IC cites insurers providing COVID-19 coverage

MANILA, Philippines — The Insurance Commission (IC) urges the public to consider availing of COVID-19 insurance coverage as protection from financial hardship during the prevailing pandemic.

In a statement, the IC said three insurance firms are now providing policies and endorsements, with COVID-19 related benefits, which can also be used even outside the country.

These companies include Malayan Insurance Company Inc. , Liberty Insurance Corp. and Prudential Guarantee and Assurance, Inc.

IC said Malayan provides COVID-19-related benefits through a “Coronavirus Disease (COVID-19) Endorsement” attached to their Travel Protection Policy, which was approved by the IC in September last year.

Additional premium rates for the endorsement are dependent on the insured’s destination and length of travel.

Malayan’s COVID-19 endorsement provides for a bereavement allowance, a hospital allowance for up to a maximum of 30 days in case the insured contracts COVID-19 while abroad, and a flight cancellation benefit in case the  flight is cancelled due to a lockdown in the country where the insured is situated.

The flight cancellation benefit likewise provides for reimbursement of unused and non-refundable portion of the airline ticket, accommodations, prepaid local tour packages, and prepaid admission tickets due to such lockdown.

Meanwhile, Liberty offers a “Terminal Illness COVID-19 Policy” and a “Terminal Illness COVID-19 Endorsement”, which was approved by the IC in March 2020.

The first provides for benefits in case the insured is confirmed to have been infected by COVID-19 or dies due to the virus. When attached to the “Terminal Illness COVID-19 Endorsement”, it provides for flight rebooking, meals, and hotel accommodation benefits as a result of a lockdown while the insured is outside the Philippines.

The endorsement also provides for hospital confinement benefits in case the insured is confined in a foreign hospital due to a COVID-19 infection while outside the Philippines. It also provides for  intensive care unit  and other hospital expenses and doctors’ fees up to 143 days upon arrival of the insured in the Philippines.

Prudential, meanwhile  provides a “Travel Shield Policy” that provides pandemic coverage, including benefits for medical expenses, emergency and accidental dental expenses, emergency medical evacuation and repatriation, daily hospital confinement cash needs, return of minor children, personal accident, accident burial, trip cancellation, trip curtailment, flight delay, aircraft skyjacking, flight misconnection, loss or damage of baggage and personal effects, loss of personal money, loss of travel documents, and baggage delay, among others.

“Those interested to avail of COVID-19 insurance coverage may well consider these products offered by the three companies mentioned. Our fellow Filipinos may examine these insurance products and avail such products that are most responsive to their needs and the particular COVID-19-related risks they seek protection from,” said Insurance Commissioner Dennis Funa. IC cites insurers providing COVID coverage