FWD Life Insurance’s new product puts protection and wealth growth within reach for young Filipinos

6 September 2024, Manila, Philippines – To help bridge the priority and protection gap in the country, FWD Life Insurance (FWD Philippines) introduces SmartStart Investment-linked Insurance—the insurance plan for everyone.

According to a comprehensive online study conducted by FWD Philippines, the majority of Gen Zs (85%) agree that owning an insurance is important and is something they need. However, while most (73%) have an intent to protect themselves, only 3 out of 10 own life insurance. This highlights a priority gap as they choose to spend on other essentials first.

This is further aggravated by the next generation’s lack of awareness and understanding on how insurance products and services work, which leads to the Philippines having one of the lowest insurance penetration rates in the region at less than 2%.

“As the insurer of the next generation, providing innovative, inclusive, customer-centric products to more Filipinos has been our priority as part of our nation-building efforts,” explains FWD Philippines President and CEO, Antonio Manuel “Jumbing” De Rosas. “In celebration of our 10th anniversary and to continue our commitment in changing the way young people feel about insurance, we designed a trailblazing product to align with the youth’s behavior to spend on their passions while maximizing value— helping them to celebrate living and build their best future.”

FWD SmartStart Investment-linked Insurance is one of the most affordable entry-level insurance products in the market. SmartStart is perfect for active hustlers with a FIRE (Financial Independence, Retire Early) mindset—these are people who have no dependents, are investing in their passions, and are looking to diversify their finances. Starting at PhP1,800+ per month, benefits include accidental death coverage, waiver of premium, and investment options. Policyholders also have add-on benefit options for life insurance, hospital cash benefit, and critical illness coverage.

For those with limited budget, there is also SmartStart Lite, perfect for breadwinners who are looking to get their first insurance to help them raise a family or even support their parents. Starting at PhP1,200+ monthly, policyholders can sustain their responsibilities and keep it within their budget while getting comprehensive coverage for accidental death and critical illness plus a waiver of premium. Life insurance and hospital cash benefits can also be availed as add-on benefits.

Additionally, policyholders can enjoy the Guaranteed Milestone Increase Benefit, which offers a pre-approved one-time increase in coverage amount when they hit major life milestones— from getting married, having or adopting a baby, owning a new real estate, graduating from university, retiring, to celebrating their policy’s 10th anniversary. Furthermore, customers can get as much as 200% of their policy fees back as a reward for keeping their policy active and paid through the Fee Reinvestment Benefit.

SmartStart was launched alongside The One for mental wellbeing, which is a fully customizable life insurance policy that provides special access to certified mental health professionals via ThoughtFull mobile app. Both products were introduced as part of FWD’s 10^th anniversary celebrations since establishing roots in the Philippines in 2014.

Celebrate living today and thank yourself later with FWD SmartStart Investment-linked Insurance. Contact an FWD financial advisor today or visit https://www.fwd.com.ph/investment/smartstart/ for more information.

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About FWD Philippines 

FWD Life Insurance Corporation (FWD Philippines) launched its commercial operations in September 2014. Currently, FWD Philippines is number one in customer experience among insurers in the country¹. In just 10 years, FWD Philippines now ranks 3^rd and 4^th in terms of new business annual premium equivalent² and premium income³, respectively.

FWD Philippines is part of FWD Group, a pan-Asian life insurance business with more than 13 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD Group was established in 2013 and is focused on changing the way people feel about insurance. FWD’s customer-led and digitally enabled approach aims to deliver innovative propositions, easy-to-understand products, and a simpler insurance experience.

FWD Philippines is regulated by the Philippines Insurance Commission and is legally permitted to provide insurance products and services within the country.

For more information, please visit fwd.com.ph. 

¹ Based on KPMG's Global Customer Experience Excellence Report 2023
² www.insurance.gov.ph > Data > Statistics > Life Insurance Companies > 2023 > Based on New Business Annual Premium Equivalent
³ www.insurance.gov.ph > Data > Statistics > Life Insurance Companies > 2023 > Based on Premium Income