, and strokes number among the critical illnesses covered by this insurance plan. “This way, Filipinos will be better prepared for unexpected emergencies and the high cost of healthcare,” added Javier.

Philam Life’s Health Invest Plus provides lump-sum benefits when diagnosed with any of 56 covered major critical illnesses and 11 covered early stages of a critical illness– the most among unit-linked plans in the market. Unit-linked products are life insurance and investment plans-in-one where the benefits are linked to the returns of a chosen investment fund.

Once diagnosed with any of such critical illnesses, the plan holder is spared from paying future premium payments. If the plan holder is diagnosed with a covered early stage critical condition, 25 per cent of the Critical Illness coverage will be given in advance.

Unlike most other critical illness plans, Health Invest Plus can be availed even up to those who are already 65 years old. The critical illness coverage will still be in effect until they are 75, an age when most are in retirement and in need of greater medical care. Since Health Invest Plus is a unit-linked plan, premium payments are invested, allowing one to grow a Health fund which can be used for health maintenance or other costs during one’s later years.


The plan also provides cash benefits for accidental injuries or disabilities and loss of life, providing comprehensive coverage for policyholders.

“The survey also revealed ‘peace of mind’ (38 per cent) as one of the top life goals of the Philippines’ middle class. With Philam Life’s Health Invest Plus, customers can experience peace of mind knowing they are financially prepared against health setbacks now and as they grow older, so they can be there for their families,” Javier concluded.

Indeed, when equipped with the safety net that Philam Life’s Health Invest Plus provides, one can rest easy with hopes for a sound body, as well as a sound mind.

To learn more about the AIA Survey on the Middle Class Hopes and Aspirations, please visit http://asiamiddleclass.aia.com. To find out more about Philam Life’s Health Invest Plus, call 528-2000 or visit http://www.philamlife.com/en/index.html