Paramount Life has introduced a simplified application process for critical illness insurance
Paramount Life & General Insurance Corporation has introduced a groundbreaking solution to the challenge of securing critical illness coverage in the Philippines. The Critical Illness Insurance with Simplified Insurability Offer (SIO) streamlines the application process, making it easier for individuals to access the protection they need without the stress of medical examinations.
With traditional insurance companies, the underwriting process can take weeks to complete, often involving extensive questioning and medical tests. However, Paramount’s Critical Illness SIO Plan simplifies this process, providing coverage in a matter of days without the need for medical examinations.
This flexibility extends to the payment options as well. Depending on individual circumstances, policyholders can choose to pay premiums over 10 or 15 years, tailoring the plan to fit their financial situation and objectives.
Upon approval, policyholders are covered against major critical illnesses such as cancer, heart attack, stroke, and kidney failure until the age of 75. Additionally, the plan provides cash assistance for autoimmune diseases such as lupus and multiple sclerosis, helping to cover the immediate costs of medical treatment.
The financial burden of a critical illness diagnosis can be significant, with the cost of confirming a cancer diagnosis alone averaging around P90,000. By providing a lump sum payment, Paramount’s insurance plan alleviates this burden, allowing policyholders to focus on their recovery without worrying about the financial impact on themselves or their loved ones.
Paramount Life & General Insurance Corporation has established itself as a trusted and dependable provider in the industry, with a strong foundation built on strategic acquisitions and a commitment to innovation. As one of the few insurance companies in the Philippines with a composite license, covering both life and non-life segments, Paramount is well-equipped to deliver comprehensive insurance solutions that prioritize the health and well-being of Filipinos.
Lifestyle News: Paramount Life has introduced a simplified application process for critical illness insurance
