Put yourself at ease by protecting those you love
09 June 2021
A mom’s love is shown in many ways, from the baon you prepare for your kids, to the math homework that you helped work on last night, to the warm hug at the end of a long day. Another important way a mother shows her love is in the preparations you make so the family will not be caught off-guard by any unforeseen event. Now more than ever, it's important to think about how your family would cope with a medical emergency. Here are some things to consider:
1 Medical expense. Paying for the treatment and recovery of a family member will be your primary concern in the event of a medical emergency. This may include doctor’s fees, hospitalization fees, testing and procedures, and medicine. These fees can add up quickly, so keep in mind worst-case scenarios when estimating how much funding you need access to.
READ: Staying fit together as a family
2 Loss of income. Depending on who among your family members is having a medical emergency, you may not only have to pay for healthcare, your family may lose all or part of its income for a time. Without a salary coming in, you’ll need alternative funds to cover regular expenses such as food, transportation, and rent. Try to secure at least three months’ worth of your monthly expenses, and up to six months’ worth, if possible.
READ: 4 ideas to instill the habit of saving money in your family
3 Longer-term expenses. An accident or sudden medical emergency comes with immediate costs. But sometimes, complications can lead to even more expenses across a longer time period. If the illness becomes chronic, or if the condition needs follow-up procedures or medication for months, those initial medical bills can stretch out to a longer period than you initially planned for. Keeping this possibility in mind will help plan even further ahead if you have already hit your other funding goals.
READ: 5 ways to secure financial protection of your child
How do you fund these expenses?
If you are a paying member of PhilHealth, our government’s universal health coverage plan, then a portion of hospital fees can be covered. Unfortunately, the benefits through PhilHealth are unlikely to cover all your expenses.
There's another option you can look into in order to ensure that you have the means to fund a medical emergency. BPI AIA's suite of products under BPI AIA Direct provides essential protection through affordable products that you can easily avail of.
For instance, there's Smart Shield, which can help you in your emergency planning. This life insurance plan can provide coverage for your entire family – including your spouse, children, and parents – and provide cash support in the case of accidents or illness.
If you're looking for other benefits and forms of cash assistance, there are more products to choose from under BPI AIA Direct. Learn more and schedule a virtual appointment with a Bancassurance Sales Executive today.
Invest in both your health and wealth with BPI AIA Wellness Series
Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.
The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.
Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.
In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.
Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.
It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.
Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.
It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy.